If you are thinking of selling your home, why not remodel it and put it on the rental market? This type of remodel can be thought of as an investment that continues to pay for itself years to come. It takes some preparation, as renters can sometimes be pickier than home buyers. This is true for the simple reason that when someone rents a home, making major changes to it to suit their own individual tastes is not possible. For this reason, they will want a home that meets certain criteria. While you can’t anticipate what most potential renters will want, you can remodel a home with a view towards making it more appealing.
Space: Available space is always important, whether you are a planning to buy or rent. Take a walk through the home and ask yourself whether you feel comfortable with the amount of existing space. Since rental prices are usually based on the amount of square footage, it might be in your best interest to undertake an expansion, even if it’s a moderate one. If the home is relatively old, it is unlikely to meet the space demands for most people today, especially someone who has a family. Of course, a single professional or short-term renter may find what exists ideal. You can talk to us about the standard amount of space required for furniture, large appliances and storage.
The Kitchen: A modern kitchen is always a plus, so even if you don’t have a large budget, you should seriously consider making sure the kitchen is up to date. Depending on your budget, space and what already exists spruce up the area with useful features like an island and lots of storage. Installing cabinets and a new countertop can give this area of the home a brand new look. You should ensure that the plumbing is problem free, and update your faucets as well.
The Bathroom: If the home has only one bathroom, consider adding another one. Most renters will not be interested in a home with only one bathroom. The second one does not have to be as large as the original, just as long as it is comfortable. Instead of a bathtub, a small shower enclosure might be a better option. You can also update the original bathroom with side-by-side sinks and some new tiles, mirrors and countertops.
Paint and Repairs: Remember that with most renters, you only get one chance to make a great first impression. Check the walls for cracks or other signs of damage and repair them if needed before showing the home to potential renters. A new paint job can also make a big statement to anyone who is thinking of renting the property. Do not choose colors based solely on your tastes. Rather, choose cool colors that help to improve mood and help to make the home seem roomier and more welcoming.
If you want to get the most from your rental property, talk to us about your renovation ideas. We’ll work up a 3D rendering of your ideas as they would be implemented into your existing home. No changes will be made to your home until you’re absolutely sure you’re okay with going through with the idea and we’ve discussed every detail. Call our Albuquerque office at 505-991-0063 or email us for information.