Tampa Property Management Blog

5 Common Rental Property Renovations
property management Tampa renovations

Property management can be a very rewarding and exciting industry, provided you can adapt fast and maximize the current market opportunities that are available. When promoting a property, it must offer a good balance of attractiveness and functionality that potential tenants will want to enjoy. Single-family rental properties, for example, must not only appeal to a small family but provide for their needs as well. Get your property up to the task and consider these 5 most common rental property renovations today:

Color


One of the most affordable rental property renovations you can do is a fresh paint job. Paint helps create a fresh look whether on the exterior or interior and updates the appearance of the property. According to HomeGain, interior paint can create a return on investment (ROI) of 107% while exterior paint can lead to an ROI of 55%. Neutral colors are typically a top choice because potential renters want a house that they can decorate to their taste and preference. A fresh coat of paint works remarkably well for both older and newer properties and can provide an even better aesthetic value when paired with new lighting.

Kitchen


Kitchen renovations are popular because they typically promote better design and practicality, particularly for families who love to prepare meals and socialize. They can also result in a great return on investment. Replacing old appliances as well as updating fixtures and hardware can create a more cohesive appearance and upgrade the look of the area.

Amenities


Updating or adding new amenities can be a great way to increase your rental property’s value. Some of the most useful amenities to consider include:

  • Dishwasher
  • Garage or driveway
  • Storage space
  • Washing machine and dryer
  • Fenced backyard
  • Outdoor living space such as playgrounds, landscaped gardens, barbecue pits, etc.

Bathroom


The bathroom can be one of the most commonly used rooms in the house, meaning that it usually has the tendency to suffer most in terms of wear-and-tear. If the bathroom is small, you might consider renovating to maximize space. For example, you might replace large light fixtures, install cabinets or shelves, or simply rearrange the layout of the bathroom. In some cases, replacing a large bathtub with a smaller shower can help create more space.

Flooring


Flooring can drastically change the look and appeal of a rental property. If done correctly, it can add a more clean and professional feeling to the home. Replacing the floors does, however, come at a price, so if the expense is an issue, there are other ways to update the floor without spending too much. Small steps such as professional cleaning, replacement of broken/old tiles, or installing new carpeting can be just as effective in improving the appearance and value of your property.

Here at Specialized Property Management Tampa, we know what tenants look for in a rental property. IF you want to keep your property occupied as much as you can, contact us today! Call us at 813-548-3045 or check out our website online.

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