7 Renovations That May Attract Renters to Your Property

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Renting is gaining popularity due to its flexibility, lower financial commitments, the chance to explore neighborhoods before committing, and high property prices. With rising rent demand, landlords must stay competitive to attract top-quality tenants. This is especially true in places like Elmhurst, where most residents live in homes they own (80.8%, in this case). So, landlords in these areas don’t have a particularly large market compared to those in other locations in the country. 

While the location matters, property condition is crucial in the rental market. As the saying goes, “first impressions matter,” and this holds when it comes to rental properties. Prospective tenants prefer well-maintained, attractive rentals over outdated and neglected ones. Thus, it has never been more critical to enhance the value of your investment.

That’s where strategic renovations come into play. Selecting and implementing the right upgrades make it appealing. In this blog post, we explore some of the top renovations that can help you attract tenants to your property.

1. Bathroom Remodel

Potential renters place a high value on the bathroom’s use, cleanliness, and beauty. Your home may become more desirable and immediately stand out by updating the bathroom.

However, it is essential to guarantee that the remodeling is completed expertly and follows the law. To ensure safety and high-quality work, some activities, like installing a new bathtub or shower, call for the experience of reliable specialists. If you’re thinking of remodeling the bathroom in your home, seek nearby pros. For instance, if you reside in Elmhurst, search for bathroom remodels in Elmhurst to locate the top contractors that provide excellent services at competitive costs. Here are some upgrades you could hire contractors for.

• To give it a new, modern appearance, consider updating the bathroom’s fixtures, like faucets, showerheads, and towel racks.
• Elegant tiles may offer a touch of class and improve the room’s atmosphere, whether used on the walls or the floor.
• The ability to keep the bathroom organized and clutter-free with plenty of space, whether in the shape of well-built cabinets or integrated shelves, is a key selling factor for tenants.

2. Modern Kitchen Upgrades

The kitchen, sometimes seen as the center of the house, may be modernized with chic, up-to-date elements to produce a room that emanates elegance and usefulness. Replace old appliances with energy-efficient stainless steel to improve the appearance and give tenants useful advantages.

Updating countertops with elements like granite, quartz, or marble assures longevity and simplicity of upkeep and adds a sense of elegance. Modern, elegant designs with soft-close characteristics may replace outdated cabinets, giving plenty of storage space and a professional appearance.

The kitchen’s overall look may be improved by including a beautiful backsplash made of modern tiles or patterns. Additionally, implementing smart technology might impress tenants who are tech aware such as touchless faucets or smart lighting.

3. Hardwood Flooring

Hardwood flooring is a sensible choice because of its strength and ease of upkeep; this ensures that it will last for years despite being heavily used by tenants. Tenants who value a hassle-free lifestyle may particularly find its easy-to-clean surface appealing.

In addition to its aesthetic and practical advantages, hardwood flooring has health benefits since it promotes a cleaner and healthier atmosphere by not trapping dust and allergens as carpets do. Hardwood flooring fulfills all the requirements for tenants wanting a hint of luxury and refinement.

Additionally, renters may easily personalize their living areas because of its versatility in interior design. Hardwood flooring simply adapts to classic and modern designs, making it a flexible option for various tenants.

4. Energy-Efficient Features

By making these improvements, you not only improve the look of your home overall but also demonstrate your dedication to sustainability and save utility bills, attracting eco-aware renters. You could do upgrades like the following. 

• By putting in energy-saving equipment like refrigerators, dishwashers, and washing machines, a rental property reduces its carbon footprint and attracts tenants with the promise of cheaper utility costs.
• Installing LED lighting throughout the building enables longer-lasting bulbs that use less power.
• A programmable smart thermostat allows tenants to control the indoor climate efficiently, optimizing heating and cooling based on their schedules, thereby conserving energy.
• Double-paned windows and enhanced insulation improve the property’s energy efficiency by minimizing heat transfer, maintaining comfortable temperatures, and reducing reliance on heating and cooling systems.

5. In-Unit Laundry

Renters prefer the privacy and time-saving advantages of in-unit washing. This highly desired feature gives people a sense of ease and authority over their everyday lives and saves them time. Families, working adults, and those who enjoy the comfort and flexibility of doing their laundry at home find it especially attractive.

Moreover, having in-unit laundry could separate your rental from different properties, helping its attractiveness and potentially empowering you to charge a higher rate. 

6. Outdoor Living Spaces

An outdoor refuge that flows into the inside living spaces gives an enchanting environment and requests the tenants’ longing for a serene relationship with nature. This addition improves the property’s attractiveness by giving renters fresh air and a place to relax and party, whether it’s a cozy balcony, a gorgeous patio, or a large backyard.

Greenery and landscaping add to the engaging quality by adding a quiet touch and cultivating a tranquil environment.

7. Pet-Friendly Amenities

Being pet-accommodating could increment interest in your property since an ever-increasing number of individuals view their pets as esteemed family members.

• Begin by laying out pet-explicit areas, for example, dog parks or pet runs, where furry pals might interact and exercise without limitation.
• Consider setting up pet waste stations with simple to-utilize bag dispensers and garbage bins to support neat and well-kept surroundings for pet owners and individuals without pets.
• Incorporate pet washing stations with easy-to-utilize sprayers and raised stages to simplify shower time and work on pet owners’ solace.
• Offering leaseholders with occupied plans the solace that their dogs are properly cared for even while they’re gone might be a plus if you offer pet-related assistance like dog strolling or pet sitting.

Conclusion

Strategic upgrades may extraordinarily expand the appeal of your investment property to potential renters. You might plan a space that fulfills the demands of the modern tenant and recognizes your property from the opposition by focusing on enhancements that improve functionality, energy conservation, and aesthetics.