Tips for Increasing Rental Property Value
Category: Residential Property Management
If you want your rental property to be the most profitable it can be, you need to put in some work to make it so. Luckily, this work is pretty simple and overall not that costly. You just need to take a little time and invest a little cash into turning your rental property into something that CAN command a sizable price. Here are a few tips for making this happen:
Update the Appliances
When potential renters shop around, one of the major facets they’ll consider is the appliances within an apartment. If these appliances are outdated, poorly functioning, or simply dirty and unsightly, then you might not be able to command the price you want to for your rental property.
An easy fix to this problem is to update your property’s shoddy appliances. While the initial investment to do so can put a dent into your budget, you’ll easily make back that cost in higher rental fees.
Address Dirty Flooring
The flooring in your rental property can make a big impression on potential renters — while also making a big difference in how much you can charge in rent. If your property’s flooring is dirty, old, and odorous, you might struggle to command the price you want for your property.
So, if your rental property’s flooring is old and dirty, go ahead and address it. This might include replacing the entire carpet, or it might simply include getting a carpet cleaning. Whatever choice you make, you can rest assured that it will only help to increase your rental value.
Get a Fresh Coat of Paint
Perhaps more so than even the flooring, the walls of your rental property can go a long way toward making or breaking the value of that property. For instance, if those walls are dirty and sport a fading, flaking paint job, you won’t be able to get the value you want out of your rental unit.
Should your rental property’s walls be in such a condition, you’d want to jump on that problem before trying to rent. This fix can take as little as an afternoon or two as you or a hired professional slaps on a fresh coat of paint that will brighten your property and up its value.
