As a landlord, you’ll have more than a few priorities. Maintaining your properties, managing tenants, listing properties, and staying legally compliant will be some of the more notable. It’s easy to see why you’ll spend so much time and effort on them. They’ll be vital parts of running your property rental business.

Condo and apartment renovations should also be a priority. They have a significant impact on your property value, letting you make more money with them long-term.

Despite that, you mightn’t put too much time or effort into them. You could be fine with the status quo. This could cost you a significant amount of money. By renovating your rental property, you could make more money long-term. That’ll be seen in higher rent, and even selling your property for more, eventually.

That’s especially true when it comes to a few specific renovations. It’s worth diving into the ones that offer you the highest return on investment.

Why Renovate Your Rental Property?

Before diving in, it’s worth looking at why you should renovate your rental property in the first place. The more notable benefit it offers is that it’ll increase your rental property’s value. This lets you charge a higher rent to tenants, letting you make a decent return on investment.

That’s far from the only benefit it offers, though. It’ll offer a few more, like:

1. You could attract higher quality tenants that take better care of your property.
2. You’ll cut down on the overall maintenance your rental property needs.
3. You’ll save money on the maintenance costs associated with your property.
4. You could see tax benefits, saving you a bit of money.
5. You could reduce tenant turnover rates because of maintenance issues.

These are more than enough to consider renovating your rental property. When it comes to the financial side, though, you’ll want to focus on renovations that actually increase your rental property’s value. Some of these will have more of an impact than you would’ve thought.

Five of these stand out because of how much they can impact your property value. It’s worth diving into each of them.

Increase Your Rental Property’s Value: 5 Renovations to Use

1. Update the Kitchen

If you’re renting out a residential property, there are more than a few areas you can focus on. One of the more notable is the kitchen. Potential tenants will focus on this, as they’ll usually end up spending a decent bit of time using it. They’ll want to make sure it’s functional while also looking amazing.

The more attractive and practical a kitchen is, the better it’ll be for tenants. They could be willing to pay a higher rent just for a nicer kitchen. Even if you end up selling later on, you could sell for a higher price when you do.

2. Refresh the Bathroom

The bathroom is often one of the more important parts of a property. That’s the case for both a residential property and a commercial one. It’s always worth spending a bit of time on this. You don’t have to go big and grand with this, but it’s worth making sure the bathroom – or bathrooms – is stylish and functional.

There are multiple bathroom renovation ideas you could go with, from the small right up to the large. Replacing bathroom hardware is a great option, but you could also consider re-tiling the bathroom if it looks a bit dated.

3. Update the Floors

Floors go through a lot of wear and tear, especially in commercial properties. It’s worth focusing on this when you want to increase your rental property’s value. This doesn’t just mean fixing any flooring that’s been damaged. Instead, it could be more than worth changing the flooring altogether.

If it looks a bit outdated, this is especially true. Go with something that looks visually appealing but that could put up with a lot of wear and tear. That way, you’ll see a greater return on investment, and you shouldn’t have to make many repairs later on. It’ll be worth the cost.

4. Give the Outside a Makeover

The outside of the property is the first thing potential tenants see, and it’s responsible for their first impression. This could make or break whether they’re interested in renting it, regardless of whether it’s a residential or commercial property. Make sure the property exterior looks as nice as possible.

This could mean giving it a bit of a makeover. There are multiple ways you can do this. Giving it a repaint could be the easiest, but you can also update the landscaping and make a few small repairs. You shouldn’t have to spend much time on it.

5. Improve Energy Efficiency

Energy efficiency is always a great area to invest in. It doesn’t just benefit property owners, but the people living in them, too. It reduces the amount of electricity needed to keep everything on in a home. This makes an energy efficient property appealing to tenants. The bill reduction counteracts the rise in rental payments.

Focusing on appliances is a great place to start with this, but it’s not the only area to focus on. You could also update the electricals, change the lightbulbs, and take similar steps. It’s less of a renovation, and more of an overall property improvement.

Increase Your Rental Property’s Value: Wrapping Up

Renovations help you increase your rental property’s value, making them more than worth considering. They’ll also offer more than a few other benefits, which is why they’re always worth considering. To properly see that return on investment, though, you’ll need to know what you’re doing.

A lot of this means focusing on the renovations that’ll actually increase your rental property’s value. Some of these help a lot more than others.

Getting them done doesn’t even need to cost you rental income. Get them out of the way when your property is vacant. That way, you can charge a higher rent once you find someone to rent it. You’ll make a greater return on investment because of it.