In a competitive rental market, where tenants seek value and comfort, a well-maintained and upgraded property not only maximise the rental potential of a property, but it commands higher rental income.

Danique Service-Smikle, manager, business relationship, JN Bank, encourages Jamaicans to invest in and maintain residential property that can be used to generate income. She stresses that constant home improvement projects will reap tangible benefits for landlords.

“Home improvement projects can significantly improve the visual appeal of your home, whether
you are considering listing it on Airbnb or another home-sharing platform for short-term rental,
opting for long-term rental or putting it up for sale. These projects not only enhance the
aesthetics of your home, but can also improve functionality and comfort, thus fostering long-
term tenant satisfaction and boosting your property’s resale value in a competitive real estate
market,” Service-Smikle said.

She also advises that the demand for quality rental properties continue to increase and in light of that, considering home improvements would be a strategic way to get the most out of the rental market and would be necessary for those who wish to thrive in the rental business.

Paul Thomas, a realtor at Thomas, Forbes, and Associates in central Jamaica, with more than
two decades of experience, also shares the sentiment. He highlights that when potential renters have a lot to choose from, they tend to gravitate towards the home that makes a strong first impression. “The first thing people notice is the exterior of your home, and it sets the tone for what potential tenants or buyers can expect inside. First impression matters,” said Thomas.

Thomas explores six aesthetic projects that homeowners can pursue that provide a lucrative return on investment.

1. Landscaping– a well-maintained, manicured lawn can go a long way to attract potential tenants. Things like trimmed hedges, a tiled or bricked walkway and fruit trees can create a good first impression of the house. If there is enough yard space, invest in a seating area to create ambiance and also ensure it properly lit for safety.
2. Moulding of Windows and Doors– the use of decorative mouldings can transform plain or simple windows and doors and give a more upscale look. Upgrading from louvre windows to French windows adds more natural light and better ventilation.
3. Repainting– a fresh coat of paint can go a far way in improving the aesthetic of a home’s exterior and interior. It is important to choose neutral colours to appeal to a wider range of persons
4. Kitchen renovation – a modern, upgraded kitchen would be an excellent investment for landlords. Usually, kitchens are considered the heart of the home and so making it a focal point could reap benefits on the rental market. Granite countertops make more of an impression than laminate, as well as modern, sleek cupboards.
5. Bathroom renovation – a beautifully done bathroom can make a home feel cozy and can make or break the overall impression of the home. Most potential tenants want a comfortable bathroom of a decent size and modern finishings. Investing in new showerheads and faucets, as well as a very well lit vanity area could reap real rewards.
6. Retiling – a very good and well executed tile job can add to the finishing touch to the interior. Porcelain or ceramic tiles can help to be more inviting and are usually easier to clean, which would be a good consideration for potential occupants.

Thomas advises further that it is important to be aware of two very crucial factors when investing in renovations. The first being the location of the home. It is important to know what homes in the area are usually rented for to ensure that the price is in keeping with comparable accommodations in the area. Another important factor is the extent of the renovation.

The experienced realtor posits that a home improvement project of J$1.5 million could increase the value of a home by as much as J$5 million.