The following was written by staff writer, Peter.
It is possible to quickly boost the value of a rental property by making minor changes. Each of the following changes will allow owners to rent their properties for higher prices. Choose which are the easiest to complete and begin with them and make plans to implement the other techniques in the future.
Renters are often concerned with the safety of the neighborhood and security of the property they are considering. One of the best ways to increase the value of your rental property is to make potential renters feel more secure.
The first thing to do is ensure all doors have deadbolt locks and that the locks are replaced or rekeyed between residents. In the past few years, new locks have been made that can be rekeyed easily and for far less money. Many landlords do not make this part of their standard practice due to the additional cost incurred, but proving to renters that you take their safety seriously will allow you to charge a higher premium.
Another upgrade that many renters are happy to see is a home security system. This is a premium feature that can substantially boost the value of the rental property. If you do install such a system, make sure you understand all the benefits and how each one is used to explain it thoroughly to prospective renters.
Boost Curb Appeal
While many people have heard the advice to not judge a book by its cover, most still do to some degree. This is especially true for those looking for a new place to call home. If the home itself is in great condition but the exterior doesn’t look welcoming, many people won’t even consider making an appointment to tour the interior.
To grab the interest of those who browse new locations before deciding to tour the property, or even to create a wow factor for potential renters as soon as they arrive, it is important to boost the curb appeal of the property. One of the easiest and least expensive ways to do this is painting the door, trim, and shutters in welcoming colors. For those who have even moderate handyman skills, this is an easy weekend project.
Another way to instantly elevate the property is to install a new mailbox. It doesn’t have to be the most elaborate selection, but a brand-new mailbox with no dents or rust can instantly make a rental property feel more welcoming and like home.
Finally, invest in decorative touches such as landscaping with season-appropriate flowers. This could be flower pots on the front porch, small shrubs along a walkway, or a flowerbed in the front yard. The amount doesn’t have to be substantial for the impact to be profound.
Interior upgrades often require the greatest investment of time or money for the property owner. However, if chosen wisely they can also have the greatest impact for the longest period of time.
Upgrading flooring from linoleum to tile increases the value of the property and also makes it more resistant to damage over time. Removing old carpeting and replacing it with hardwood floors or stone has a similar effect. Carpeting can quickly become stained and torn while hardwood and stone are much more durable.
Laminate countertops offer another opportunity for an upgrade. While these are standard in most rentals, they are neither the most attractive nor the most durable option. Butcher block, modern cement, quartz, granite, and other natural stone options are all more durable and greatly increase the perceived value of the property.
When buying a residential property, it is important to take into consideration how much work will be needed to make it appealing to a rental market. It may be necessary to make upgrades over time and slowly increase the rental price to reflect the improvements.