More Americans are renting homes than ever before. In fact, there are more renters in the United States now than any other time since 1965.
Clearly, it's a great time to be a landlord. But, if you want to get more money out of your rental properties, you may want to consider performing some basic repairs.
Listed below are four easy housing renovation ideas that will help you increase your income.
Benefits of Housing Renovations
When you own a rental property (or multiple rental properties), there are some basic maintenance requirements you need to meet (ceiling repairs, floor repair, seasonal maintenance, etc.). But, why not go above and beyond for your tenants?
In addition to increasing your rental income, rental housing renovations can help you attract better, more responsible tenants. They can also help you qualify for a variety of tax credits and other advantages.
Four Easy Housing Renovation Ideas
As you can see, there are plenty of reasons to consider renovating your rental properties. If you're not sure where to begin when it comes to renovating your rentals, consider one of these four easy ideas:
1. Replace the Blinds
Replacing the window treatments in your rental properties can significantly improve their curb appeal.
There are lots of different types of blinds you can choose from depending on your budget and the style of your property.
Many people like aluminum blinds because they have a clean look and go well with stainless-steel appliances. They're relatively affordable, too.
If you install the new blinds yourself, you can upgrade the look of your property without spending too much money. On average, new blinds or shades will probably only set you back about a couple hundred dollars.
2. Replace the Countertops
If your rental properties have low-quality plastic laminate countertops, you've probably noticed that they don't look as nice as they once did. They might be discolored or have scratches or burns on them.
Higher quality countertops (granite, quartz, slate, etc.) will last longer and won't show damage.
It's a bigger investment up front, of course. But, you'll probably save more money later on since you won't have to replace or repair the countertop every time a tenant moves out.
3. Add More Storage
Everybody wants additional storage in their home. One of the best ways to entice new tenants is to include some more storage.
Even if you can't install a new closet or pantry -- that would require a lot of work and money -- you can still increase the storage by adding shelves, hooks, and closet organization systems.
4. Upgrade the Roof
Finally, if the roof is looking a bit worse for wear, you may want to consider repairing or replacing it.
Neglecting the roof can cause serious damage, especially if your properties are located in a place that gets a lot of rain or snow.
Have a roofing inspector check out the roof. Then, based on their recommendations, repair the damage or replace it to prevent expensive damage and keep your tenants safe and dry.
Need More Help Managing Your Rental Properties?
Keep these housing renovation ideas in mind so you can boost the value of your rental properties and increase your income.
Do you need more advice on managing your rental properties effectively? You might want to consider working with a property management company.
If you live in or around the Inland Empire, San Gabriel Valley, or Orange County areas, we can help. Contact us at Clockwork Property Management today to learn more about our services.