15 Renovations That Do and Don't Pay When You Own an Income Property

If you're an income property owner, there may come a point when you start thinking about making renovations. Investing money in your property could help you not only drum up business but also command a higher nightly or monthly rate.

But it's important to focus on the right renovations and not waste your money on the wrong ones. Here are 15 renovations that do and don't make sense for income property owners.

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If your income property is a short-term rental that gets a lot of light, blackout shades could be a good investment. People who go on vacation often like to sleep in. Having shades to block out the sun could make that happen -- and help you avoid unhappy guests.

ALSO READ: The Best Homeowners Insurance for Short-Term Rentals for 2022

Own a beach or lake house? Chances are the bulk of your business happens during the summer. And so it could pay to upgrade your air conditioning so guests can enjoy a more comfortable stay.

Want to turn a beach or lake house into a year-round rental? Then it pays to add insulation to make that happen. And if you own a long-term rental, insulation could make your tenants more comfortable -- and leave you with lower utility bills for heating if that's an expense you cover as a landlord.

ALSO READ: 1 in 6 American Homes Are Behind on Utility Bills. Here's What to Do if You're One of Them

The last thing you want is to have to deal with lost keys -- whether you own a short- or long-term rental. It pays to invest in an electronic lock. Your tenants will have easy access to your home, and you can change your lock's code to accommodate new tenants.

Tenants tend to value any added kitchen space. And that includes fridge space. A larger refrigerator could enable you to command more rent.

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No dishwasher in your rental? It may be time to invest in one. Tenants renting your home year-round probably won't want to sign up for 365 days of hand-washing dishes. And guests at a short-term rental won't want to do dishes while on vacation.

If you own a ski house, lake house, cabin, or beach house, a fire pit is a great amenity to offer. You can buy one for just a few hundred dollars and enable guests to make great memories while roasting marshmallows under the stars at your rental.

If you own a ski house, you might entice more guests if you put in a hot tub. After a long day on the slopes, skiing enthusiasts are apt to want a means to relax. And adding a hot tub to your property could allow you to command a higher nightly rate.

ALSO READ: 3 Easy Ways to Increase Your Rental Income

Own a beach house? Then an outdoor shower is a smart investment to make. Not only might it attract guests, but it could also spare you the hassle of having to clean tons of sand out of your home.

A doorbell camera is an investment you may want to skip. While you might think it lends to added security, short-term guests might feel spooked by the idea of being watched. Long-term tenants might easily feel the same.

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A wet bar may seem like a nice feature to offer guests at a short-term rental. But you probably don't want your property to become a party house. And if you advertise that it has a wet bar, you might send the wrong message and attract the wrong type of tenant.

Many homes have master bathrooms that feature an oversized soaking tub. That may be a decent investment to make in a home you occupy yourself, but it doesn't pay for a rental. Chances are your tenants won't use or appreciate it all that much.

Whether you rent out your income property on a short- or long-term basis, high-end flooring is an improvement you can probably skip. Your guests likely either won't notice it or will abuse it -- not due to negligence but basic wear and tear. This especially holds true if you have a short-term rental with lots of turnover.

Granite countertops look great. But the material your bathroom countertops are made of most likely won't concern your tenants. That said, a granite upgrade could be worth making in your rental's kitchen.

ALSO READ: How to Finance a Kitchen Remodel

You don't want your income property to look messy from the outside. But you also don't need to invest a ton of money into landscaping. As long as your outdoor area looks neat and tended to, it should be enough to satisfy short- and long-term guests.

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As an income property owner, you probably don't have an endless stream of money. So it's important to put your renovation dollars to good use. That means knowing which renovations are worth making and which you should absolutely skip.

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