Here's a good litmus test for any rental property. As a landlord, would you live in your rental home? If not, why not?
As a property owner, you have different priorities than your tenants, which is not unusual.
However, seeing things from your tenant's perspective is sometimes helpful. Tiny issues like a dripping tap or peeling paintwork could be enough to stop a tenant from renewing their contract.
But before you embark on home improvements in Charlottesville, read our short guide. We'll explain how to make tenant improvement projects work for you.
Speak to Tenants
Understanding what your tenant needs is the first step to a successful renovation. A landlord or property manager can seek out tenant feedback about the current state of their home.
A survey is an excellent way to do this, or you can use an informal face-to-face chat.
You may find the tenant has niggles about the property that weren't on your radar. So, it's a great way to improve the value of your property and keep your tenant happy.
Improvements That Boost Your Property Value
As a landlord, your property is your asset. So, you should focus on supporting your tenant with improvement projects that help improve the value of your property.
That means working on improvements that fit your target market in Charlottesville and fit your improvement allowance. That might include:
- Kitchen renovations, including more modern appliances
- New bathroom suite and tiling
- Energy improvements like insulation and new HVAC systems
- Cosmetic improvements like painting, carpets, and flooring
- Smart home technology
- Tidying up outdoor space
Make sure you focus on improvements that adhere to your leasing arrangement. For example, a kitchen renovation is a significant disruption, and you may have to do that in between tenancies instead.
Future Proofing Your Property
It's essential as a landlord to future-proof your property.
It's more than about making it attractive to prospective tenants. It's also about ensuring your property can withstand the wear and tear of different tenants and minimizing tenant damage.
So, when planning an improvement project, focus on durable, high-quality materials that withstand wear.
For example, if you update the floors, use a robust laminate of high-quality vinyl tile. These won't scratch, and they are easy to keep clean. Plus, it's cheaper to replace than hardwood.
If you want to upgrade your kitchen or bathroom, stick to materials like quartz, which are tough and resistant to stains.
When painting walls, choose a standard paint color from a retail store so that if you need to touch up the wall in the future, it's easy to find a perfect match.
Adding smart technology will help tenants use energy more efficiently. That will help keep costs low and will attract new tenants.
Finally, if you renovate furnishings, go for robust furniture that's hard-wearing, easy to clean, and simple to repair.
Making the Right Choices With Tenant Improvement Projects
As a landlord, it's good to see things from your tenant's perspective.
Fixing a few priority issues can keep your tenant happy and boost your property value. Consider these tips when planning your tenant improvement projects.
Getting the help of a property manager in Charlottesville is also worthwhile. Discover more about our property management services at PMI Commonwealth and how they can benefit you.