Small renovations, such as painting or landscaping, can make a house more attractive to potential tenants and offer a higher return on investment (ROI) for multi-family units, enabling homeowners to increase rent significantly.
One renovation with a favorable ROI is upgrading the flooring in the house. Changing the flooring of a multi-family unit is an easy way to make it appealing to potential tenants, as flooring is often the first thing they notice. Choosing modern designs like vinyl planks gives the house a contemporary and cleaner look.
Enhancing the outdoor space is another renovation that can greatly improve the value of a house. Simple outdoor improvements, such as adding lighting, fencing for privacy, or creating specific areas, significantly enhance the appeal of a multi-family unit. For example, homeowners can also consider incorporating a green space by adding native plants, making the property eco-friendly.
Adding new appliances is also an effective way to attract tenants. Simply incorporating new appliances like a refrigerator or washing machine can substantially increase the property's value, making tenants more willing to pay an extra charge on rent and providing homeowners with a greater return on investment.
