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People nowadays are extremely busy! Formal dinners around a huge family table are not as common as they once were. As a result, traditional dining rooms are becoming increasingly out of fashion. Many people now prefer to eat at a tiny table in their kitchen or take their food to the couch to watch their favorite streaming show while eating.
When it comes to viewing your rental, some renters may never use their dining rooms for its intended purpose, while others may perceive it as wasted space. Rather than allowing dining rooms to become a potential liability for potential renters, utilize your imagination to repurpose the area into a space they will value.
Most real estate investors rely on their creativity to succeed. While it may appear to be a minor detail, converting your dining rooms into a new sort of room demonstrates to potential renters that you care about their experience at your house. Remodeling and converting a room can increase the property’s worth and make it more appealing to potential buyers in the future.
However, before we dive into redefining your dining rooms, we need to take a moment to ensure you have the funds you need to complete the project. While you could save up funds to complete the work, we would like to show you how to make the property pay for itself.
If you are ready to get started today, simply click the link below to book a free strategy call with us at LendCity to discuss home equity and refinancing.
The dining rooms are being redefined
It was common practice in older buildings to include dining rooms in each residential unit. The dining room is usually well-lit and has a lot of windows, and it is usually connected to the kitchen.
Dining rooms have grown less and less vital in modern homes as tastes have changed. You can establish a distinctive rental property by devoting the time and effort to convert dining rooms into a speciality area. There’s more space for living, working, exercising, and whatever else your future tenants require.
The method you use to convert your dining rooms is determined by the room’s size and the target demographic that your rental property caters to. There are several popular conversion tactics, and you might wish to look into any of the following options:
Create a bar area
Consider converting your properties dining rooms into bar areas if you rent to a professional, classy population. Adding a spot for residents to store their favorite bottles of wine, craft beer, or spirits to your rental home offers a distinctive amenity. While it may appear that converting dining rooms to a bar is costly, it is typically possible with the help of some custom shelving. It’s important to remember that putting taps and lines isn’t a smart idea! Continue to focus on making the space more social.
Create a recreation area
Who doesn’t want a place to hang out with friends and family, play games, and watch TV? Converting your properties dining rooms into an entertainment room is a smart move that will appeal to a wide range of people. Consider installing some wall-mounts for a TV and audio system to complete this work. Built-in storage and warm, inviting flooring should complete the look.
Convert it to a home exercise center
Consider turning the dining room into a home exercise center for tenants who work out first thing in the morning. Use hard flooring and a neutral hue on the walls. Then, as much as feasible, make place for the tenants’ exercise equipment. To make it easier to move equipment in and out, consider opening up the doorways and walls.
Convert dining rooms to a children’s nursery/playroom
If you’re renting to a family, consider transforming the dining rooms to a children’s room, play area, or nursery. Consider how you can make the space as comfortable and inviting as possible. Warm colours should be used on the walls, soft, durable flooring, and sharp corners should be protected with rubber guards.
Create a library
Few things are more distinctive than a home with an integrated library. Consider putting wall-mounted storage and a desk or study centre where the dining room used to be if you’re searching for a unique method to set your rental home apart from the competition. If you plan to rent to students, this is a popular option.
Create a guest room
If your dining area is somewhat secluded or could be with the addition of a well-placed wall, it might be converted to a bedroom. By adding another bedroom to the property, you may charge a higher rent and appeal to a wider range of tenants. Just make sure you don’t mess up your floor plan’s flow.
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Other portions of the house can be repurposed
There are undoubtedly more portions of your investment property that might be repurposed to serve renters’ needs, especially if it is an older home or building. Here are some areas of the house that you could renovate, remodel, or convert to better suit your occupants’ needs. They’ll also increase the value of your rental property:
Attics are one of the most well-known sources of unused space in a house. However, your attic does not have to be a stifling, hot environment for dust bunnies to accumulate. With a little effort, you can transform your attic into a fun and pleasant area.
Don’t allow the basement area in your investment property go to waste. It might be used as an entertainment room, a game room, or even a guest bedroom. Finishing an unfinished basement takes relatively little time and work. Consider how you can effectively modify your basement to best serve your desired tenants.
These days, a growing number of people carpool and use public transportation. Consider how you might transform your garage into spaces that better serve the demands of today’s renters. It’s often a good idea to line a garage with storage shelves.
Narrow spaces and nooks
There are a lot of oddly sized closets and nooks in older homes and multifamily buildings. You should not squander these opportunities. Instead, think about how you can incorporate luxuries like built-in storage into sections of your house that are otherwise neglected.
While adapting a room in your rental home for a different purpose may not seem revolutionary, it is a tiny step toward demonstrating your attention to detail. Putting effort and money into making your rental home appealing will increase its rental and selling value. Begin with the dining room and see what other places could use some work.
So, if you are prepared to take the next step, we encourage you to click the link below to book your free strategy call and we can help you get the ball rolling.