Renovations play a significant role in upscaling the aesthetic appeal and value of your rental property. They also give you a competitive advantage over other rentals in the market. When your home looks polished and welcoming, it is likely to attract quality tenants and help reduce your vacancy rate.
As a landlord in Hampton Roads who’s looking forward to increasing your ROI, consider these basic renovations for your property.
Install A New Roof
Fixing an old, leaky roof time and again can be a nightmare for both you and your tenants. Consider installing new durable roofing that will protect your property and enhance its habitability. You can also install clay, concrete, or slate tiles instead as these are more durable. Also, consider synthetic roofing for an attractive look and better protection.
We recommend hiring a roofing contractor to know what roofs suit your Hampton Roads rental as the type of roof depends on the structural integrity of the walls and foundation.
Invest In Energy-Saving Lights
Lights can play a key role in attracting and retaining potential tenants. From calm, soothing lights in the living room to bright floodlights in the driveway, there are several ways in which you can add lights to brighten up your Hampton Roads rental.
You can install exterior lights to make the tenants feel safer. We recommend adding energy-saving lights like LEDs, which use approximately 90% less energy and can last 25x longer than your regular incandescent bulbs, saving you the money that will be spent on constantly changing the light bulbs.
Upgrade The Flooring
According to the Remodeling Impact Report 2019 by the National Association of Realtors, installation of new wood floors resulted in a 24% increase in the functionality and livability of homes and rental units. It also eventually led to investors recovering 106% value after completing the remodel.
Your flooring is typically what the tenant has the most physical contact with and it is important to have structurally sound floors to ensure cleanliness and health benefits. Depending on your budget, you can choose from a wide range of flooring, including hardwood floors, engineered wood floors, laminated floors, vinyl floors, tiles, or stone floors.
Kitchen Renovation
New kitchen upgrades can save you the money that you put in for regularly repairing the old, damaged appliances or furniture in the kitchen. It can instantly boost the home's appeal and get you more rent. Some options for kitchen remodeling include installing new countertops made of granite, soapstone, or marble. You can re-paint or install new cabinets to offer more storage space. Consider adding new, smart appliances like a toaster, a kettle, and a coffee maker.
Other Upgrades For Increasing The ROI Of Your Hampton Roads Property
Some other upgrades that can instantaneously make your Hampton Roads home more attractive to the potential tenants and increase your ROI are:
Compact and easy storage options like compartment storage boxes that can be squeezed in the empty corners
Extra parking space, or a small gym in the basement
Extra space for the pets, or for the children to play,
New paint or wallpapers
Each property is unique and so are its remodeling requirements. If you would like to figure out the best renovations to add value to your Hampton Roads property, we recommend talking to an experienced property management company like Doud Realty Services.
We have been leading property management services providers in Norfolk, Hampton Roads, and Portsmouth for over 20 years. Our property managers have worked with hundreds of properties and they can easily guide you in identifying the changes necessary to boost the ROI of your Hampton Roads rental. For more information, connect with us at Doud Realty Services.