There are many great ways to increase a property’s value. Some being low cost quick jobs, and others require more time, effort, and money. Below are some helpful tips that are bound to add dollars to your rental unit.
Cleaning:
It may go without saying but first impressions are everything. A clean apartment ensures prospective tenants will be viewing it at it’s very best. Nothing can send a potential tenant running faster than dirt, mold, and bugs.
Paint:
A good painting job can work wonders on the appearance of a space, breathing new life into areas that might be tired or outdated.
Curb Appeal:
If your rental property is a house, the first thing potential renters will see is the exterior of it. Again this is where first impressions are important. Something as simple as adding a new mailbox, trimming hedges or adding outdoor lights can make your property more inviting and appealing.
Replace Windows/Doors:
This change can help a great deal in the aesthetics of the home. It can also be a solution to reduce noise problems within the space. In addition it can help lower heating/cooling bills for the unit.
Change Flooring:
Adding hardwood or updating carpets can increase the value dramatically.
Reduce Noise:
Tenants want to feel like their home is just that, their own. They don’t want to hear noises from neighbors and the like. Adding insulation, installing double pane windows and doors, installing carpets and rugs to minimize footsteps are some solutions.
Updating or Renovating Kitchen/ Bathroom:
Small updates such as replacing fixtures or switching countertops can make a huge difference to the feel of the space, taking it from outdated to modern and fresh looking. Paying for major renovations can really provide a big payoff in the long run, adding hundreds of dollars in monthly rent.
Create a More Functional Layout/Modernize Floor Plan
Making the space more functional can also increase the property in value. For example taking down or adding a wall, creating a den or extra bedroom, or adding a master en- suite. This will cause great appeal for potentials tenants.
Whether it is a small paint job to add a fresh feel to the unit, or a major kitchen overhaul, these alterations can really make all the difference. Many times these changes will attract a higher class of tenant, who are willing to pay above market rents, and therefore putting more dollars in your bank account.