One of the best ways to increase your ROI and earn more on your Idaho Falls rental property is with property upgrades and updates. You don’t necessarily have to renovate your entire home, especially if it’s already in good condition and properly maintained. However, most investors find a few affordable and minor changes can really make an impact in how quickly you attract a good tenant and what kind of rental value you can establish.
Fresh Paint Brightens a Property
A fresh coat of paint is rarely expensive, and an easy way to make your rental property look brand new. It makes sense to keep the walls a neutral color so you can appeal to the widest pool of tenants.
Cover up any small nail holes and pay attention to the trim and baseboards. Painting those will really make the room pop and give it the clean, modern look you’re hoping to get. Tenants will notice this. It’s easy to see the difference between a completely painted wall and areas that were simply touched up.
Evaluate Floors and Consider Hard Surfaces
Investors typically keep carpet installed because there are so many inexpensive styles. Carpet is especially durable in bedrooms. If you’re going to keep carpet, make sure it’s clean. Replace the carpeting if there are stains, tears, or noticeable deterioration. Neutral colors are again important, but don’t choose anything too light. It will only look dirty faster.
Consider pulling up the carpet and installing hard surface flooring. Many investors are finding this to be more cost-effective in the long term. There are different grades of vinyl and laminate. You can also choose faux hardwood. These floors are not only more attractive to tenants, they’re also easier to maintain. You won’t have to replace flooring during every turnover. You’ll also be justified in asking for higher rents.
Energy Efficiency and Kitchen Upgrades
The kitchen is where you’ll get the highest ROI when you’re renovating rental units in Idaho Falls. If the appliances are looking old and worn, replace them. You don’t necessarily have to buy matching stainless steel refrigerators, dishwashers, and ovens, but tenants today are looking for energy efficiency and uniform appearances. Make sure the appliances are the same color and fit the counters, floors, and walls in your kitchen spaces.
Energy efficiency is increasingly important with modern tenants. Look for appliances that will use less water and electricity and keep utility bills down.
Another great way to upgrade your kitchens and even your bathrooms is by changing out the hardware on drawers, cabinets, and sinks. Replacing a water-stained faucet with something new and shiny will get the attention of prospective tenants. Better lighting in the bathroom will also get noticed, and you’ll create a property that reflects a higher rental value.
Pay Attention to Curb Appeal
Finally, provide a welcoming and inviting atmosphere at your building and rental property. This will create a sense of urgency among tenants and allow them to really imagine themselves living there. That kind of appeal will translate to higher rents.
Outside, consider an upgrade in lighting and landscaping. If there are any common areas, make sure they are clean, attractive, and welcoming. Many tenants make a decision before they even enter the unit they’ll be renting. A good first impression is critical.
These are some of the most common renovations that will help you earn more on your Idaho Falls rental investment. Your property manager should be able to take the lead in making your rental more attractive and in earning you higher rents. If you’d like to talk through some of the budgeting and timelines that will be required, please contact us at Jacob Grant Property Management.