10 Home Renovation Ideas to Increase the Value of Your Rental Property [INFOGRAPHIC]

Looking to boost the value of your rental property (and bump up monthly rent)? Although you can’t change the average market value of your area, you can improve the condition of your rental to boost overall value.

But, be careful about committing to big renovations and home improvement projects. Certain home renovations offer a higher percentage of what you spend back into the value of your property, but some won’t. Don’t just remodel for the sake of remodeling (or it could end up costing your more than the rental income you’ll earn).

Let the Professional Property Managers from Gateway Arms Handle Renovations For You

The professional property managers from Gateway Arms can assist with every aspect of managing your rental property, from dealing with tenants (and their late payments), being available for emergencies 24/7, providing knowledge about landlord-tenant laws in New York as well as facilitating everything from minor routine maintenance to major renovations.

We’ve put together 10 home renovation tips (both high and low in initial cost) to not only increase the value of your rental property investment but will attract top tenants and give you a shiny return on investment in rent bumps.

Increase the Value Of Your Rental Property [INFOGRAPHIC]

10 Home Renovation Ideas to Increase the Value of Your Rental Property [INFOGRAPHIC]

1. Clean

The simplest and most immediate thing landlords can do is to clean up the property for a showing. This includes both the inside and the outside landscaping areas.

2. Upgrade the Kitchen and Bathroom

Kitchens and bathrooms usually provide the greatest “wow” factor. Updating the counters and cabinets can make a big difference. Take it a step further and upgrade kitchen appliances to stainless steel or switch out your sink or bathtub in the bathroom.

3. Change Fixtures

Breathe new life into your rental property by changing out our door knobs, light switch covers, cabinet handles and light fixtures. A simple, yet impactful way to attract buyers.

4. Replace Flooring

Keep floors looking and feeling fresh: refinish hardwood floors and consider adding tile to replace old linoleum. Update the color of your carpet if it’s not neutral. In the rental market, neutral colors, much like paint, receive the best results.

5. Paint

Speaking of paint, a fresh coat can brighten up a tired space and make your place look newer. Additionally, it is actually required by law: in New York City, landlords must paint every three years.

6. Create More Storage

Storage is one of the top priorities for renters. Make some simple additions like adding hooks to entryways and bathrooms, installing shelving in a pantry, permanent shelving in the garage and even adding a shed on the property.

7. Rooftop Renovations

One of the newest, most coveted amenities hitting the multifamily market, well-designer rooftop spaces not only provide a favorite hangout spot for residents, but can increase leads, revenue, and retention as well.

8. Install Better Windows

Depending on the age of your rental property, it could be time to install new windows. They not only help with curb appeal, but upgrading to double pane windows will provide better insulation.

9. Add Curb Appeal

Strategically placing a few fresh plants and flowers, sprucing up outdoor lights and even replacing your mailbox can all make your property look more inviting. Simple landscaping like trimming overgrown bushes can help form positive first impressions.

10. Replace the Front Door

The front door is one of the first things your prospective renters will notice before they walk into a house. Studies show that a new front door will provide you with the biggest return on investment.

Legal Side Note: As a landlord, you are legally required to keep rental premises livable in New York, under a legal doctrine called the “implied warranty of habitability.” If you don’t take care of important repairs, such as a broken heater, tenants in New York may have several options, including the right to withhold rent or “repair and deduct.”

Gateway Arms Building Management Services

Maximize the profit from your investment and increase the value of your property with Gateway Arms Building Management Services. To learn more, call us at 1-718-273-3800.