One of the best ways to increase the value of your Philadelphia investment property is by making renovations. In the current economy, with inflation pushing up prices for everything, approaching renovations can feel challenging and potentially expensive. If you have a budget, however, and a plan for prioritizing the improvements you make, you'll find that the upgrades you invest in will more than pay for themselves. Not only will you earn more in rent, you'll protect and increase the overall value of your asset. You'll find residents are eager to rent your home, and you'll retain them easily at renewal time because they'll be pleased with where they live. Let's take a look at some of the best renovations that will add value to your investment property.
Start With Kitchen and Bathroom Renovations
Upgrading the kitchen in your rental property and the bathrooms will help add value to your investment property. These areas are often the first places potential residents will look when they're reviewing your marketing photos or touring your property. Because there's so much focus on these spaces, you want them to be in good condition. Depending on your budget and the amount of time you want to spend on the upgrades, you could opt for a complete remodel or simply freshen them up with new counters, cabinets, and floors. A complete kitchen rehab will be expensive, but if your appliances are old and your floors are peeling and the lighting is terrible; it might be time. Without going all the way, consider simple design elements that will get the attention of tenants such as:
- Tile backsplashes (we like them behind the stove or the sink).
- Updated lighting overhead.
- Energy-efficient appliances
In the bathroom, check the caulking and the condition of the tub. How is the lighting? Does the mirror fit the space? Again, new hardware on sinks and faucets can make a big difference. Better floors will also look great and since most bathrooms are smaller spaces, it won't cost you too much.
Landscaping Updates for Philadelphia Rental Homes
Upgrading the exterior of your Philadelphia rental property can also make a difference to potential residents as they're looking for their next home. Is the exterior of your home or building worn and faded? Consider a fresh coat of paint. Or, a simple power wash can brighten things up if you're not ready to invest in an exterior paint job. Adding landscaping or lighting in the front yard will give your property extra curb appeal. You'll want to keep the landscaping simple. Tenants might worry about the amount of work that's required in maintaining complicated flower beds and trees. Make sure it's clean, attractive, and healthy on the outside of your rental property.
Consider Your Rental Property Flooring
Carpet is quickly falling out of fashion, even in rental properties. If you can manage it, pull out the carpet and install hard surface floors during your next turnover. This will dramatically raise your rental values and increase what your property is worth. Hard surface floors have become popular for both functional and aesthetic reasons. Hard surface floors, whether we're talking about wood, laminate, tile, or even vinyl, offer many benefits:
- More durability. These floors are hardier than carpets, meaning that they can stand up to heavy foot traffic and every day wear and tear much better than carpet can. This is exactly what you're looking for in a rental property.
- Floors are easier to clean and maintain when there's no carpet, requiring only basic sweeping or mopping compared to the vacuuming and deep cleaning needed for carpets. This makes it easier for your tenants to keep your property clean. Minimal effort or expense is required.
- Hard floors are also more affordable than carpeting, making them a cost-effective choice for rental property owners looking to update their rental units easily and quickly. You'll make an initial investment when you install them, but you won't have to change them every few years like you do with carpet.
When you have faux wood or laminate flooring, it also looks better. If you haven't shopped for floors recently, you may be surprised at the variety of colors, styles, and textures that are available. You can find something for any budget and design scheme. Upgrading to hard surface floors offer rental property owners and residents an easy-to-maintain and affordable option for flooring that can stand up to years of wear and tear.
Upgrade Rental Home Security
If you're a rental property owner, security upgrades can help protect both your investment property and your tenants. From new locks to outdoor lighting, there are many ways to make sure your rental home is as safe as possible. Here are some of the most important security renovations you'll want to consider:
- Stronger door locks. Install deadbolt locks on all exterior doors. If your rental home has older locks or knobs that can easily be pried open, it's time to upgrade.
- Better window locks. Make sure your windows open, close, and lock properly. Upgrade any windows that are old and don't offer insulation and security.
- Bright lighting outside. Motion-sensing outdoor lights can be a great deterrent for criminals, so introduce good lighting around all of your doors and entrances.
- Install video doorbells. These are growing in popularity because residents enjoy seeing who is at the door before they answer it. They can also track the delivery of packages.
By making these renovations and improvements to your Philadelphia rental property, you will be able to attract high quality tenants. You'll earn more money in rent, and you'll protect and increase the value of your investment. These proposed renovations will also help your rental home stand out in a crowded rental market. If you'd like some help improving the value of your investment property, please contact us at Innovate Realty. We work with investors of all experience levels in the greater Philadelphia metro area as well as surrounding suburban areas in Montgomery, Chester, Burlington, and Delaware County, to the Delaware River.
