Do you own rental properties? One of the best ways to optimize your ROI is to complete high-quality remodels or renovations with a timeless design using low maintenance and durable products.
Optimize Long-Term ROI From Your Next Rental Home Remodel
So often, landlords try to save money via first-time costs rather than looking at how spending more now yields exponential lifetime ROI. For example, yes, cheap carpeting is cheap, but it only lasts about five years – and may only last five months if tenants allow their dogs to use it as a bathroom or they violate your no-smoking policies.
Working with a licensed Orlando-area home remodeling firm with extensive experience in home remodeling means you have access to decades of combined design and construction expertise.
Here are our tips for rental home remodel priorities so you spend more time making money and less time “remodeling” the home between every tenant.
Invest in High-Quality Hard Surface Flooring Installation
We mentioned the carpet example above because it is one of the most common “money traps” clients can fall into when they want “affordable flooring” for rental units. Carpet is only affordable if it lasts for at least a decade or so—and that’s rarely the case in a rental.
Instead, we recommend investing in high-quality hard surface flooring. Tile and luxury vinyl plank are a go-to for landlords; waterproof and pet-proof engineered hardwood or laminate flooring are also options. The first-time investment cost will pay for itself over and over again in terms of:
- Replacement. If you purchase the best flooring for the space, you shouldn’t have to replace it for at least another 10 to 15 years, if not longer. Most tile products should last 20 years or more.
- Maintenance. Even when tenants aren’t the best at cleaning up their messes, a simple deep cleaning between rental/lease agreements is all that’s required to make them look new again.
- Durability. By installing hard surface flooring with the right protective features, you’ll benefit from flooring that can withstand the rigors of even the busiest rental households, along with their kids and pets.
Make The Kitchen & Bathrooms Accessible
Accessibility is becoming increasingly important as baby boomers look into downsizing without having to move to assisted living communities. Homes that boast accessible kitchens and bathroom spaces are also more attractive to parents with young children, multi-family households, or anyone who hosts elders or mobility-challenged guests on a regular basis.
By designing kid-friendly and accessible kitchen and bathroom spaces, you automatically make the home more desirable to a larger prospective rental market.
When you work with a home remodeling company that supports you from the initial design through the completed construction project, you can remodel rental units with an emphasis on:
- Opening up small spaces.
- Creating plenty of storage.
- And (as mentioned above) working with flooring and other materials that support accessible living spaces.
Prioritize The Most Low-Maintenance & Durable Finishes
Today’s materials options make it easier than ever to perform a rental property makeover that looks luxurious without any of the maintenance or careful attention required by natural hardwood or stone products.
If you want to design a rental remodel that looks high-dollar but requires low-dollar cleaning and long-term maintenance, consider using finishes like:
- Ceramic or porcelain tile (which does an amazing job of replication natural stone or wood products).
- Quartz countertops. This allows kitchens to look like their countertops are luxury marble or granite while being far stronger and with no sealing necessary!
- Engineered hardwood or laminate products that your builder confirms are waterproof/pet-proof (online ads are not always honest, and you can wind up with a product that is not as durable as the advertising promised).
- Custom cabinets built from stronger and more resilient materials mean fewer repair/maintenance requests and reduced expenses over the years.
Keeping An Eye on Resale Value
Are you planning on selling one of your rental properties in the next ten years or less? If so, a rental home remodel should prioritize features that increase resale value and fast sales timelines.
These include:
- An attractive kitchen space.
- Energy efficient lighting designs.
- Home office spaces or micro-office nooks.
- A laundry/utility room (if possible)
- Outdoor living areas.
These updates make the home more attractive to both prospective renters and future home buyers, so you won’t have to do it all over again when you’re ready to sell.
Let Details Construction Group Design a Stunning Rental Home Remodel
Are you ready to update your rental properties using high-quality products that will stand the test of time and pay for themselves over time? Schedule a design consultation with Details Construction Group. We’ll show you all of the expert ways to remodel a rental using the highest quality materials for your budget.
