Every property investor is interested in ways they can boost their return on investment (ROI) without breaking the bank, to begin with.
Fortunately, there are plenty of quick upgrades just about any homeowner or property manager can invest in at relatively low costs.
Add rental value that will allow you to scale your income with investments renters will appreciate. Here’s where you can start.
Curb appeal
First things first: curb appeal is the initial aspect of a rental property prospective tenants will see and make judgments about. It will determine whether they go through with an application, and it will be vital when it comes to what you can charge for the unit.
That’s why exterior home upgrades are some of the best investments you can make for any property. Curb appeal consistently is linked to high rates of return on investment (ROI), and something as simple as upgrading your garage door or siding can be a sure way to boost the aesthetics of your property in a way that pays for itself.
From here, turn your attention to the interior of your rental for further value-boosting potential.
Flooring
Floors. While underfoot, they’re one of the first aspects of a rental that a prospective tenant will notice. This makes them a great place to start when upgrading for higher rental income.
This is especially true if the flooring in your unit is outdated or damaged in any way. Those shag carpets of the 70s or torn-up linoleum have got to go. Instead, hardwood floors come in a wide variety of options that each offer different benefits and drawbacks.
For instance, there are options of luxury vinyl tiling that have the appearance and durability of hardwood floors without the high cost. Additionally, these floors can be simple and cheap to install.
Elevate the look and income potential of your unit with new wood flooring. Your renters and your ROI will thank you.
Security
With all the challenges of the modern economy, renters value security in their living situations more than ever before. COVID-19 added financial difficulties and socially distancing concerns to all of our lives. The least you can do is make their living situations feel a little safer.
Fortunately, there are plenty of ways you can do this without cutting into your rental income. For instance, you might partner with local home security vendors to provide a system for your unit at an affordable price. Additionally, you might invest in secure package lockers for tenants.
With the popularity and necessity of eCommerce for renters in the pandemic-era, amenities like these can translate to value. Explore these upgrades for income potential you can pass off to eager renters.
Smart features
Convenient, cost-effective upgrades you can integrate into your rental property include various smart systems and appliances. These days, the range of connected devices available to you knows no bounds. From smart refrigerators to lightning, you can upgrade your unit with all kinds of value-boosting features.
The true value of smart tools comes in their automation and efficiency potential. With connected devices, tenants can reduce their energy output, automate some of their shopping, and streamline their lifestyles in a number of ways. Each of these represents value for the tenant that can justify a higher monthly rent.
Invest in smart features for your properties and witness the benefits of tech in managing an investment.
Space
However, tech still can’t stand up to more space when it comes to adding value for renters. While not all properties will be able to add any square footage quickly or cheaply, others will present ample opportunities for addition. If you can boost available space, little else will help your ROI as much.
Luckily, there are many possible ways to add space to a unit. This could entail taking out walls, building an addition, or finishing a basement or attic.
Adding on to a home can get expensive. However, these investments are also some of the most certain to boost the value of your unit and therefore what you can charge in terms of monthly rent. If at all possible for your property, explore the potential of a space upgrade.
Bottom Line
There are plenty of ways you can upgrade your property in a relatively quick and easy fashion. Each of these upgrades has the potential of elevating your unit values to earn you more rental income.
From exterior improvements to home additions, certain upgrades will boost your revenues more quickly than others. Explore the best options for your property, keeping in mind these areas of focus. Your rental income can grow as a result.
For more information on remodels, renovations, and real estate investment, contact 208.properties or find us on social media.
