Making renovations to a rental property can be tricky. You don't want to over improve the property. This may cause you to spend more money than you will ever get back in rent. However, making the right improvements can help to increase the rental price of a home. Here are a few improvements that can help you to increase the monthly rent on a rental home.
Increase the Curb Appeal
Many people who own rental homes don't think much about curb appeal. After all, they are not the ones pulling into the driveway everyday and seeing the home. But curb appeal can help you attract a tenant and keep them. Everyone, including renters, wants a home that looks nice. Landscaping, exterior painting and a nice front door are just a few of the things you can do to increase curb appeal.
Update the Kitchen
Another way you can increase the rental price of your home is to update the kitchen. However, when doing this, be careful. It can be very easy to spend more than you should in the kitchen quickly. When possible, reuse the existing cabinets to keep prices low. Adding in new flooring and a countertop can drastically change the space while also making it look new and fresh again. The kitchen is the heart of the home in any home, including rentals.
Make Energy Efficient Upgrades
The last renovation you can make to increase the rental price of your home is to make energy efficient upgrades. This may include upgrading the windows, installing a new heating air conditioning system or a new water heater that is energy efficient. It is important to let tenants know that these improvements have been made though, as most can't tell themselves. This will help them decrease their energy usage, which will help them save money on their energy bill. As such, they may spend just a bit more in rent for your rental home.
There is a fine line between increasing the rental price of your home with renovations and overdoing it. If you want to maximize the rental, let a property management company, like Gassen in Eden Prairie, MN help you decide which renovations are best for your home based on location and rental value. Give us a call today and let us start helping you.