When you wish to increase your rental income, renovating duplexes can help. A duplex consists of two homes that from the outside look like a single home. A duplex can be an ideal solution for individuals or families who want a nice home. However, they may be unable to afford or do not wish to pay for a much larger home.
If you own a duplex there’s always the potential for you to renovate it to maximize your rental income. There’s no reason why a duplex should not be a nice place to live. With a bit of work, the duplex or duplexes you own could be very desirable.
Let’s take a look at how you could maximize the rental income of your duplex.
Install Or Improve The Kitchens
A very good way to maximize income is to install a new kitchen or improve the current one. Kitchens that have a lot of worktop space are usually welcomed. Those who like to cook and bake will love nothing more than having plenty of space. Additionally, installing a modern oven that’s easy to use can also help.
Consider replacing the faucets if the current ones are not up to scratch. You can typically find some nice faucets for a reasonable price in most hardware stores.
If there is enough space to add a kitchen table, consider adding one. Be aware that the table may sustain some damage over time. However, adding a nice table for people to sit around can help to maximize your rental income.
Install Or Improve The Bathrooms
No one wants to spend time in a bathroom that is less than perfect. Therefore, it makes sense for you to ensure the bathroom or bathrooms in your duplex are nice.
Consider installing a new toilet and sink if the current ones are not very modern. If you don’t have plumbing skills, don’t worry. Duplex renovation in Canada is quite popular so it’s likely you can hire someone to help you.
Not all bathrooms are very big, as a result, there may not be enough space for a bath. In this case, make sure that the shower is a modern one that’s easy to use. If one of the bathrooms is big enough for a tub, consider installing one. If you do, you’re more likely to increase the likelihood of someone renting your duplex.
Some people simply want a tub that they can soak in. Adding one can make a big difference to how much rent you can charge.
Install New Windows
After a while, windows can start to look old. Consider installing new windows if your budget allows. Install windows that have a high level of security and a modern finish.
If you do not wish to install new windows, updating the current windows can help. Try to eliminate any dampness you find as well as any signs of dampness. Painting the window frames can make a huge difference, as can painting the surrounding areas. Installing new blinds and drapes can also help to maximize rental income. A finished window can be a fine thing.
Working On The Floors
One area of the duplexes that you need to consider working on is the floors. After a time, floors, particularly those in high-traffic areas can become damaged. Consider laying down some vinyl flooring and/or some tiles. New flooring can help the whole area look much better.
If you do install vinyl, for example, make sure that the color and pattern work with the rest of the room or hallway. Ideally, the colors will complement or match each other.
When it comes to high-traffic areas, you could place a few mats or rugs down. When you do, the area can look more homely and cared for. This is something that a lot of people may be willing to pay for.
Small homes can be wanting for storage space. Some people may decline to live in a property they like because there isn’t enough storage. Here’s how you can get around this:
- Add shelves in bedrooms, hallways, and closets
- Install an extra rail in closets if there is enough space
- If there’s a loft, fix some shelving to the walls and even add a storage cupboard, if you wish
- Add some coat hooks close to the front and back doors. Install some shoe racks too
Try not to add too much shelving in every room or hallway as people like to hang photographs on walls. Add a few here and there so there are plenty of them in the duplex. Your renters can always add more, should they wish to.
Give The Exterior A Facelift
The last area you may wish to work on is the duplex’s exterior. When someone comes to look at your duplex the exterior is the first area they’ll see. This is why it makes sense for it to look good. The duplex could be beautiful on the inside. However, if it does not look good on the outside you could have a hard time renting it out. Start off by mowing the lawn so that it looks like the area has been looked after. You could also pick up any debris and leaves. If you want to go a little further, remove the debris between the paving slabs.
Lastly, paint the outside of your duplex so it looks good. You don’t have to go wild with elaborate colors. Instead, use light shades on the exterior wood and darker shades on the windows. If the outside of the building contains brickwork, deal with any damaged bricks and mortar.
Maximizing your rental income is something that most people wish to do. However, it can be harder than you imagine. Be sure to price competitively so you’re not charging too little or too much. With a bit of hard work, it’s possible for you to increase your monthly rental income. Remember, the more work you do, the more rent you could have, so don’t be afraid to make those improvements.