How To Know When It’s Time To Renovate Your Rental
Keeping tenants happy and safe at Tucson rental properties should be a priority for landlords. So whether you’re buying a new property or fixing up an existing one, it’s essential to know when it’s time to renovate your rental.
Landlords should consider a few key points before heading down the renovation path, especially since it costs an average of $40,000 to renovate multiple rooms in a house. If you own rental real estate, you should be willing to spend money to ensure renters are satisfied and safe in their homes. But you don’t necessarily need to break the bank. Use these tips to determine when you need to renovate and when you don’t.
Kitchens and Baths
Just like home buyers, renters are attracted to updated, attractive kitchens and baths. A 1980s-era kitchen isn’t appealing to a home chef. A bathroom covered in black mildew doesn’t exactly provide a sense of cleanliness. Therefore, these are the areas where you should focus the bulk of your renovation efforts. In doing so, you’ll find it easier to attract tenants willing to pay a competitive rental price. Plus, if you’re planning to sell the property within five years, you could potentially see an 80 percent return on your investment.
If the appliances are working well and relatively new, a cosmetic update may be all you need to create an inviting kitchen. Consider painting dark, outdated cabinets or installing a trendy tile backsplash. If the appliances generate a lot of work order requests or are out of date in terms of style and energy efficiency, replace them with sleek, stainless steel models.
In the bathrooms, consider replacing dated fixtures and faucets. There relatively low-cost improvements will improve tenant satisfaction. A high quality shower head, modern faucets and an attractive vanity countertop will go a long way to making tenants happy and comfortable.
Many landlords replace carpet on a schedule, say every seven years. But depending on the tenants, you may not need to actually replace it. A professional cleaning could help it look brand new again. If tenants smoke or have pets, there’s a good chance you’ll need to replace carpet relatively often.
Painting the Walls
A new coat of light-colored, neutral paint will indeed freshen up the appearance of a rental property. It’s not always necessary though, especially if the walls are in relatively good condition. A magic eraser can work wonders on scuffs and dirt. Ceilings usually don’t need to be painted all that often unless a tenant smokes or is a particularly messy cook.
Happy tenants make for happy landlords. Keep that in mind when deciding when it’s time to renovate your Tucson real estate investment. If a few simple cosmetic changes will increase tenant satisfaction, it’s worth your while to do the work. And if your Arizona properties are not safe or the appliances aren’t in good working order, it’s definitely time to renovate your rental.