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Updated about 2 years ago on . Most recent reply
Best Upgrades/ Rennovations to Increase Rent?
We have a few condos in a complex that are older style units (20-30 years old), the rent varies in the complex we see some people remodeling the entire inside of 2b2b and getting $1600-1800 in rent while others that haven't made really any renovations or upgrades are renting for around $1-1.2k for 2b2b. The particular units we have don't have much remodeling or additions from the original inside. Still includes carpet in some areas, older wooden cabinets in kitchen, older appliances, bathrooms have older vanity's and countertops. What would be the best new additions to add after the tenant leaves to increase the rent? I was thinking replace the carpet or even parts of the tile with laminate/ vinyl flooring, possibly upgrading some of the old kitchen appliances, and maybe modernize the bathroom or kitchen cabinets/ countertops. Any ideas on upgrades to make the unit more modern and less old/ cheap looking to help increase the rent.
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Honestly, if your units are basically still mostly original, its time to update all in most markets. This will increase the actual property value of the units; increase your rents to top of market, shorten vacancies, AND improve the quality of tenants you attract...which will reduce the wear and tear on the units, prolonging the overall life of the renovated units. It is so easy for nearly any prospective tenants to "compare" the competition online with plenty of photos in listings, appearances do matter to the top tier of renters for any price point. Laminate flooring, updated cabinetry, sparkling bathrooms, all are important to more of today's "informed" renters. The "tired" look is out!
Having said that, consistent wood laminate flooring throughout makes a huge impression, vs. carpet and multiple different floor coverings. There are different types based on cost, that achieve similar appearance, but carefully weigh the advantages of a better quality LVP for your specific circumstance. If you have wood cabinets, that are otherwise in solid condition, you can certainly opt for a serious makeover with proper paint and hardware choices, with just a new countertop...if the old one can be removed without destroying the cabinets.
Bathrooms are problematic. Tub surrounds that are in poor condition might be able to be "reglazed", but the age of the entire tub and plumbing system is the bigger issue. At the age you indicate, you need to be concerned with old waste lines AND tubs rusting through from the inside, where you cannot see it happening until the leaks occur! If you spend money reglazing, or putting in a surround kit of some type, when (not IF) these leaks occur, any new work you performed will need to be torn out to remove the tub. You are much better off, especially if your units are above other owner units, to be pre-emptive in addressing the issue properly by a complete gut and redo of the bathroom fixtures (including tub OR shower pans), piping, waterproofing of surrounds and pans, and finishes that are current without being too "niche".
Keep in mind that any "partial" update, where maybe you choose between doing the kitchen OR the bathroom; or only some of the flooring, will not only limit your rent increase and tenant pool, but you will likely never reach full market value (rent or sales).