Smart Renovations: Boosting Your Property’s Value in Nashville

June 6, 2024 TCSMgmt

Smart Renovations: Boosting Your Property’s Value in Nashville

Smart Renovations: Boosting Your Property's Value in Nashville - Article Banner

Rental property owners in Nashville must think strategically about making their investment stand out. Tenants are increasingly more certain of what they’re looking for in a rental home, and we can promise you it’s not 20-year old appliances or wood paneling on the walls. 

They want modern conveniences and attractive features. 

Smart renovations will boost your property value. They’ll also ensure that your property is in high demand among well-qualified renters.

Let’s take a look at why you should renovate and what sorts of updates and improvements are the most cost-effective when we’re talking about property value and attracting tenants. 

Why Should You Renovate?

It’s a pretty competitive market for tenants, right? Rental property owners are in a good position; there’s a lot of demand out there in the rental market

Right, but the demand is only for well-maintained, attractive homes in desirable locations. 

Renovations, when done right, can drastically enhance the value of your property. This doesn’t merely translate to a potential increase in rental income but can significantly raise the property’s market value, attract a higher caliber of tenants, and reduce vacancy rates

The key is focusing on renovations that offer the highest return on investment (ROI) and meet the modern renter’s expectations.

As Nashville property managers, we know exactly what those modern renters are looking for. 

High-ROI Renovations for Nashville Properties

Where do you want to focus your time, money, and other resources? We have some general recommendations, although every rental property is different. We’d be happy to take a look at your specific home and make some personalized recommendations on renovations that are right for you and your unique rental home

For now, let’s work with an overview that will speak to nearly any home on the rental market. 

  • Upgrade the Kitchen

The kitchen is often considered the heart of the home, and that’s why it always makes sense to focus on making improvements here. It’s likely one of the first parts of the property that prospective tenant will look at when they come for a showing. A modern, functional kitchen can be a major draw for potential renters. Think about replacing outdated appliances with energy-efficient models, installing new countertops, and updating cabinets and hardware. These changes can revitalize the space, making it more appealing to prospective tenants. You don’t have to completely rehab a functional kitchen. Even small changes like tile backsplash or shiny drawer pulls will make a difference. Update the lighting. These are the things that tenants will notice.

  • Enhance the Bathroom

Next to the kitchen, the bathroom ranks high on a renter’s list of priorities. Bathrooms may be smaller spaces, but your tenants want to feel comfortable there. Again, stick to simple upgrades like installing new fixtures, updating lighting, and adding fresh coats of paint. These things can transform a drab bathroom into a spa-like retreat. Double sinks are a big draw in primary bathrooms if you have the budget and the space.

  • Focus on Curb Appeal

First impressions are lasting. The exterior of your property is the first thing a prospective tenant sees. Enhancing your property’s curb appeal can significantly boost its perceived value. Landscaping improvements, a fresh paint job, and well-maintained walkways can make your property stand out from the competition. Even if you only have a balcony or a small courtyard to offer as outdoor space, make the most of it when you can.

Add Some Smart Home Technology 

In today’s digital age, renters are looking for homes that cater to their tech-savvy lifestyles. Smart home technologies such as programmable thermostats, security cameras, and smart locks not only add convenience but security as well – two features highly valued by tenants.

Smart home tech is all the rage. Tenants have studied what’s available, and they’re eager to rent a home that has a video doorbell or a voice-activated way to turn on lights. They want to integrate everything into an app on their phones. While this type of technology can get pricey, installing one or two pieces of smart home technology can go a long way in attracting tenants and increasing your rental value. 

Optimize Nashville Rental Homes for Energy Efficiency

Energy-efficient renovations are not just good for the planet; they’re attractive to tenants who are increasingly conscious of their carbon footprint and their utility bills. 

Consider upgrading windows, insulation, and HVAC systems to more efficient models. These renovations can be a selling point for your property, appealing to environmentally-minded renters and those looking to save on energy costs.

Start with an energy audit so you know where you can make the most of your upgrades and updates. You might simply need to switch out your light bulbs to LED style lights to have an impact. 

Assemble Your Team of Vendors and Service Providers

Who will help you renovate and improve your property? Before undertaking any renovation project, it’s crucial to have a preferred network of vendors, contractors, and service providers. These professionals are busy these days, and they’re able to pick and choose who they’re willing to work with. Make sure you have access to the professionals you need, and if you don’t, reach out to a Nashville property manager for some help. Networking with other property investors and real estate professionals can also provide valuable insights into which renovations are yielding the best returns and who is available to do the best work. 

Investing in smart renovations can significantly enhance the value of your Nashville rental property. By focusing on high-ROI projects and catering to the expectations of modern renters, you can create a standout property that attracts high-quality tenants and maximizes your investment returns.

Property ManagementLet’s talk about the projects that are going to work the best for your rental properties. Contact our team at TCS Management. 

TCS Management is a full service property management company headquartered in Philadelphia, Pennsylvania, also serving Cherry Hill, NJ, Wilmington, Delaware, Nashville, Tennessee and the surrounding areas. We focus on single-family and multifamily residential property management of homes, condos, townhomes, and apartment buildings.

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