Don’t count on market housing appreciation alone to raise the value on your property. Instead, invest in some simple upgrades that can quickly boost the value of your rental and allow you to build that bottom line.
As a landlord or property manager, there are a few upgrades you should make to increase the value of your asset and help you attract quality tenants for a quality property. These property enhancements will ensure that you make the most from your investment and keep your best tenants happy and ready to renew that lease.
Here are 8 ways you can raise the value of your rental to maximize your returns:
1. Improve the bathroom.
We don’t mean you need to go all out. Simple upgrades to your bathroom fixtures can mean a lot to the overall presentation and value of your rental property. Imagine walking into a bathroom with all new faucets of oil-rubbed bronze instead of worn out and spotty chrome: immediately, you can picture the difference.
Bathroom fixtures get worn and accumulate a lot of chips, fades, and grime that won’t wash off with a standard cleaning. Invest just a small sum in improving and unifying these bathroom essentials, and suddenly your bathroom will seem a whole lot newer and worth a few more rental dollars.
Whether they admit it or not, most people spend a lot of their time in the bathroom; might as well add a level of sophistication to the time your tenant spends sitting on the pot. Believe us, they will notice, and they will appreciate it.
2. Enhance the kitchen.
A full kitchen renovation is costly, and not something you can do at every tenant turnover. However, like with the bathroom, you can consider smaller enhancements that make your rental’s kitchen feel like new.
First, upgrade the fixtures in this room as well, replacing faucets, drawer-handles, cabinet knobs, any bit of worn chrome, rusty iron, or faded wood you can find. Consider matching these to the upgrades you’ve made in the bathroom if appropriate to best unify the feel of the home with style and quality.
Then:
3. Invest in new countertops.
Your tenants want quality countertops. What they don’t want is cheap plastic laminate that will peel and stain with every scuff and spill, and you shouldn’t want that either. Better countertops are an investment that can immediately boost the value and the impression of a home, leading to a higher possible return on investment.
Look to slate, granite, or other countertop materials that feel like quality without costing you too much out-of-pocket. There are plenty of options from stained concrete and stone to tiles of ceramic or acrylic composites. You can find something that will hold up to time and wear while looking stunning.
Your tenants want it, your property deserves it, and you will be glad you upgraded.
4. Get rid of the old carpet.
You might spend a lot of money replacing worn and stained carpeting at all (or nearly all) tenant turnovers. It’s expensive, it’s a hassle, and the truth is, your tenants would prefer better flooring that can hold up to time and wear, anyways.
Consider ditching the carpet for a tile or laminate that will stand the tests of time while giving your property a modern look that will translate to higher returns. Alternate flooring types like hardwood will be easier to deal with than carpet and look consistently better, so why not make the change?
That investment can come back to you in higher rental returns and less maintenance over time than you might see with highly absorbent, easily stained carpeting.
5. Upgrade the windows.
Every decade or so, consider going all out on some new windows. This is a must if you as a landlord are responsible for any part of the heating and cooling costs. Good windows with proper insulation are essential to managing the property costs—your tenant won’t feel too bad paying an extra few dollars in rent if their heating bill is efficiently low.
And if you can’t or don’t need to replace the windows altogether with some higher quality models, small additions like shutters, fresh coats of paint inside and out along the trim, or better blinds can still make the windowed areas of the home feel fresh and new.
6. Patch the roof.
Now that you’ve considered the windows, its time to look upwards. Roof maintenance and replacements are a necessity for cutting long-term costs when that inevitable storm makes a hole in a neglected roof.
Have an inspector out to your property on a regular basis to check your roof and listen to what they have to say. It might feel like a hefty price tag but replacing your roof when recommended will save you money in the long run.
7. Integrate storage options.
Nobody likes a cluttered home. Help your tenants keep their space neat and tidy by integrating their storage options into the living space and increase storage capacity.
You can do this by building some pantry or garage shelving systems, adding built-in shelves to walls or alcoves where they make sense, or constructing a backyard storage unit. This will give your tenants every incentive to keep their interiors neat and uncluttered. Your property will look great, and they’ll have a great experience, making your property that much more marketable.
8. Add unique detail.
The font of smaller, lower-cost upgrades you can make to build value in your rental property is unending. Consider landscaping features that increase curb appeal. Ensure water heaters and furnaces are efficient and up-to-task. Paint or upgrade siding. Add an accessory dwelling unit.
Whatever you do, start in the bathroom and kitchen. These spaces are the epicenter of home activity and guaranteed to mean the most to your tenants. With the right upgrades, you can increase your returns by improving these areas alone.
But don’t stop there. Maximizing rental profits means focusing on the details. You want a property that is going to be low-maintenance and good-looking for you and your tenants. This will draw quality tenants who will want to spend the kind of rental prices you’re looking for to live in a well-managed, beautiful property.
For more tips on maximizing returns for your rental property, contact 208.properties today.
