Increasing value to your commercial or rental property is primarily the best way to justify an increase in rental rates and make your property more attractive to tenants.

Renovation can be an option especially if your property has been existing for a longer time, however, it can cost a lot.

Exploring ideas for the best and smartest ways to target repairs on problem areas can be a good starting point and can be less cumbersome compared to a major makeover.

For sure, tenants have varying preferences when they look for a property and there are things that they either prefer or do not mind having, which can greatly help you identify focus areas you can direct your attention to.

Make sure that your renovation plans are hard-wearing and need low maintenance, so instead of spending too much on décor or aesthetics that do not matter much with your existing or potential tenants will make it more of a liability than an asset.

Based on studies, here are some of the most common areas that could help you plan your renovation goals for your rental or commercial property;

Bathrooms

Modern bathrooms generally appeal to most, if not all tenants, but it does not necessarily mean that you must spend a lot for a spa or jacuzzi to make it more enticing. For most tenants, good quality and durable fixtures that are nicely presented and fully functional are generally acceptable. Not only do you get to save money from buying expensive appliances, you also get to avoid incurring costs for their upkeep. If a walk-in shower can be afforded and installed instead of a shower-over-bath, this can make it more convenient to use and easier to maintain.

Kitchens

One of the most frequented areas in a home, kitchens are among the top-listed spots that people often look for and considering as part of their decision-making process.
Most tenants love a kitchen that is well-maintained and in good condition. It does not have to be state-of-the-art, rather provide it with modern conveniences such as a good range hood to prevent grease buildup on the kitchen ceiling and walls. Upgrading chipped or cracked bench tops with heat and scratch-resistant surfaces such as stone or good-quality laminates are great choices. Avoid using timber, which can be costly to maintain and could easily get damaged when neglected.

Floors

Tiled floors are popular choices due to their ease of maintenance or repairs when needed. Nowadays, there are a wide variety of designs, colours, and patterns that can be easily matched with the property interior. Avoid installing threadbare carpets, which can easily collect harmful dust and particles, as well as require more intensive maintenance. Hardwood floors need to be sanded and polished to ensure they will last longer and reduce overall floor maintenance. Having them well-polished could help protect it from damage due to liquid spills, scratches, and dents.

Appliances

If you have extra cash to spare, you may want to invest in some additional creature comforts such as a dishwasher, washing machine, or clothes dryer. These are excellent add-ons that offer modern conveniences and a come-on for tenants.

Cooling or heating systems

Today, an air-conditioning system is more of a necessity rather than a luxury. Having reverse cycle air conditioning systems may allow you to charge a bit extra on rent, but it does provide more comfortable living conditions for your tenants. For a split system AC, you may consider putting in some ceiling fans in the bedroom and enclosed living spaces to provide additional cooling when needed. In colder areas, a heating system is a must and may also entitle owners to charge a bit extra on rent for it.

Considering these renovation strategies may answer most of the creature comforts tenants would like to find in their living spaces. And of course, any improvement made on the property is tax-deductible, so you may be able to save more when you undertake these improvement projects for your rental property.