Increasing the value of a rental property is an important part of owning a rental home. As market prices increase you should prepare your rental as if you were going to list it for sale. Adding value to your property will increase its demand. This allows you to increase the rent price.
Here are some tips to help you increase the value of your rental property.
1. Clean or Replace Flooring
In most homes flooring suffers from the most wear and tear. Mud from shoes, spills, and pet scratches can make floors look low-quality.
If you have hardwood floors, re-staining them or polishing them can make them look brand new. You can clean and re-grout tile, or choose to replace it completely.
Linoleum is outdated material so replacing it will make the space look fresh and renovated. Replacing the carpets is also a good idea since damage and stains show up the easiest on this surface. However, if you don’t want to spend the money and time on brand new carpet, getting it steam-cleaned can improve the way it looks tremendously!
2. New Appliances
While new appliances are sometimes expensive, they are also a huge asset for renters when looking at properties. Having a dishwasher and washer/dryer in the unit can have a significant impact on the price of rent. Renters will pay more for things that make their lives convenient.
Often, renters don’t have their own appliances. This means they’re more likely to pay a higher rent price for these amenities. Further, new appliances are typically more energy-efficient than outdated ones. This means not only will your property value increase but your energy bills will likely decrease. This is a win whether you or your tenant pay the utility bill.
3. Fresh Paint
Perhaps one of the easiest upgrades for your property, fresh paint on the inside and outside of the home can take it up to the next level.
Paint inside makes rooms look fresh and clean, and can give the house a renovated look.
A new paint job on the outside of the home makes the home look nice and updated, and also enhances the curb appeal of the home. Even though renters don’t own the house, they still want to live somewhere that they are happy in and enjoy.
4. New Countertops
Countertops in the kitchen and bathroom are a very noticeable feature of a home. If they are dingy, peeling, or cracked, potential renters might not feel comfortable living in the space due to cleanliness reasons.
Countertop wraps are also an option if you don’t want to spend the money on granite countertops. They’ll give the area a clean slate for a lower price.
5. New Windows and Blinds
Windows and blinds are a crucial feature of a house. Dirty or broken windows may make renters feel like they are not safe and secure, even if they are.
Old windows can also let out cool air in summer and heat in winter, which means added expenses for renters. Installing new blinds makes the window look newer and cleaner.
6. Remodel the Bathroom
Upgrading your bathroom is one of the best ways to add value to your rental. Installing new plumbing fixtures can give your property an upgraded look, and it’s not that expensive to do. Choose a high-end finish (not chrome) and get all the new fixtures to match.
An updated bathroom will give your rental’s interior a modern aesthetic appeal. Typically this is high on the list of wants for renters, they will likely be more willing to pay higher rent for a place with an upgraded bathroom.
7. Avoid Surprises – Get Your Rental Inspected
Inspecting your rental property between tenants will help you see what repairs or routine maintenance you need to make. Potential issues are easier to overlook when you’re not living on the property.
Having a professional inspection report with photos can prevent issues down the road if you find damage after a tenant moves out. Inspection reports are a great way to keep track of your property’s condition and can serve as a legal document with dates and pictures.
These simple tips can help give your rental property the boost it needs to increase the value and secure renters who are responsible and willing to pay higher rent prices. Cosmetic touches and little details go a long way in creating an illusion of luxury that tenants are seeking.