Property Management Blog

Renovations and Upgrades that will Maximize Your Rental Income | Columbus Property Management Tips

Mitch Deminski - Friday, July 24, 2020

Renovations and Upgrades that will Maximize Your Rental Income | Columbus Property Management Tips

Most real estate investors don’t want to spend thousands of dollars completely renovating their Columbus rental properties. 

You don’t have to. 

However, you do have to offer a clean and well-maintained home, otherwise your vacancy days are going to get longer and you’re not going to attract the best residents. Well-qualified tenants don’t want to rent a home with green carpet and appliances from 1985. 

The things that attract renters are the same things that attract buyers. When you sell a home, you want to focus on paint and carpet. We recommend you do the same with your rental property. When you make a few cost-effective upgrades and updates, you’ll earn more rent, increase the value of your asset, and attract a higher quality tenant.

Upgrade Your Floors: Hard Surface vs. Carpet

A lot of landlords will simply steam clean the carpets in their rental property during every tenant turnover. Maybe they’ll replace those carpets every five or six years. 

Stop replacing the carpet and consider a hard surface flooring instead. This upgrade provides several benefits:

  • It looks better. Hardwood floors or vinyl laminate or tile have a cleaner, more modern appearance.

  • It’s better for prospective tenants who have allergies or pets. There aren’t any fibers to trap dog hair and dust.

  • It’s easier for tenants to clean and maintain.

  • You’ll get a longer lifespan out of hard surface flooring than you will from carpet, so your replacement costs go down per unit.

Kitchens Need a Clean, Modern Look

The kitchen is where most of the activity takes place in a rental home. People gather in their kitchens for cooking, chatting, making coffee, and planning their days. Good tenants want an emotional connection to their kitchens, and you have to provide that with a clean and welcoming space. Install backsplashes to give the kitchen a modern feel. We like subway tile. It will make the entire room look new and fresh. 

Look for other places that make sense for affordable upgrades. New faucets will make a big difference and even replacing the drawer pulls and cabinet hardware will give your kitchen an impressively updated vibe. 

Bathrooms Must Be Clean and Fresh

It might seem like there’s not much to be done for bathrooms in your Columbus rental property. They’re small spaces that are designed more for functionality than aesthetics. But, you can do a few things to make them more attractive to your ideal tenants. Change that brassy Hollywood lighting if it’s still in place, and consider putting in some new fiberglass around the shower and tub. No one wants to take a shower in a stained and worn bathtub. Tile is great for a bathroom upgrade as well. 

Pay Attention to Paint and Lighting 

Pay Attention to Paint and Lighting Fresh paint is always a good way to update your rental property. Instead of doing touch-ups here and there, paint the whole wall before a new tenant moves in. Most rental properties have every wall painted in some shade of white. That’s fine because you want to stick to neutral shades, but consider something like grey instead. It will still match any décor and furniture that your tenant may have, and it also looks better in your photographs when your rental property is listed online. 

Upgrade your indoor and outdoor lighting if necessary. Outdoor lighting is critical for safety purposes, and inside tenants will want light fixtures that match the hardware you have in each room. This type of attention to detail will help you earn more on your investment property.

If you have any questions about renovating your rental home or earning more with professional Columbus property management, please contact us at Solutions for Real Estate.