fbpx

Do New Jersey Property Owners Need to Renovate in order to Successfully Rent Their Homes

When you’re ready out rent out your New Jersey home, you want to make sure it’s clean, attractive, and competitively priced. Many owners ask us if renovations are necessary. The answer is: sometimes.

It’s rare that you’ll have to completely renovate your property in order to rent it out. Unless your home is in total disrepair or looks run down and messy, you don’t have to budget and plan for a rehab.

But, if you want to earn more on your investment and attract the most highly qualified tenants, you might want to consider a few cost-effective upgrades and updates. These aren’t big renovation projects that we recommend, but small improvements that bring in more money and help get the attention of good residents.

Fresh Paint is an Easy Upgrade

A bright and fresh coat of paint is rarely expensive, and an easy way to make your rental property look brand new. Many landlords can get lazy when it comes to paint; it often seems easier to touch up the faded parts or fill in the holes between tenants. It’s better if you commit to painting entire walls. To really impress potential tenants, paint the entire house. It will make a difference in how the home shows.

Everyone loves a little color, but you are trying to appeal to a wide range of potential tenants, so keep the walls a neutral color. Consider shades like eggshell and off-white. Even a beige or a grey paint color can add interest without being over the top. Consider making the trim and baseboards a different color to attract attention and add texture.

Hard Surface Flooring Makes Sense

Carpet is usually a standard fixture in New Jersey rental homes, and that’s fine, but make sure it’s clean and free of stains and tears. Instead of steam cleaning the carpet every time you turn a unit over, put in new carpet for new tenants.

If you’re looking to charge more rent and attract better tenants, consider installing upgraded flooring. Some types of vinyl look great and don’t cost a lot. Faux hardwoods are also popular. These are cleaner and easier for tenants to maintain, especially if they have pets. There’s no carpet fiber to trap the pet hair and dust, so it’s healthier. You’ll also have a longer lifespan, which means you won’t be cleaning and replacing carpet every year.

Pay Attention to Curb Appeal

Provide a welcoming and inviting atmosphere at your New Jersey rental property, whether it’s a single-family home or a unit in a multi-family building. When tenants see a pretty exterior, they can really get excited about living there. This type of curb appeal can also translate to higher rents.

For single-family homes, mow the lawn and trim the trees and weed the flower beds. Inside, make sure everything is bright and inviting. There shouldn’t be any holes in the walls or scrapes on the floors. Tubs and toilets should be caulked and shining, and pay attention to small details like polished faucets and sparkling sinks.

Upgrade Your Interior and Exterior Lighting

Upgrade Your Interior and Exterior LightingLighting is a big part of an attractive rental property. Make sure there’s enough exterior lighting so your residents feel safe at night. All exterior doors, walkways, and parking areas must be well-lit and easy to see from the street and inside the house.

For the interior, make sure the lighting is bright and modern, especially in the kitchen and the bathrooms. Ceiling fans are popular, especially in bedrooms and living rooms. Take a good look at your lighting and make upgrades wherever you can. It doesn’t have to be expensive, and it will make your home look good.

No, you don’t have to renovate your property before you put it on the New Jersey rental market. But if you want to earn as much as possible and avoid long vacancy periods, a modern and updated home will be more successful. If you’d like additional tips or help with New Jersey property management, please contact us at KeyVest, LLC.

We use cookies to improve user experience, and analyze website traffic. For these reasons, we may share your site usage data with our analytics partners. By clicking “GOT IT,” you consent to store on your device all the technologies described in our Cookie Policy. You can change your cookie settings at any time by clicking “Cookie Preferences.”