Rental properties are almost always in demand, especially if you have some located in the industrial belts. Even then, certain minor upgrades can drastically increase the value of your property and fetch you a much larger rental income every month. A lot of times, landlords are dissuaded from beautifying and upgrading their property, since tenants can damage the property while they live and then there would be additional expenses incurred on more renovations. This is where your property management company will swoop in for its work. As long as you put up your listings and try to improve the quality of living, you can enjoy a much higher rental income as well as better reviews, all while your property management company handles the tenant problems and other issues. Let’s take a look at how you can boost the value of your rental property.
- Make sure the curb appeal is faultless.
This is the first thing people notice about your property, therefore, it will create the first impression of ‘good’ or ‘meh’ in the minds of the tenants. Most people search for homes that do not look like they are rentals, and for this, the curb appeal plays a big role in affecting their decision. You can opt for a sodded lawn which is cheaper to maintain, ensure that the paint looks good as new and put up inexpensive fixtures such as porch lights and small flower pots in front of the house. Your rental will look like a separate house in itself, and will definitely fetch you more income.
- Make sure that appliances are available and work properly.
This can be a big advantage over other rental properties, since landlords mostly do not invest in appliances for tenants. If you cannot afford appliances for individual rentals, you can have a few that are used commonly, and this will still improve your rental value. For example, if you offer laundry services, your tenants will not have to make weekly trips to the nearest Laundromats and will be willing to pay a greater rent. If you are worried about your appliances getting damaged, you can always ask your property management company to frame terms and conditions which would exact penalties from tenants in case they damage your appliances.
- Invest in better fixtures.
Who does not like it when their living space is optimised using fixtures? Good faucets in the bathroom, better lighting systems, window blinds and door handles are all examples of how you can up your fixtures so that you make life easier for your tenants. Investing in better fixtures also ensures that they last for a longer time and you do not have to spend a lot behind maintenance. Investing in eco-friendly options goes a long way in showing your tenants that you care about the environment and will also help you save on your energy expenses. As usual, if anything is damaged, you have your property management company to handle the matter professionally.
These are simple ways in which you can upgrade your property and enjoy a much larger rental income for a very low investment.