6 Architectural Upgrades to Consider for Your Investment Property

While a rental property can be a prudent investment over the long term, maintenance and repairs are required to maximize the monetization value. Whether you own a rental property or plan to buy one, prioritizing the proper upkeep of your real estate is the best option.

To help ensure your investment property is a good choice for tenants, here are six of the best architectural upgrades to safeguard your investment and keep tenants content.

1. Open-Plan Layout

One architectural upgrade to consider is an open-concept floor plan layout. Depending on the demographic your rental property appeals to, an open layout might be more desirable. Consider whether architectural remodeling will appeal to a critical mass of people looking for units in your area. Does your demographic want a separate den, kitchen, and breakfast nook? Hiring a contractor to knock down walls and create an open floor plan may be the way to go. Doing so can modernize your property and make it a more enticing rental option for your demographic.

2. Raise the Ceilings

Another architectural upgrade to consider is raising the ceilings. It may or may not be possible in your rental property. But higher ceilings, which can make the rooms in your rental property seem more spacious and less cluttered, can increase the desirability of your home in the rental market. It’ll also boost the home valuation, putting more money in your pocket when you sell it.

3. Add Outdoor Living Space

A survey last year suggested that 54% of Americans intended to buy new furnishings and decor for their outdoor living spaces. If you’re pondering architectural upgrades, you can focus on creating outdoor living spaces that help tenants enjoy the property more. You can add an outdoor kitchen area for cooking, eating, and entertaining outdoors. Another option is to construct a patio cover so tenants don’t have to rush indoors whenever it rains. It’ll be like creating an outdoor living room or den and will boost the valuation of your property.

4. Eco-Friendly Features

More and more consumers want to be good stewards of the environment. You can tap into that demographic by installing a solar panel system that helps to reduce energy consumption and lower carbon footprints. In addition to potentially adding solar panels to the roofing system of your investment property, you can get eco-friendly appliances, faucets, toilets, and light bulbs. Adding more insulation in the attic and behind the walls can also help.

5. Home Office

Approximately 22 million American adults in the workforce work from home all the time. When considering architectural changes to improve your rental property, one option is a home office. People working from home should have a dedicated workspace to do their work.

If you have the space to convert a room into an office, consider turning it into a functional home office. Some bedrooms are so small in terms of square footage that they can be repurposed into home offices for tenants who want to work from home in a dedicated space.

6. Kitchen

According to one source, you can recoup as much as 60% of the cost of a kitchen remodel. If the kitchen in your rental unit is dated and due for a revamp, consider investing in a remodel. People looking to rent want homes that are move-in ready and modern. So, a kitchen renovation project can make your home more aesthetically pleasing and functional for tenants.

These are six architectural upgrades to consider for your investment property. Doing one or more of them can make a big difference. That said, one thing you’ll see as a landlord is how much work is involved in maintaining and repairing properties. That’s one reason to consider hiring a property management firm that can help take some of the load off your shoulders. A property manager can find suitable tenants, collect rent, provide customer service, take care of your property, and provide other services to make property ownership a pleasant experience.