Regular maintenance of rental properties is an expected element of property investment, especially between tenants. However, if your rental property is showing its age or seems lackluster in the context of the Chicago neighborhood where it resides, you might be considering renovations in order to lure high-quality tenants and increase your ROI through higher rental prices.
Whether you’re renovating for functional reasons or just to make your Chicago rental property more attractive to potential tenants, here are five avoidable renovation trends that are likely to be fleeting or that you may otherwise come to regret:
Distressed Cabinets and Drawers
Bathroom and kitchen design trends can change rapidly and choosing a look that is trendy, as opposed to classic, will result in a kitchen or bathroom that looks out of date faster than it should.
Distressed cabinets and drawers were very popular a few years ago, but the distinctness and trendiness of the distressed aesthetic now makes them look dated. Rather than a distressed finish, choose a look that will age gracefully and will last you through years of rental, such as:
- Medium wood finishes
- Light wood finishes
- Mid-tone neutral paint colors
Choosing a classic look for your cabinets will ensure that you get the best ROI from your renovations. Potential renters won’t feel like they have to compromise on a rental with dated cabinetry.
Faux Finishes for Walls
Wall coverings that give the false impression of various materials, like wood or marble, should also be avoided during renovations. Walls are one of the most visually prominent features of your property, so choosing a look that is highly aesthetically unique can turn off many potential renters. Faux wall finishes are trendy and likely will seem dated in short order.
Rather than faux finishes, choose a basic mid-tone paint color for your walls. Basic subtle paint colors, such as soft blue or ivory, will allow renters the ability to apply their own interior style to the property while they are renting. Additionally, painted walls are easier than other finishes to touch up between tenants.
Eccentric Flooring
In the past, most rental owners have stuck to neutral color schemes and economically affordable materials. However, over the past few years it seems like landlords have thrown that conventional wisdom out the window when it comes to bathroom flooring.
Recently, we’ve been seeing some awesome tile floors that add a ton of pizzaz to your bathroom reno. It seems like we may have gone a bit too far though! While the awesome kaleidoscope type tile may wow potential tenants, it could also severely limit your tenant pool as well. This might make them seem like a great renovation idea, but the fact that they are everywhere right now means that in just a few years they will be another design trend of a bygone era.
Rather than expensive eccentric tile, invest in functional alternatives that will be less expensive, more durable, and more subtle - lasting the test of time. There are many affordable options out there that won’t be going out of style any time soon!
Hanging Pot Racks
Expanding additional storage for renters can greatly increase the rental value of your property. However, you should avoid the recent trend of hanging pot racks. The use of a pot rack can signal a lack of storage space to potential renters, who may presume that there is nowhere else to store the hanging kitchen accessories.
Although having hooks for hanging pots and pans was a very popular kitchen aesthetic several years ago, it now looks cluttery and old-fashioned. The more timeless design approach of installing larger drawers for storing pots and pans can provide all the accessibility without the risk of it going out of style in the near future.
White-on-White Bathroom Color Schemes
A bathroom with white walls and white accents may look immaculate and spotless before any renters have lived in your renovated unit, but white tiles and paints will highlight grime, oils, and dirt over time. Even renters who generally take good care of your property are unlikely to keep a white on white bathroom looking spotless.
When renovating, choose a mid-tone neutral or pastel paint color and complementary tiles. Light colors other than white will make the bathroom appear larger without necessitating the unrealistic cleanliness standards of a white-on-white color scheme.
Avoiding these five undesirable design trends can help your rental property attract high-quality tenants for years to come.
For exceptional property management services, contact Landmark Property Management online or call today at 312-313-8553.
