The appearance and functionality of your rental property has a direct correlation to the rental income it can produce. By investing in the right improvements, you can charge your tenants more. This can result in higher rental income in the long run.
However, there is a fine line between improvements that allow you to increase rental income and those that are unnecessary or superfluous. You need to determine who is who so that you don’t end up paying for expensive renovations that do nothing to your rental property.
Here are five simple but effective improvements that can increase your property value and, eventually, enable you to earn more rental income:
1. Improve The Exterior Of Your Property
The exterior of your property is very visible, and how it looks can create an impression. You find it difficult to attract tenants and encourage them to live on your property if your exterior looks poorly maintained.
One of the easiest ways to enhance the value of your rental property is to take care of your exterior. As a landlord, you should put in the time and effort to make sure your exterior is in pristine condition. You can achieve this goal by:
Pressure to wash your exteriors:
Hire professionals to take advantage of theirs press wash services to remove dirt, dust and other debris from your exterior. Pressure washing also removes mold, keeping your rental farm cleaner and healthier.
Painting your front door:
The front door attracts the attention of tenants and sets their expectations on what they can see inside the property. Increase their excitement by painting your front door in bold color. If your exterior is painted in nude shades, go for light shades of red, blue, yellow or orange for your door.
Pay attention to the landscape:
Check the general condition of your landscape and remove weeds and dead branches. If your outdoor space allows, you can plant more flowers and invest in a water feature, such as a pond or fountain.
2. Refresh The Bathroom
How the bathroom looks and works can significantly affect a person’s mood throughout the day. Can you start the day in a positive mood if the bathroom looks dirty? How can you enjoy your bath or shower if the bathroom lacks essential amenities? Tenants will probably feel the same way, so make sure to upgrade your bathroom.
You don’t need to break the bank just to improve your bathroom. Here are some cheap bathroom renovation ideas that will definitely make the space look and feel new:
- Mess up to make the space look bigger and feel cleaner.
- Experiment with bathroom wallpaper.
- Invest in stylish storage, such as an open shelf and use of wicker baskets.
- Swap expensive floors for affordable materials.
- Raise old bathrooms by adding new paint or upgrading hardware.
3. Work On The Kitchen
Many tenants will choose to pay more, provided they get the most functional and attractive kitchen. In addition to cooking and preparing meals, tenants were more enthusiastic about the kitchen, as here they would entertain guests and even hold parties.
Contrary to popular belief, you don’t need to spend thousands for a successful kitchen renovation. Like the bathroom, there are inexpensive kitchen improvements that can change the overall look of the space, such as:
- Adding artwork to the walls to create focus
- Adding more seating furniture
- Change the lighting fixtures
- Changing your cabinet doors and hardware
- Instead of replacing kitchen floors, paint them with a neutral shade
4. Add New Living Spaces
The more housing your rent has, the higher your rent you can pay your tenants. This will allow you to earn more income in a shorter period of time.
Evaluate the layout of your property and see if it can still support another place to live. For example, if your wolf property has a separate dining room, consider converting it into another bedroom, or if it’s a large room, split it into two bedrooms.
5. Offer an Outdoor Recreation Space
Gone were the days when tenants only entertained guests inside the home. Today, more and more people would choose to hold meetings in outdoor spaces as these offer a change of scenery and a fresher atmosphere.
Another way to increase the value of your rental property is to offer an outdoor recreation space to your tenants. Depending on the space available, you can add a deck, beauty or some outdoor furniture and BBQ. All of these updates are sure to attract tenants and make your rental property more valuable.
Upgrade Your Rental From Today
The housing market worldwide is full of thousands of wolf holdings. Fortunately, there are many ways for yours to stand out, namely by following the tips presented in this article. These tips are enough to make sure your rental property meets modern standards and attracts as many tenants as possible.