In a competitive rental market, where tenants seek value and comfort, a well-maintained and upgraded property not only maximises the rental potential of a property but commands higher rental income.
Danique Service-Smikle, manager of business relationships at JN Bank, confirms that investing in home improvement projects is not only imperative – as they add tangible value to the property – but it ensures a consistent and lucrative return on investment for landlords/owners.
But, in addition to the ROI, home improvement projects can significantly improve the visual appeal of your home.
And this applies whether you are considering listing it on home-sharing platforms for short-term rental, opting for long-term rental or putting the property up for sale.
Service-Smikle adds that “these projects not only enhance the aesthetics of your home but can also improve functionality and comfort, thus fostering long-term tenant satisfaction and boosting your property resale value in a competitive real estate market.”
“As the demand for quality rental properties continues to grow, pursuing home improvement projects is strategic for those seeking to thrive in the rental business. Beyond mere aesthetic enhancements, thoughtful improvements can significantly boost the features of a rental home, and attract more interest in your property,” Mrs Service-Smikle advised.
Paul Thomas, a realtor at Thomas, Forbes, and Associates in central Jamaica, with more than two decades of experience, notes that when individuals have multiple options of homes to rent, they are more likely to gravitate towards the home that made an initial strong impression.
“The first thing people notice is the exterior of your home, and it sets the tone for what potential tenants or buyers can expect inside. First impression matters,” Thomas shares in a statement.
Below, he explores six aesthetic projects that homeowners can pursue to provide a lucrative return on investment.
1 Landscaping
Make your home stand out with a manicured lawn, well-maintained gardens, trimmed hedges, ornamental plants, and fruit trees. Other things that can also improve the appearance of the exterior are coloured clay tiles/a brick-lined driveway and/or a brick trail around the house. If you have enough yard space, create a lounge area with seating for entertainment and relaxation. Install outdoor lighting to increase safety at night and create a warm ambience.
2 Moulding of windows and doors
Using decorative mouldings around windows and doors can transform plain and simple windows and doors, and leave your space looking refined. You can choose from various styles, sizes, and finishes to create a look that complements your interior or exterior design.
Upgrading from traditional Louvre windows to French windows can be a game-changer. French windows allow an abundance of natural light indoors and excellent ventilation.
3 Repainting
A fresh coat of paint to the interior and exterior can instantly transform your home appearance making it look inviting and move-in ready. It breathes new life into your home and conveys that your property is well cared for. Choose neutral colours that appeal to a wide range of people.
4 Kitchen renovation
The kitchen is often considered the heart of the home and is usually the centre of attention for potential renters or buyers. Therefore, its design and features will significantly influence the overall impression of the property. You may consider changing laminate countertops to granite countertops which will provide a luxurious appearance. Also, installing modern cabinets or reconditioning old cabinets can transform the kitchen.
5 Bathroom renovation
Bathrooms can make a home feel cosy. A beautifully renovated bathroom instantly adds a
touch of class to your home. The right bathroom can also be a deciding factor for those seeking a move-in-ready home. The types of bathroom improvements that can help you get the most return on your investment are upgrading the fixtures, replacing faucets and showerheads and using decorative wall tiles. Using vanity lights and strategically placed mirrors can give your bathroom a fresh, modern appearance.
6 Retiling
A well-executed tiling job enhances the overall cleanliness of the interior. Replacing terrazzo floor tiles with high-quality tiles, such as porcelain and ceramic, can create an inviting atmosphere. The right colour and pattern can enhance indoor aesthetics. Additionally, they can be quickly wiped clean, making them ideal for busy occupants.
Thomas advises that a home improvement project costing $1.5 million can increase the value of a home by up to five million dollars.
“The increased value is based on two main factors”, he says. “…where the home is located…and the extent of the home improvement.”
“You have to be aware of the going prices of homes in the area where you live to know if you will get a big return on your investment.”
