If you’ve just purchased a property to rehabilitate and turn into a rental, the type of renovation you do will directly affect the cash-on-cash return you’ll realize once it’s occupied. Here are four of the best steps to take to turn a property from a dump into a dream rental.
New Flooring
Many homes that need work come with floors that are badly worn out. New flooring can do wonders in making a rental look its best again.
For dining and living areas, hardwood laminate flooring makes an attractive yet affordable option.
For bedrooms, on the other hand, you’ll likely want to stick to carpet, since it is warmer and more comfortable for tenants getting out of bed in the morning.
Energy-Efficient Windows
A great selling point for any rental property is low utility costs. If you install energy-efficient windows, you can keep the heating and cooling costs down for prospective tenants, potentially saving them quite a bit of money over their stay in your property. Higher energy efficiency will also add to the value of the property in the event that you decide to sell it later on.
Updated Kitchen Cabinets
If the home you’ve purchased to turn into a rental is an older one, there’s a good chance that it has a set of badly outdated cabinets in the kitchen. New cabinets are a relatively inexpensive way to improve the look of even the most dated kitchen areas. The time during which the old cabinets are out is also a great time to give the kitchen a new paint job, since you’ll have less taping off to do in the cabinet areas.
New Shed
Landlords often focus on houses exclusively, rather than considering improvements to properties as a whole. A great way to make a property more functional and potentially get a higher rent from it is to install a new shed. This feature is an especially good selling point for 3 or 4-bedroom properties likely to be occupied by larger families, since it gives them much-needed extra storage space.
These are only a few of the renovations you can make to a property in need to rehabilitation to turn it into a great rental. When you’re planning your renovation, be sure to keep costs relative to potential rents in mind. Though some fixing up is always good for a property’s value, you don’t want to go overboard by improving a home beyond what the rent for its size and in its area will return.
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