What Are Some Renovations That Add Value to My Colorado Springs Rental Property? - Article Banner

High quality tenants are always going to look for attractive, well-maintained homes when they’re renting a property. If you have a home on the market or you’ve recently purchased an investment property that you’re planning to rent out, think about some things you can do to the home to make it more appealing to great tenants. If it’s in good condition, you don’t have to spend the time and money on a full renovation. However, a few simple and cost-effective upgrades can make a big difference in the tenants you attract and the value your property holds.

As Colorado Springs property managers, we lease a lot of properties every day. We know what renters are looking for, and we know what they’re willing to pay more for when they’re shopping around for a new home.

Fresh Paint and New Floors

Fresh paint is an important part of renting out a home. If your property has scratched, faded, or chopped paint on any of the walls, do a complete painting job. Don’t try to touch up a spot or two; panting the entire wall will make it look fresh, new, and clean. While you have the painters in the house, why not give the entire property an upgrade with new paint? It’s not too costly, and it will help your property rent for more money.

Floors are also an important part of renovating your rental home. While your carpet might have a lifespan of seven years, it doesn’t mean you should keep it for seven years. Instead of cleaning it between tenants over and over again, install new carpet. Better yet, consider replacing the carpet with hard surface flooring. Tile or hardwoods are great options, but they’re also pricy. A laminate wood surface or even plank vinyl can make a big difference in how your property shows and will allow you to charge a bit more.

Kitchens and Bathrooms Matter to Tenants

Any Colorado Springs property management company will tell you that good tenants care about kitchens. That’s the gathering place for most families, and people want to be able to cook together and have plenty of space and storage. If you’re going to make renovations to your rental home, start in the kitchen. Don’t continue repairing old appliances. Instead, replace them. If you can afford to put in stainless or energy-efficient dishwashers, refrigerators, and stoves, do it. Tenants will pay more rent for an upgraded kitchen.

Bathrooms are important, too. They should look clean and modern. Remove any old, worn, or stained showers and replace flooring that’s peeling or scratched. Even installing new hardware like faucets and drawer knobs can give the space a huge and value-added makeover.

Landscaping and Curb Appeal

landscapingFirst impressions matter, and when prospective tenants arrive at your property, it needs to look welcoming and inviting from the outside. Spruce up the landscaping a bit. When you’re thinking about renovations, think about exterior paint and lighting. Make sure any grass is cut and the weeds are pulled out and the trees and bushes are trimmed.

We’d be happy to help you plan some work around your rental property to increase its value and make it stand out from the competition. Contact us at Muldoon Associates for all your Colorado Springs property management needs.