As a commercial property owner, you’re always looking for ways to make the most residual income while still being fair to responsible tenants. Toward this end, you can improve the rental property to better meet the needs and preferences of today’s renters. To figure out which renovations to invest in, consult the following guide.

Why It Pays to Renovate a Rental Property

Although this won’t be their permanent home, your renters are still planning on making the space their own and, hopefully, settling in for a few years. You can make them feel more at home and more willing to renew their lease by fixing up the property. They’ll enjoy the update while you get to avoid the time-consuming yearly search for new tenants. Also, renovating the property raises its value so you can charge more rent per month.

The Top Renovations to Invest in for Your Rental Property

A worthwhile renovation doesn’t cost more to complete than you’ll get back in rent. Since kitchens and bathrooms tend to be the most functional and important rooms to renters, start your efforts there.

Sanding down and repainting cabinets can make them look brand-new, and you can skip out on the cost of demolition and replacement. The same applies to bathroom vanities. If it’s been several years since you’ve updated the light fixtures throughout the property, this quick project can easily make an outdated apartment look modern and inviting.

If you’re looking for more substantial gains, replace the countertops with quartz or vinyl, or redo a stained backsplash with white subway tiles. If the carpets have become discolored, get new ones, or install wood-like laminate for a transformative new look. If the rental property has a front or backyard, hire landscapers to remove overgrowth, trim trees, and plant bright flowers.

For more expert guidance on managing your rental property, turn to Classic Maui Properties of Pukalani, HI. Owner Steve Parker has over 39 years of experience in local real estate, so you can trust him to offer sound judgment on your townhouse, condo, or home. From scheduling maintenance to helping you find your next tenants, this team will be beside you at every phase. For more information on their services, visit the website, or call (808) 878-1001 to make an appointment.