Modern, well-maintained homes rent faster and for more money in Bellevue. They also attract better tenants.
Unless your rental property is old and deteriorating, you likely do not need a complete renovation. That’s only going to cost you more money than you’re likely to earn. But, if you can make some quick and cost-effective improvements, you’re likely to maximize what you earn.
Here are some of the renovations we recommend when you want to earn more in the short term and the long term.
Start with Fresh Paint and Good Floors
A good paint job doesn’t seem like much of a renovation, does it? However, new paint makes a home look brand new. Tenants will notice it. Invest in good paint so the property looks brighter. You should always paint the walls in their entirety instead of trying to touch up a few faded or dirty areas. You’ll never get the color just right, and the work will look sloppy. Remember to keep the colors neutral. Not everyone is going to love lavender or electric blue.
Next, take a look at the condition of your floors. Carpets are likely to wear quickly, especially in high-traffic areas. If you decide to keep your carpet, make sure it’s clean, durable, and attractive. Hard surface floors are even better. Tile, laminate, and faux hardwoods aren’t terribly expensive and they’re easier to maintain. By installing hard surface floors, you’re likely to really increase your rental value.
Kitchen Appliances Deserve an Update
When you find you’re being called to repair your dishwasher or refrigerator several times during a tenancy, it’s a good indication that the appliance has already lived its best life.
Instead of continually making those repairs, replace the appliance. Install something new, modern, and energy-efficient. Well-qualified tenants are increasingly concerned about energy consumption and carbon footprints. Show off something with an Energy Star rating and you’ll be able to charge more in rent while keeping energy costs down. You need your appliances to match. Make sure everything is the same color and gives a visual flow to the kitchen.
In-unit laundry is also a worthwhile upgrade. If you don’t already provide a washing machine and a dryer in your Bellevue rental property, consider making that a priority during your next turnover. You’ll earn more in rent and reduce your vacancy time by attracting good tenants quickly.
Lighting Improves Safety and Appeal
Renovate your exterior lighting, especially if you don’t have any currently. You want your residents to feel safe in the dark. Be sure exterior doors, walkways, and parking areas are well-lit and easy to see from the street or inside the property.
Inside the home, make sure the lighting is bright and modern, especially in the kitchen and the bathrooms. Ceiling fans are popular, especially in bedrooms and living rooms. Upgraded lighting doesn’t have to be expensive, and it will make your home look good.
Consider Your Smart Home Technology
Tenants are tech-savvy today, and a lot of the functions and gadgets they love the most have to do with syncing their phones and their apps into every part of their lives. That’s going to include their home. While you don’t have to provide all the latest upgrades and security features (these can be expensive), you should at least make sure your property is wired to accept whatever they’d like to implement.
Many tenants will want video doorbells, for example. They might want to set their lights to turn on at a certain time and smart thermostats will be appealing. Choose which smart home upgrades will be most important to your residents, and offer them. You’ll stand out in the rental market and have an easy time charging higher rents.
We’d be happy to tell you more about how to maximize the income you earn on a Bellevue rental home. Please contact us at Real Estate Gladiators.