Do you plan to update your outdated rental property? We wholeheartedly agree with the decision to do so! Especially if you own a rental property in a location like Tampa, Florida, where the real estate market is booming, investing in modernizing your property can be a smart move. Think about remodeling your current rental home because Tampa’s median listed home price has been rising consistently by 8.9% annually.
Even though updating your home sounds intriguing, planning can be difficult because there are simply too many things to take into account.
Therefore, we did the legwork for you and gathered some suggestions to assist you in weighing your options and making value-adding design decisions:
1. Update the Kitchen: It Is the Centre of Every House
Renovating the kitchen in your rental home can be a game-changing investment that significantly raises the home’s value and appeal. The kitchen has more purposes than just being a place to prepare food; it also serves as a social hub for friends and family members. Upgrades to the kitchen go beyond aesthetics; they improve tenants’ quality of life.
Therefore, consider investing in a solid-wood kitchen cabinet with a contemporary look and lots of storage. The look of the cabinets is quite important for tenants who like to spend time in the kitchen, and it greatly affects how they perceive the rental. Cabinets that are outdated, worn out, or of poor quality can be a significant turn-off and possibly deter potential tenants. New cabinets can be an investment that not only improves the kitchen’s appearance but also raises the value of your rental property.
Additionally, to establish a win-win scenario, consider discussing potential cost-saving measures with your contractors to make the switch to new cabinets more reasonable. Contractors frequently have strong connections with local wholesalers, which may result in advantageous cabinet pricing. By taking advantage of these possibilities, you may keep the price of new cabinets within a manageable budget while still getting a clean, contemporary style.
2. Bathroom modernization: Increasing practicality and comfort
Bathrooms are a top priority for tenants when looking for new housing. Zillow claims that even small bathroom renovations can generate a significant ROI of $1.71 for every dollar invested. This figure highlights how important it is to concentrate on updating the bathrooms in your rental home.
When it comes to a bathroom makeover, nothing compares to replacing your fixtures and fittings. However, selecting the ideal fit is more difficult than it seems because of the abundance of design alternatives. Invest in new fixtures and fittings, such as a walk-in bathtub, that are simple yet stylish. Updating the fixtures, vanities, and bathroom tiles might change renters’ perceptions of your property.
Maintaining coherence in the design is key to achieving a contemporary bathroom appearance. But functionality is equally crucial. Hence, consider investing in Tampa walk-in bathtubs to ensure your bathrooms are aesthetically pleasing and functional.
Tampa’s warm and humid climate throughout the year makes a well-designed and modern bathroom even more appealing. Residents will appreciate having a refreshing oasis to escape the heat and humidity. Tenants of all ages and physical capacities will therefore find walk-in tubs highly desirable. These tubs have low threshold doors, non-slip coatings, and safe grasp bars to increase safety, especially for senior citizens or anyone with restricted mobility.
3. Invest in smart home technologies for comfort and efficiency
Smart home technology is now a desired feature for both tenants and landlords in the age of technological breakthroughs. Incorporating smart home technology can be an essential component when updating an out-of-date rental property because it increases the home’s appeal and value overall.
The installation of smart thermostats is one of the essential components of smart home technology. These gadgets give tenants remote access to their home’s temperature management, ensuring maximum comfort and energy effectiveness.
4. A pet-friendly property is advantageous for both landlords and tenants.
Some renters had pets, with cats and dogs being the most common animals. Landlords may increase their applicant pool and reach a wider spectrum of possible tenants by embracing pet-friendly regulations, eventually increasing the likelihood that they will find dependable and responsible tenants for their property.
Allowing pets to occupy a rental home goes beyond just aesthetics. It displays the property owner’s readiness to accommodate the requirements and preferences of a varied tenant population and reflects a forward-thinking attitude.
For landlords with such concerns, some steps may be taken to alleviate potential challenges. The landlord can demand a pet deposit to pay for any damages caused by pets during the period of tenancy. This deposit might provide landlords with peace of mind because they would know that any damages brought on by pets will be compensated financially.
Conclusion
When you consider modernizing your rental home, try to create a space that not only provides outstanding comfort and pleasure but also increases the value of your rental property. You may undertake renovations that exceed tenant standards and draw in a larger pool of possible renters. Include pet-friendly regulations, utilize smart home technology, and update important spaces like bathrooms and kitchens to increase the desirability of your property. These targeted improvements will raise rental prices and improve tenant happiness, making your property a sought-after gem in the competitive real estate market. Therefore, take advantage of the chance to invest in modernization and multiply the advantages for both you and your tenant!
