![]() Not all renovations are equal in terms of cost vs value, so make sure you undertake renovations that offer a great return on investment (unless, of course, you need to repair something that has been damaged, in which case it should be fixed regardless). Rentals and Renovations: Ideas to Increase Value Fresh renovations make the property more appealing allowing you to compete in competitive markets and keep your vacancy periods short. This can lead to longer vacancy periods and dramatically impact the overall profitability of your investment. Unless there’s a particular housing shortage in your area a run-down rental may be hard to fill. Compete with rental demand and decrease vacancies This will help you build equity, increasing both your cash flow and the overall capital gains in the long run. Increase the property value and rental returnsĪdditionally, well-managed rental renovations will add value to the property. By maintaining your rentals to a high standard you can appeal to higher quality tenants and maximize the potential rent rate you can charge. They look better, are more pleasant to live in, and as mentioned above things are less likely to break or go wrong during the tenancy. Appeal to higher-quality tenantsįreshly renovated properties are more appealing to tenants. Often the longer you leave these issues, the more expensive they become to fix.īy renovating a rental you can reduce the need for ongoing maintenance, avoid those midnight callouts, and preemptively address potential issues before they escalate saving yourself time and money. For example, hinges stiffen, pipe joins begin leaking, flooring becomes worn, fittings and fixtures age, and appliances break. Things break in rentals and renovations are one way to preemptively address these potential issues. Reduce your rental property’s ongoing maintenance costs When it comes to rentals and renovations, the work done to develop your property can go a long way to ensuring you get the maximum rental returns and can help you attract and retain high-quality tenants. Every homeowner knows that rental renovations are a great way to increase property value and improve the quality of life of those who live there.
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