Navarre Beach is a breathtaking area in Florida that attracts many tenants. The rental property market here is very competitive. Many homeowners often wonder how they can survive in such a competitive market and find tenants for their homes. One way is to remodel and upgrade your home, or at least parts of it. A rental property manager can give you ideas on how you can upgrade your property. But before you consider hiring one, let us look at how remodeling your property will help you.
Why Should You Renovate Your Rental Property?
There are various reasons why you should renovate your rental property. Here are a few:
i) Your Property Will Stand Out From Your Competitors
Renovating your home will make it attractive to prospective tenants and give you an edge over your competitors in the market. A good renovation will also help you charge a higher amount in rent.
ii) Improves Energy Efficiency
Certain features like energy-efficient windows or a programmable thermostat can improve the energy efficiency of any home. This will, in turn, reduce the cost of utilities, making the property attractive to potential tenants.
iii) Improves Renter Satisfaction
Remodeling your apartment and adding high-quality appliances can improve renter satisfaction. New appliances and fittings require less maintenance, which means you will have to deal with fewer calls about repairs and fixes.
iv) Enables You Pay Less In Taxes
If you are carrying out regular repair work and property maintenance, you can deduct this cost from your property’s taxable income. However, you must remember that anything beyond a simple repair will be considered an improvement and not a deductible expense.
Rental Property Renovations To Improve Interest In Your Navarre Property
From minor fixes like changing hardware to major renovations, there are many things you can do to improve interest in your rental home. Here are some ideas for rental property upgrades:
Renovate Your Kitchen
Any updates to the kitchen, especially the appliances, can give you a great return on investment. Most rental properties have mismatched appliances. You should retain the new appliances and replace the older ones to match them. Or redo other aspects of your kitchen to make it look new. Here are some kitchen renovation ideas that can increase your property value:
Spruce up the cabinet
You don’t have to spend too much money replacing the cabinets. Just painting them and topping up the hardware can make them look great.
Get new countertops
If you can, then replace your existing countertop with a new one. A new granite countertop can completely change the look of your kitchen and make the entire apartment look new.
Improve the interiors of your kitchen
Sometimes, adding little touches can change the way your kitchen looks entirely. Replace a faucet, add a new backsplash, and add other low-maintenance features to your kitchen.
Remodel the Bathroom
Many potential tenants look for a good bathroom in their homes. Remodeling your bathroom can increase the interest in your apartment. At the very least, you can replace the toilet seat or the entire toilet if required, add a new shower head, and replace the faucet and cabinet hardware. If you have a small bathroom, make changes to maximize space and storage. Some ideas to improve space include:
- A pocket door or barn door
- Converting the bathtub into a walk-in shower
- Installing shelves in the bathroom
If you have a large bathroom, you can add a new vanity and increase the counter space. You can get creative and add a statement piece in the bathroom. If you have the budget, add a bathroom to every bedroom on the property. Many tenants prefer a one-bedroom to one bathroom ratio.
Improve the Curb Appeal
The exteriors of your building are the first thing that any prospective tenant will notice. So your property must make an impression from the outside. Landscape your lawn so that you or the renter don’t have to do too much to keep it in good condition. Paint or replace the front door if it is looking dull and dilapidated. A bright color on the front door can change the look of your entire property and catch your renters’ eye as well. Some other ideas to improve curb appeal include:
- Planting new grass
- Adding a small garden
- Painting the entire exterior of the home
- Trimming trees and shrubs
- Installing planters in the front if it is an apartment building
- Installing new bricks or pavers
According to recent research, about 25% of renters like new flooring in their homes. Replace your old flooring with new hardwood flooring if you want to attract renters to your property. Avoid carpets if possible because they can trap smells and require a lot of maintenance.
Paint and Light Fixtures
People often underestimate how much a good paint job can make a difference to a home. If you cannot do any other renovations in your home, just painting can increase its value and make the home look new. Similarly, changing the light fixtures in your home can also increase its appeal. New light fixtures can make the place look modern and brighten up the rooms.
How is your rental property different from other properties? The amenities you provide in your home can make it stand out from others and motivate renters to choose it. Some popular amenities you can provide include:
- A dishwasher
- Storage space
- Air conditioning
- Off-street parking
- An outdoor living space
- A fenced-in yard for your pets
- A washer and dryer unit
While you will want to make as many changes to your Navarre property as possible to attract new tenants and improve its value, you may not be able to handle all the renovations and changes on your own. Visit https://myhomespot.com/ and speak to our professional rental property managers. Our team of professionals offers a wide range of property management services and will be happy to help you with your property remodeling.
225 N Pace Blvd
Pensacola FL 32505