Whether you're a property manager or a landlord, you understand the value of being able to rent your apartments or rental property quickly and retaining your tenants. If a unit is vacant for an extended period of time, the loss of rent could wipe out a year's worth of profit. Similarly, if you have a high turnover rate, the cost of getting your units ready could sink a hole in your pocket. Obviously, respecting the tenant’s rights and providing a clean, safe unit to live in is important. But aside from service, there are some projects you can undertake that will help your Regina rental property see long-term tenants and income.
The following five renovation projects will help you attract and retain long-term tenants so you can maximize the profits of your Regina rental property:
Replace The Front Door
First impressions are very important. When you show someone a unit, you want them to get a good feeling about the place from the get-go. A fresh, new exterior door can go a long way towards getting a prospective tenant in the right mood. If painting the stucco or siding will increase the warmness of the property, add that to your to-do list.
Reface Your Kitchen Cabinets And Countertops
People spend a lot of time in their kitchen. If the kitchen is looking stale or outdated, consider replacing the cabinet doors and countertops. It is more cost-efficient than replacing the entire kitchen, and it will still give the Regina rental property whole new look. Decent hardware and appliances that are in good condition will also encourage tenants to stay in the unit longer.
Upgrade The Bathroom
An unappealing bathroom is a major turnoff. Depending on the condition, it's not always necessary to upgrade an entire bathroom. You may be able to keep some of the fixtures or the flooring and still give the bathroom a fresh look. Fix any water damaged trim, flooring or tub surrounds. Adding a ceiling fan system will preserve the life of your bathrooms as tenants are not inclined to open the bathroom window in -45.
Build A Deck
Building a deck is costly, but if you have enough space, it is a great way to attract and retain tenants. People enjoy a deck because it's a great place to relax, make a barbeque, and entertain friends. People like to spend time outside and studies show that fresh air increase’s endorphins in the brain. In the long run, the deck will end up paying for itself and the quality of life for your tenants will improve.
Make The Unit Energy Efficient
Going green is very in style. Some people are into energy efficiency because they care about saving the environment, while others care about saving money. Either way, installing energy efficient fixtures and appliances in your Regina rental property is a great way to attract tenants. Light bulbs, furnaces and water heaters are good starting points for energy efficiency if you can afford it.
There are many more ways to spruce up your rental unit to make it attractive to prospective tenants and to help keep your units occupied. It is important to start by making sure that your unit is clean and fresh. Once the basics are in order, look for ideas that will give a prospective tenant a reason to think twice before walking away from your Regina rental property.
Contact Me
If you would like the support of an experienced Regina real estate when looking for or inquiring about the right kind of Regina rental property to invest in, give me a call at 306-552-7047 or fill out my online contact form.
Kelsey Smith Is Regina’s Choice
Choosing the right Realtor® is key to ensure a positive and successful real estate transaction. Kelsey Smith promises to deliver the education and time necessary to buy or sell your Regina home. Call 1-306-552-7047 and rest easy knowing you have made the right choice.