Updating and Adding Amenities Can Improve Your Rental Property and Lead to Higher Rent!
When it comes to your rental property are you actively trying to upgrade or are you simply providing maintenance? It’s enough to keep everything in working order and maintain your property as livable, and there is nothing wrong with this. However, as the property owner/landlord you may be missing out on simple ways to increase the value of your rental property. It doesn’t take much, but a few well-placed additions and upgrades to your property can have the value and even rent going up. Upgrades to your rental property can increase your return on investment and attract high-quality tenants!
Adding value to your rental property can happen many ways and range from replacing a few small things here and there to a full remodel of your rental property. The time is always now to make these changes as the market is consistently on the rise and you may be looking to sell your property once it hits a certain point!
Aside from the usual rent-ready cleaning, consider the below suggestions to improve the quality of your property!
- Rental property in need of a paint job? With time paint loses its color and begins to fade. If you’ve had tenants in for a while this is almost a guarantee. Adding a fresh coat of paint can have your place looking more vibrant and livable! A neutral color is also desired for most tenants so the décor they decide to use doesn’t clash with their home.
- How’s the carpet? A deep carpet clean can make any home, rental or not, look as though it’s a few years younger. Maybe the carpet needs replacing. If so, just like the paint, a neutral color makes for good practice so colors don’t clash.
- Any hardwood flooring? Hardwood floors are very desirable and maintaining yours can have a tenant wanting move in tomorrow. Be sure to check on yours and see if any refinishing is required as well as replace any old linoleum flooring with brand new laminate!
- What about appliances? Not only are updated appliances an attractive feature they can even make your home look better with their sleek designs! Consider getting eco-friendly appliances as well to entice new tenants to rent with lower electricity costs!
- Lighting! Nothing sets the ambiance of a home like lighting. Adding new fixtures and intensity controllers can have any home looking great! Using energy efficient light bulbs can improve the costs for tenants as well, increasing the likelihood of finding great tenants!
- Curb Appeal! First impressions are everything! Making your rental property look great starts with the outside. Improving the landscaping around your rental property can have your property looking great and attract more interest to rent or buy!
- Parking. Prospective tenants are always fond of off-street parking! If it’s feasible consider expanding or even adding a secondary driveway to provide more space for tenants.
There are a lot of upgrades that can go into any rental property so feel free to go above and beyond these suggestions. If you’re in need of vendors who can provide you with these additions give us a call. Stone Oak Property Management can help connect you with the resources you need to increase the value of your rental property!