5 Simple Ways to Increase Your Rental Property's Value
September 9, 2020 / by Hignell Property Management Team
It's not always possible to foresee what will happen in the future of real estate, so the best thing a property owner can do right now is keep their property looking fresh and well-maintained. When care has been put into a home, it shows; this is what will attract prospective residents to a rental. If you are looking to up your game in the market, a little work will go a long way. There are many things that can be done to improve a home without breaking the bank. Not only will the rental look more attractive to those on the hunt, but it will also maximize the return on investment by increasing the property’s value.
1. Improve Curb Appeal
Prospective renters should feel welcome the moment they set eyes on your property. You can accomplish this by refreshing the landscaping, giving the exterior a new coat of paint, and replacing your front door and garage door.
Hiring a professional landscaper will be the most efficient way to update your front and back lawn areas. However, if you're on a budget, you can work on the landscaping yourself. Simply clearing away any overgrown areas and planting some new flowers will give your property a new vibrancy.
2. Interior Paint
An easy way to make your rental property feel like a brand new home is with a fresh paint job. It will also give you the opportunity to fill any holes in the walls and get rid of any blemishes left over from past residents.
When choosing paint colors, keep in mind that the interior of a home should showcase neutral colors, such as white, eggshell, ecru, etc. Rooms of these shades feel light and airy, whereas bright or bold colors may feel heavy or intrusive. They might turn people off to the space by making it difficult for them to imagine their own furniture and possessions in such a specific setting.
3. Kitchen Upgrade
If you have the time and money to put toward a kitchen upgrade, do it! Replacing the countertops and backsplash are the quickest way to increase the value of your rental. Granite countertops are still widely popular due to their durability and affordability, not to mention their easy maintenance.
Upgrade the kitchen cabinets with a new installation, or simply paint them a nice neutral color. Be sure to add new hardware to give the cabinets a modern look.
Also, take a look at the age of your kitchen appliances. If your current model is beyond the lifespan recommended by the manufacturer, then splurge on some brand new appliances. A rental that comes with new appliances will set itself apart from the competition.
4. Bathroom Update
Outdated bathrooms can be an eyesore for prospective renters. It might be time for new fixtures, toilets, sinks, and cabinets. You might even be able to save money by using the same materials from your kitchen renovation. It will also give the home a universal look, which shows your residents that you put thought into the look of the property.
If you don't have the means to deep dive into a bathroom renovation, a simple coat of paint and modern décor could do the trick. Remember to use a neutral color and theme, so home viewers can imagine themselves living there.
5. Add Smart Technology
With smart technology taking over virtually every aspect of our lives, why should your rental be any different? Turning your property into a smart home could be a game changer for prospective residents who are tech savvy.
Most rental properties on the market have not yet been upgraded with smart technology, since it involves a bit more work than just a little paint. That said, being able to adjust the lighting, heating, and other electronics remotely from a smartphone, tablet, or computer would really make your home stand out.
Another must is hiring a service to do a thorough cleaning of your home (inside and out) including fixtures, windows, and floors. If pets had been living in the home prior to being vacant, make sure that any animal odors have been eliminated. This also applies to food, smoke, or any other potentially offensive smells. Another trend on the rise is providing furnished rental properties, but it's important to first do research in your local market to see if it's a worthwhile strategy in your area.
By putting the time and money into preparing your home for the next renter, you will greatly increase its rental value. In addition, you will see more interest from prospective renters and the applications will come piling into your mailbox. Your hard work will pay off, and you'll be glad you went the extra mile.