Let’s agree to it; every real estate investor wants to maximize the value of their assets. If you own rental property, it is in your best interest to do everything possible to make them more attractive to prospective tenants, and minimize the risk of the property remaining vacant, and maximize the price you can get on the rental market.
Even if you were to start with a wonderful newly built home, it would still need to be renovated from time to time. No matter how much you take care of the house, problems will arise, and if you want to retain your tenants, you need to deal with them as soon as possible.
With that in mind, here are the top seven improvements you can make to enhance your rental assets and bring home more profit.
1 – Extend The Life Of Your HVAC Unit And Add Popular Pleasures
In the warmer parts of the world, the overall valuation of your property and the rental price it will buy on the market both affect the quality and condition of your HVAC system. People want to live in a functional and comfortable home, especially if it is in an area where air conditioning is needed during the summer months. As an owner, you need to understand this and do everything you can to offer air conditioning service to your tenants, including maintenance, repairs and upgrades (if necessary).
Following the previous point, having the right appliances in your house is almost necessary nowadays. Renting a property with all the essential appliances will greatly increase your chance of finding a tenant (and with a higher price). Ultimately people pay for comfort.
Storage space is essential in your property. People don’t want to live in a cluttered space because they can quickly clutter themselves up, and it doesn’t exactly give the most comfortable living experience. As an owner, it is only right that you provide adequate storage space for your tenants. This doesn’t have to be extensive, but it will go a long way. Things like closets, cupboards, shelves, kitchen cabinets and even opening your attic will dramatically improve the living conditions for your tenants.
Washers And Dryers Units
For all of the above listed items, you should consider installing washers and dryers on your property. These are basic essences that almost all rental properties come in nowadays, and if your home doesn’t have them, you may lose your competition.
2 – Replace Interior And Exterior Doors
One of the most important things you need to do as a landlord is to show potential tenants that your rental property looks fresh and attractive. One of the best ways to do this is to replace the interior and exterior doors, especially if you haven’t done so in a long time. This includes taking time to restructure the kitchen cabinets of your property, replacing the cabinet doors, and perhaps even giving them fresh paint.
As for your front door, make sure you choose a sturdy material that can withstand the elements (although it still looks great).
3 – Installing A New Floor Can Be A Good Idea
Sometimes, you have to spend money to raise money. Your task as a real estate investor is finding out the smartest place to spend your money and where you will find the best return on your investment.
One great place to invest your money is on new floors, especially if you have a carpet. You see, as a landlord, the dream scenario is to have a property that looks great, durable and easy to clean. Unfortunately, carpet is none of those things. Although carpet may look comfy and comfy, it can stain easily, hold dirt (especially pet hair), and will stink if you don’t professionally clean it.
On the other hand, wood flooring is ideal for most rental properties. It is durable, dirt can be wiped off easily, and it is not necessary to hire a professional cleaner to find new tenants. Although it can be expensive to install, it may save you more money and help attract more tenants in the long run.
4 – Add Fresh Paint Coat And Update Easy Solutions
Adding a fresh coat of paint is a great way to improve the aesthetics of your property without spending a lot of money. If you can, you can do the job yourself. This means that your only cost is the paint itself, which can make painting one of the highest income improvements you could ever make.
Fresh paint can paint an entire space, covering scratch marks, tired walls, greasy marks, and will help expose the best features of your room if done right. Don’t forget to use neutral colors that will stand the test of time. This means staying away from crazy trends that are now in vogue because after a few years you will have to do all the work again.
5 – Limit Appeal: First Impressions
According to a study by NAR 2018, 94% of real estate brokers suggest limiting appeal improvements to vendors, but why is that? Well, just as we quickly judge the people we meet, we also do the same with real estate. A large percentage of potential tenants will already decide whether or not they like a house based on the restrictive appeal (the exterior features and how it looks from the outside). Here are some inexpensive ways to improve your limited appeal:
- Remove debris and debris from the outside area
- Refresh your front door
- Clean your windows
- Make sure your garden is kind
- Consider fresh painting
6 – Update the landscape of Your Property
Well thought out landscape improvements are a great way to enhance the appeal of your rental property. In addition to that, it can also dramatically increase the overall value of your property, which can give you a nice penny if you ever want to sell it.
In addition, landscaping the garden keeps it poorly maintained and cost-effective, as neither you nor the resident need to put much effort into making it look great. Remember that you want to make your life as a landlord as simple as possible and also leave your property looking beautiful, and a well-designed landscape scheme will increase the attractiveness of your property, improve the quality of tenants and help you manage higher rents.
7 – Know Your Competition
Last but not least, it’s always a good idea to watch your competition. This way you can understand how the rental market works in your area and what the standard is when it comes to pricing and internal project trends.
If you consider the local market, you will get a clearer view of the strengths and weaknesses of your property, which can help you determine what can be improved and what needs to be prioritized. This gives you a great opportunity to differentiate your rental property from your competition so that you can distinguish it from the crowd. This will attract more potential tenants, and as a result, you can command a higher rental price.