10 Tips To Add Value To Your Rental Property
If you’re getting into the rental property niche in real estate, there’s a couple of things you should know. First, understand that the competition in this niche is more challenging than you think. It’s going to take more planning, real-time adjusting, and general effort to stand out in a crowded environment. Second, keep in mind that this niche will also require consistency through little to no progress. There are too many cases where property owners bailout of the industry just as soon as they’re about to see success. That said, if you’re able to implement these strategies with your investment property processes, you’ll naturally increase the amount of time you maintain success.
However, you can’t ignore the smaller details when it comes to property management. More specifically, this means knowing how and where to add value to your rental properties. The name of the game is to implement the qualities we talked about combined with finding ways to improve property functionality and aesthetics. Now that we know how to approach property management, here’s a list of ten tips to add value to your rental property.
#1: Integrate Smart-Home Technology
Arguably the best way to add immediate value to your home is to integrate smart-home technology. Smart-home technology is becoming standard in virtually every home. So, if you want to increase the chances of you locking down a good tenant, integrate this wherever you can. There are plenty of options for this technology including smart-home lights, refrigerators, and much more. While this can be a costly investment at first, have the peace of mind that this investment will pay off in the long-run.
#2: Add Detailed Lighting
Adding detailed lighting is one of the easiest ways to add investment property value. On top of that, it’s also one of the most effective persuasive qualities of a property that can land you the tenant you’re looking for. Something as simple as lighting strips around cabinets and drawers can make your property go from regular to high-end immediately. If cost is a concern, adding these lighting details can be done with an investment of a few hundred for a profit of a few thousand.
#3: Upgrade The Wall Outlets
One overlooked detail that can add value to your property is upgrading the wall outlets. With outlets coming standard in virtually all properties, your chance to stand out is by adding smart outlets or added functionality outlets instead. These outlets come with added features such as phone charging stations and other ports. Much like adding detailed lighting, upgrading wall outlets allows you to invest a few hundred to profit upwards of thousands.
#4: Give The Property A New Paint Job
As a property owner, one of the necessary processes you’ll do before renting out is giving the property a paint job. However, this is a step that’s somewhat overlooked as well. Instead of painting over the property with the same color, consider giving it a fresh paint job with another color to add to aesthetics. Just make sure that the new paint job isn’t too extravagant as it can drive some tenants away who are looking for something more subtle.
#5: Remodel The Kitchen For Space
When it comes to the kitchen in your property, note that most people prioritize space over any other quality. The idea is that this solves the problem that most tenants have with too many people in the kitchen at once. If you can remodel your kitchen with this problem in mind, not only will you add value but, you’ll drastically increase the number of tenants who want to pay you.
#6: Don’t Forget About Lawn Upkeep
Lawn upkeep might sound like an obvious step in managing a property, however, you’d be surprised to see how many people don’t give this process enough attention. More than anything else, keeping up with the property lawn adds value in that it adds to the aesthetics that every tenant looks for in a property.
#7: Consider Swapping Out Carpets
Carpets can be both a blessing and a curse for your property. It’s a blessing in that it can add value if the tenants keep it clean. However, it can seriously diminish value if it isn’t kept clean. To get around these issues, consider getting rid of your carpet altogether and putting in floors instead. These are easier to manage and do add some value in the long run.
#8: Remodel The Bathrooms For Space
Remodeling the bathroom for space serves a similar purpose that remodeling a kitchen for space does. If you’re able to accommodate everything that a bathroom requires while allowing for space, you’ll property will stand out from most.
#9: Be A Responsive Property Owner
Sometimes adding value to your property doesn’t have to cost anything. A great example of this can be seen in being a responsive property owner. If you’re always on top of your tenant’s needs, you set yourself up for positive feedback when it comes time to look for new tenants. This then makes raising your rent prices easier and hassle-free.
#10: Hire Professionals To Get The Work Done
As a property owner, one of the necessary processes you’ll do before renting out is giving the property a paint job. However, this is a step that’s somewhat overlooked as well. Instead of painting over the property with the same color, consider giving it a fresh paint job with another color to add to aesthetics. Just make sure that the new paint job isn’t too extravagant as it can drive some tenants away who are looking for something more subtle.