When you set out to renovate your Northern Chicago rental property, it’s easy to get carried away. It is easy to think that the more money you spend on the project, the more money you will make back in rental income later. That is not necessarily true. Yes, if you renovate a rental property until it is luxurious enough to be featured on HGTV, you will certainly be able to ask for a higher rental rate. Unfortunately, there will not be that many tenants out there who are willing to pay mortgage level payments in order to rent a property. That’s where renovating a rental property gets tricky: how much is too much?
Painting Almost Always Pays Off
Unless your rental property’s walls and ceilings are the perfect color and in pristine condition, paint them. It doesn’t cost much to paint, and the finished product will look much newer and cleaner. If you really want to cut back on renovations, you could always deep clean your walls, baseboards, and trim with a magic eraser to try to get them in perfect shape. Sometimes that will work, but if the walls have been scuffed enough times with all the move-ins and move-outs, painting is the way to go. If you are desperate to cut back on painting anyway, you can get away with ignoring the ceiling. Potential renters probably won’t inspect that too thoroughly.
Bathrooms and Kitchens
They say you always make your money back in bathrooms and kitchens. That is most likely true when buying and selling, but in renting, there is a limit. In fact, evidence suggests that making mid-level renovations to bathrooms and kitchens results in a better rental income than full-on, upscale renovations. Stick to the classic rectangular tub. Replace cabinet handles, but not the cabinets themselves. Get new plumbing fixtures. ADD MORE HERE. Change the flooring. Do not get all new stainless steel appliances and marble countertops. There aren’t enough renters who will pay that kind of money to ensure that your rental property will never be vacant.
Repair and Clean
You do not have to replace everything that breaks down in a rental property. Instead, see if it is possible to replace it. The life of an appliance can be extended for a long time with repairs, so make an effort to fix things before you buy new ones. Keeping your rental property clean can do wonders for your rental income as well. The cleaner a property looks, the newer it looks. This is not exactly a renovation, but the cleanliness of a rental property is essential to its rental success.
Looking for Other Ways to Make More Money?
Hiring a property management company like Keyrenter Chicago North can help you make even more money on your rental property. We know how to screen tenants to find the best ones, inspect properties for cleanliness and damage, handle the eviction process painlessly, and provide 24/7 maintenance. If you need help making the most of your rental property, call Keyrenter today.