Being a landlord comes with many responsibilities including tenant communication, following regulations, and keeping pests at bay.
However, as you are running a business, it’s essential to boost revenue by finding ways to increase the value of your rental properties. In this article, you will find six tips to help you succeed.
Plan before you start.
Boosting the value of a property doesn’t have to be expensive, but you need a plan to guide the project and avoid overspending. To get started, have your property assessed to find out its current value, and then figure out what steps to take next.
You need a way to keep track of property value-boosting efforts, which is why experts recommend using a project management system (PMS) for tenant improvement projects.
These intuitive platforms allow you to track goals, spending, and much more.
Apply fresh paint.
The cheapest and easiest way to increase the value of a property is by applying a fresh coat of paint. In most cases, landlords decorate using cream or white because it covers up smudges well and costs much less per gallon. Improving a property means ensuring both inside and outside look great, so don’t neglect to paint external features including window frames, doors, guttering, and fences.
Deep clean or replace flooring.
People come into contact with flooring more than any other surface, and you’ll be surprised how much visible dirt will show up after tenants leave. Spend time at each property in between tenants to deep clean and make any necessary repairs.
In some cases, deep cleaning the floor might not be enough, so consider replacing filthy floors. Even though this will cost more money, it will increase the value of the property and means you won’t have to explain to new tenants why there are various scuffs and smudges throughout.
Create social areas.
With the continuing rise in living costs, many people prefer to socialize at home. Boost the value of any home by creating more social areas. For example, you can change a simple courtyard into an attractive space by installing a retractable awning and garden furniture set.
Spend time landscaping.
If you leave the landscaping to your tenants, you’ll find that the property will begin looking disheveled. Although some good tenants will enjoy tending to the garden, many will leave it because they don’t see the point of spending money on a property that’s not theirs.
Make sure your rental property always looks fantastic by taking care of the landscaping regularly. After all, first impressions are essential when attracting new tenants.
Maintain garage doors.
Many garages have old faded aluminum doors without proper insulation.
Not only do these make a property look tired, they’re not the most secure and they don’t do anything to help energy ratings. By installing a new door with improved insulation and more windows, you can make strong arguments for increasing the rent.
On average, installing a new one can bring anywhere up to 98.3% return on investment.
Bathroom and kitchen hardware like handles, door knobs, and plumbing will eventually start to look dull and outdated. Have a look at Amazon or a similar online retailer and order modern hardware in bulk, meaning you’ll have spares. Doing this will improve the value of a property and save money, which is always a bonus.
By following these simple tips, you’ll be surprised by how much value your rental property will gain. The best part about everything listed above is there’s no need to pay for experts because it’s well suited for DIY.