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As a real estate investor, you want to charge the most rent possible on your property to see the greatest return. To increase your rent and your bottom line, you want to increase the property value of your rental home. This takes time and energy that you’ll have to dedicate to property improvement — which can seem daunting.
Fortunately, there are many easy and budget-friendly rental home improvement ideas you can implement to increase your property value. Start with these seven ideas that will set you up for success.
1. Improve the outside appearance of the property
The front of your rental home will be the first thing potential renters see, whether in person or virtually. That’s why it’s crucial that your rental property is as appealing on the outside as it is on the inside. You can make small, inexpensive adjustments to the front of your rental property to improve your home’s look — some of which are even free.
Installing window shutters, painting doors, cleaning windows and updating the mailbox are changes that make a huge difference to the look of your home. Other small housekeeping tasks, like keeping the lawn mowed and the hedges trimmed, are free. Investing time and money on the outside appearance of your house will yield you more money in the long run.
2. Upgrade the plumbing
Not only should the plumbing inside the home work well and be up to date, but the appearance of your plumbing fixtures such as sinks and faucets can also either increase or decrease your property value. Updating your fixtures with a finish that’s aesthetically pleasing will do wonders to the look of your property and its value.
Bronze or nickel finishes are considered a step up from a chrome finish. Choosing one of these finishes that matches the walls and other interior accent pieces in your home will create a cohesive and increase your property value.
3. Increase storage
A property’s storage is a top priority for people looking to rent. Increasing the amount of storage in your home is an inexpensive and effective way to make your home more appealing to renters.
Add hooks, closet organization systems or extra shelves to the home for easy storage solutions. If you want to spend a little more money on optimizing storage, you can even install wall shelves or add a new closet. The money and effort you put into your rental home will certainly be reflected in how much you can charge for rent.
4. Update home interiors
The outside of a rental property is vital for first impressions, but the inside of a home is just as important. Ensuring all appliances are up to date and working properly is essential, and will improve the home’s interior appearance.
Painting the walls a nice, nonabrasive color, installing high-quality countertops in the kitchen and bathroom, and freshening up furniture are all great ways to keep the inside of the house looking just as nice as it does on the outside.
5. Take care of the roof
If your rental property hasn’t had a roof update in 15 years, it’s time to get it replaced. Not only does a new roof look nicer and more modern, but it’s much safer for your renters and will be better able to withstand severe weather.
If your roof doesn’t need to be replaced yet, have a professional roof inspector do regular inspections to ensure that your roof is still standing strong before you find out the hard way.
Not only will your renters be grateful for a secure roof, but you will be too! A good roof protects the home and prevents home problems from severe weather down the line.
6. Replace the floors
Replacing the floors of a home can seem like a daunting task, and it’s definitely a bit more of an expense. However, it’s certainly one of the best ways to boost your property value. Getting rid of the carpet and linoleum in your home, and replacing it with high-quality, easy-to-clean floorings such as wood, tile or stone will make it more appealing to renters.
Additionally, hard-surface flooring is easier on you as renters move in and out. Hard surfaces are easily cleaned and can be upgraded with rugs. Higher-quality flooring looks nicer, lasts longer and is a worthwhile investment to make.
7. Maintain a good relationship with your renters
From the get-go, your relationship with your tenants should be warm, communicative and helpful. Renters are much more likely to rent from someone they feel they can talk to and trust. Having a kind and open disposition will benefit you throughout the whole renting process, from showing the home to signing the lease.
Good communication with your renters is key, and it’s crucial to be quick and efficient when it comes to their questions or concerns. The more renters enjoy their experience with you, the better your reputation will become in the community.
Renters will be quicker to rent property from you over another landlord they don’t feel they can trust. This is a free and easy way to help increase value and the rent on your home.
In conclusion, increasing your property value takes lots of time, effort and even monetary investments, but it’s well worth it in the end. By beginning with these property management improvement ideas, you can increase the rent on your home and see a better return.
If you need additional help managing your rental property, you can always contact a property management company that will help with inspections, property maintenance and tenant placement.
No matter which way you go, whether it be on your own or with a company, there are plenty of inexpensive and easy home improvement ideas that will help you see the best return on your rental property. All you have to do is start!
Nichole Shahverdi is the director of marketing for Bay Property Management Group. Connect with her via Instagram, Facebook or LinkedIn.