Kitchens and baths sell a home, and this may also hold for rental properties. Many renters pay more attention to these parts of the property. Kitchen renovations are a priority for property managers looking to increase the marketability of a property. In NYC, Covenant Contracting Group shares some reasons to remodel kitchens in a rental property.
Mid-Range Kitchen Renovations Brings in High ROIs
The ROI for kitchen renovations is at 72.2% and is among the renovation projects with the highest returns. Kitchen remodeling does not need to cost a lot. You could focus on small upgrades like replacing older appliances, updating cabinetry, and repainting that could give kitchens a homier and more consistent look.
Update Kitchen Layouts for a Modern Feel
Some properties have kitchen layouts that are no longer attractive to the current rental...more
Hardwood flooring is the top choice of home buyers and renters because of its elegant look and feel. While wood looks visually appealing, it requires regular maintenance to make it last for a long time.
Before new tenants come in, property managers in NYC may need to bring in a commercial general contractor like Covenant Contracting Group to maintain hardwood flooring.
Refinishing hardwood floors and other small renovations may be necessary when these signs appear.
Deep or Numerous Scratches
Scratches on hardwood may appear like a minor problem, but it makes your floor susceptible to water damage. When hardwood floors have deep scratches or several small ones across the surface, water could easily reach the inside of the wood and cause rotting and other damage. To avoid making the problem worse, hire professionals to assess the damage or refinish the...more
When tenants shop for rental homes, bathrooms receive much scrutiny. Everyone wants to live in a comfortable and safe place, and one of the first things renters focus on is the bathroom.
Tenants appreciate having a bathtub as most rental properties have showers instead of the traditional tub. But if you’re offering a property with a tub, you may have to consider hiring a commercial general contractor like Covenant Contracting Group in NYC for tub glazing for these reasons.
Glazing Makes Rental Properties More Marketable
Dingy and dirty tubs cause more damage than having no bathtub. Glazing a bathtub not only removes unwanted marks and stains, but the process also brings back the old shine on an older bathtub, making it look like a new installation. Properties with cozy bathrooms and tubs could make a lasting impression on tenants.
Paint Chips May Pose Safety Hazards
When peeling marks start to appear on the bathtub, the problem...more
When running a rental business, you want to focus on upgrades that would look great but affordable, like bathroom renovations and kitchen renovations. Covenant Contracting Group in NYC suggests having tenants in mind when renovating properties —this means focusing on what tenants want.
For many renters, a dirty and outdated bathroom can be a dealbreaker. Given the importance tenants place on this room, bathroom renovations provide various benefits like the following.
Renters Want Up-to-Date Bathrooms
Being a private space, the condition of the bathroom is a top concern of future renters. Sprucing up the bathroom and updating fixtures can spruce up the property without splurging on bathroom renovations. Repainting, changing the toilet seat, upgrading fixtures, lighting, and adding modern vanities are low-cost upgrades that could give bathrooms a modern look.
Bigger Bathrooms Are More Convenient
Some rental properties have...more
Refinished flooring adds a sense of charm and style to your property that makes a lasting impression on prospective tenants. Hardwood floors in rental properties tend to have scratches and damages as tenants move in and out. When it’s time to look for new renters, Covenant Contracting Group in NYC suggests refinishing hardwood floors if needed on top of kitchen renovations and bathroom renovations for these reasons.
Address Potential Safety Hazards
Refinishing helps you address potential maintenance issues with your flooring. Damaged floors require significant maintenance and could lead to safety issues. Tenants could also find damaged floors to be a dealbreaker. Renting out a property that could lead to a potential injury would also reflect badly on the property manager.
Inspecting properties and managing needed renovations in between tenants is necessary to maintain the viability of rental properties. Complying with the needed paperwork, coordinating repairs, and more could end up most costly. Hiring a contractor like Covenant Contracting Group in NYC allows you to spend more time managing the actual property rather than coordinating repairs.
Working with a commercial general contractor lightens your workload and helps you with all aspects of the renovation.
Remodeling and renovating properties cost money. As a property manager, you want to focus on maximizing profit, so you have limited funds to spend on upgrading the property for the next tenants. Working with a general contractor allows you to unlock savings without cutting corners on rental property maintenance and upgrades.
Handles All Aspects of Property Renovations
Hiring a company to take over bathroom renovations,...more
Maintaining rental properties costs money. To maximize ROI, you need to focus on the upgrades that matter. Choose renovations projects that would attract high-quality tenants and keep them satisfied enough to stay longer. Making functional upgrades could also boost the investment value of the property.
Cost is always a factor in renovating rental properties. Covenant Contracting Group can help renovate properties in NYC, but you should still know the upgrades that tenants are looking for when they tour properties you manage. Based on studies, you can make high-impact improvements with the highest returns when you spend on the following.
Garage Door Replacement
Across the country, garage door replacement has the highest ROI at 93%. With costs of about $4,000, this low-cost improvement affects a potential renter’s first impression of the property. Stylish, functional, and...more
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