Renovations don’t have to be scary and expensive. When you think about renovating a Las Vegas property, you might immediately think about gutting a kitchen, adding a new story, or completely remodeling a bedroom.
But, it doesn’t have to be all that.
Renovations can be cost-effective, and when we’re talking about renovating a Las Vegas rental property, they can help you earn more in rent. They can also help you attract high quality tenants quickly, which also affects your earnings.
Attractive and well-maintained homes earn the highest rents. You have to make sure your property can compete.
When it comes to setting your rental price, there are many things over which you have no control. You cannot control the strength of the Las Vegas rental market. You cannot control the amount of competition that happens to exist when you’re looking for tenants and setting rents. Unless you’re about to buy a new investment property, you cannot control the location of your property and whether it’s in a desirable neighborhood.
One thing you can control, however, is property condition.
Making rental property renovations will maximize what you earn. But, you have to make the right renovations and you have to use reliable vendors who aren’t going to go over-budget or delay the project.
Let’s talk about why these renovations matter. Then, we’ll share some of our favorite upgrades and updates that are sure to bring in more rent and better residents.
How Renovations Can Maximize Las Vegas Rental Income
When it comes to setting a rental price, you’re comparing your property against the others on the market. You’ll price your own home a little higher or a little lower depending on what you have to offer.
This is why upgrades make sense. If your property offers a better look and feel, you’ll benefit. Your property with new flooring will earn more than a neighboring home with old carpet, for example. These updates and improvements will help your rental home stand out.
Another benefit is the increase in property value. You’ll likely sell your home one day. Maybe that’s still five or 10 years away, but when you keep your property up to date, the sales price of your home goes up, too.
Upgrades don’t have to be expensive. They can actually be cost-effective, and when you know which renovations really matter, you’ll find you’re able to earn back what you spend relatively quickly.
Renovations can also improve your preventative maintenance.
There’s no danger that deferred and unreported repair issues are piling up when you’re constantly improving your property. Making routine upgrades or at least assessing your home for places where you can make minor or cosmetic improvements will ensure you’re always keeping an eye on the most expensive systems, such as your HVAC and roof.
Let’s take a look at which renovations are going to help you earn the most money.
Technology is Huge for Las Vegas Tenants
You might not think about technology as a renovation, but if you can provide some smart home tech for your tenants, it’s going to be easy to ask for higher rents.
Today, your potential tenants today are increasingly interested in better Wi-Fi, syncing their devices, and security features that allow them to feel like they have more control over their home.
A lot of the technology available today is expensive, but you won’t have to do too much to stand out in the market and make your tech-friendly home stand out. Make sure it’s wired to provide great Wi-Fi and accept any of the smart home technology tenants might want to bring in on their own.
You might provide a few tech upgrades of your own as well. Smart thermostats can be a great, yet inexpensive addition. Video doorbells are a big deal right now. Tenants can install a doorbell that shows them who is at the door before they answer it. Even if they’re not home, they can access the link on their phones. You’ll find tech-savvy residents will also want to set their lights to turn on at a certain time and smart controls will be appealing. USB outlets are another inexpensive yet desirable upgrade. Choose which smart home upgrades will be most important to your residents, and offer them.
With the right technology, you’ll stand out in the rental market and have an easy time charging higher rents.
Make Sure the Walls are Freshly Painted
Paint is another thing that doesn’t feel like a renovation, but actually goes a long way in making your property feel new, modern, and well maintained.
It’s virtually impossible to increase your rental value with walls that are stained, smudged, and chipped. Put on some clean, new paint and instead of touching up here and there – paint the full wall.
Remember to stick to neutral colors. Make sure the walls are clean, too. Remove any cobwebs in the corners and scrub the baseboards. While the walls should be something in the beige or cream family, you can make trim and baseboards pop with a bright white detail.
Don’t be cheap when it comes to choosing paint.
Invest in high quality paint that will last longer, and remember that there’s more to painting than the walls. A fresh coat of paint on your ceilings when they need it will help your ROI. The door frames look especially good painted – the rental home will appear refreshed and clean.
Why We Love Hard Surface Flooring in Las Vegas Rentals
Carpet is hard to get excited about these days, especially with more people suffering from allergies and sensitivities to fibers. Tenants with children and pets tend to worry about keeping carpets clean and free from stains and odors.
Why not consider hard surface flooring instead? This will especially work well in common areas like hallways, living rooms, and dining rooms.
Hardwood floors would be great, but they’re also pricey. Take a look at luxury vinyl plank or tile flooring. These floors will increase your earnings because they’re cleaner and easier for tenants to maintain. You’ll also have a longer lifespan, which means you won’t be cleaning and replacing carpet every year.
This is one of the best and most cost-effective renovations you can make.
Kitchen and Bathroom Renovations Deliver Higher Rents
Kitchens usually will sell a tenant on a rental home. They carry a lot of value when it comes to setting a rental price. Most tenants are looking for an open kitchen with great storage, enough counter space, and matching appliances. For higher rent prices, think about attention-grabbing renovations like shiny faucets and new hardware. Energy-efficient appliances are a great idea, especially if yours are often needing to be fixed or looking old. They don’t necessarily have to be stainless appliances, but they do have to match. They have to work great and look pretty.
Other minor kitchen renovations that can bring in better rents include:
- Integrated sprayer faucets.
- Backsplashes against the wall, especially above the stove or sink.
- Soft-close drawers.
- Clean, modern cupboards.
- Garbage disposals.
What do tenants really look at after kitchens? Bathrooms. But how can you renovate a bathroom in a rental property? They often seem like small spaces that are designed more for functionality than aesthetics.
There are a few things you can do to increase the value of your bathrooms. Change out any mirrors and lighting that make the place look dated. The shower and tub need to be in good condition, and a low flow toilet and shower head are inexpensive to install.
Let There be Light. Good Light.
Another great potential renovation is lighting.
A well-lit home makes tenants feel welcome. It also helps with security.
Tenants will notice what the interior lights and exterior lights look like, and that will impact what you can charge in rent.
Energy efficiency should be part of any lighting upgrade. Look for efficient and long lasting light bulbs that will keep energy costs contained for your tenants.
Tip: Use bright white or daylight light bulbs to make every room look its best! Soft white lights cast a yellow or orange hue over a room, which does not look good in photos and can make it look more dull or dated. Look for light bulbs labeled “daylight” or 4000K – 5000K color temperature.
Exterior lighting should be installed with safety in mind. You’ll want to be sure exterior doors, walkways, and parking areas are well-lit. Motion lights are a great idea, and can help tenants feel more secure.
Renovate Your Las Vegas Rental Home’s Curb Appeal
Las Vegas isn’t typically the market for lush, green grass, and you don’t have to provide that at your rental property. But, when you’re thinking about landscaping and curb appeal, keep low-maintenance outdoor spaces a priority.
Increasing your rental value is a good reason for renovations, but you also want to attract good tenants and get them into place quickly. Those things will increase what you earn, too. A well-landscaped rental home that looks clean, neat, and inviting will help you attract the right tenants and make your property stand out in a fast-moving rental market.
These are just some of the best upgrades and renovations that we always recommend for owners who are looking to earn a little more on their rental properties in Las Vegas. We can make some personalized recommendations that are unique to your property once we take a closer look at where you are and what you have to offer. Please don’t hesitate to contact us at Strawberry Property Management Las Vegas.