Owning rental properties is awesome. It allows you to make extra income while providing housing for people who are looking for it. You get to provide a service that people need and make money at the same time. If you are successful enough, you won’t even need to have another job.
In order to be successful in the rental property business, you need to have properties that people want to live in. Sometimes the properties you buy aren’t the best at first and you need to add value to them in order to attract renters. This might sound a little daunting, but really it is pretty easy! Let’s check out 5 ways you can improve the value of the rental property that you own.
High ROI Improvements
One of the first things you should look into while trying to add value to your rental is high ROI improvements or high return on investment improvements. These improvements add a lot of value to your home at once. Some of the high ROI improvements you should be looking at are remodeling your kitchen, remodeling the bathrooms in your home, adding new LVP flooring, adding new siding to the outside of the rental, and installing a new garage door. These improvements are things that catch potential renters’ eyes immediately. A lot of times, if these features aren’t updated, it can cause potential renters to not want to rent your property.
Health and Energy Features
In today’s day in age, people are extremely concerned about health risks in homes and the amount of energy that a home uses. If you are looking at adding value to your rental, you definitely want to look at the features that keep people healthy and safe right away. Think about adding a water filter in or even an air purifier. You also need to make sure your carbon monoxide and smoke detectors are up to date.
Energy efficiency is just as important to today’s renters as their own health. Some of the easy improvements you can make to make your home more energy efficient are installing Low-E windows, sealing gaps around doors and windows, and adding insulation. An energy-efficient home saves everyone money.
New Paint to the Inside of the Home
People hate outdated and chipping paint. A super easy and cost-effective way to add value to your rental property is by adding new paint to the inside of the home. You can add paint to your home in many different areas like the walls, the trim, and the cabinetry.
Outdated Appliances
An easy and quick way to make improvements to your rental is by replacing outdated appliances. Things like furnaces, water heaters, dishwashers, microwaves, refrigerators, and laundry machines should also be replaced. Not only does this make the home look nicer, but it also makes things run more smoothly for you and your renter. They won’t have to call you as much for things breaking.
Low-Cost Improvements
Everyone loves making things better and we all know that it can be expensive. However, there are some lost-cost improvements that can easily improve the value of your rental home. These include adding new hardware to cabinetry, adding in new light fixtures, replacing light switches, and changing electrical outlets and covers.
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