Smart upgrades are the magic wand for increasing your rental property’s value affordably with minimum stress. However, ensure the cost of the refurb project has a bearing on the ultimate ROI to avoid sliding below the red line as you pay for it. Consider small adjustments around the house or yard to increase aesthetics, functionality, and curb appeal within a manageable budget.
These minor upgrades could include a fresh coat of paint, new countertops in the kitchen, an additional room, or even potted plants on the front porch. Here are some things you could consider to increase the value of your rental property.
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Spruce up the kitchen
A well-appointed kitchen set in a modern accent can greatly change the character of a rental unit and increase its value immensely. According to experts, a beautiful kitchen is a magnet pulling in more applicants, moving the property faster, and allowing for higher rents. The kitchen never lost its place as the heart of a home, with most family activities centered around it so much so that you might even sign the lease on its countertops!
Cabinetry, countertops, and floors are instant eye-catchers, and giving them an elegant look is a profitable game-changer. A simple and affordable reface will give the cabinetry a stunning facelift while installing quartz countertops to replace tired wood blocks introduces style and longevity. Replace old appliances with modern ones and throw in a dishwasher and microwave as a bonus to enhance attraction. This might sound like a lot, but with responsible property managers in Jackson, the entire process of renting to maintenance and renovation to legal documentation becomes easy. Evernest, CrestCore and NCDG are well-known names in this field.
The bathrooms
After the kitchen, the next area that you can fix to wow prospective tenants is the bathroom. Installing a stylish vanity in the bathroom adds charm and functionality that instantly connects with potential tenants drawing them in with a touch of perceived luxury. Place a large mirror elegantly framed above the vanity to complete the picture of functionality and opulence, giving the small room an illusion of space.
Thoroughly clean the bathroom and replace the faucets, toilet, tub, and shower if defective or looking old to raise standards and hygiene levels. Pay special attention to both natural and power lighting to add to the allure of the room and use neutral colors that allow the tenant to customize later. Some cabinetry placed unobtrusively to increase storage space in the bathroom will add functionality and value to your rental.
Make it a smart home
We live in smart times with amazing technology that makes life exciting with gadgets that increase security and convenience in homes. Millennials, who form a sizeable percentage of renters today, are deeply immersed in technology and practically run their lives by it. Installing modern smart home technology will instantly raise your property appeal and leverage this emerging demographic profitably at minimum cost.
Smart home technology offers both tenant and landlord convenience when controlling appliances around the home. Lights, temperature, and access can be automated or controlled remotely via a smartphone or tablet, saving time and money.
Security cameras, video doorbells, and smart locks enhance the tenant and property security and increase the rental unit’s value. The video doorbells provide added privacy to the tenant, who can see the person at the door without opening it.
Hire a property management company
When you have a rental property, the work is endless, and you may not have time to fully attend to it. Hiring a professional property management company to take care of the house on your behalf is an excellent way to increase its value and ROI. These experts will handle the entire rental process from marketing to maintenance, and you can be assured of quality tenants and timely rent collection.
You can find experts in property management anywhere; for example, you can explore the best condo property management companies in Toronto easily online.
Powerful first impression
Your property needs a strong visual impact to raise its value in the perception of prospective buyers or renters. This first impression, also known as curb appeal, is what attracts tenants into the house itself and greatly influences the value of the property. To increase curb appeal, pay attention to the lawn, the plants, the driveway, and the general façade of the house to bring out a beautiful and homely look.
A bright and elegantly styled entry porch or verandah with potted plants pulls in prospective tenants who start envisioning it as their home. If you have a front yard, spice it up with stylish landscaping accentuated by lush shrubs, colorful flowers, trees, and a perfectly kept green lawn. A deck or patio to facelift and expand the outdoor spaces is a high-value addition and one to seriously consider.
Add a bedroom or bathroom
If your rental property has an additional room variously labeled den or study and only one or two bedrooms, turn it into the third bedroom. More bedrooms attract family tenants and equally higher rents while ensuring longer periods of occupancy. Instead of offering bonus rooms that may be used for simple storage, add a closet or buy an affordable wardrobe to convert the room to more practical use that enhances your property value.
The convenience and comfort of using the bathroom whenever the need arises is one more attraction to tenants that you can consider to up property value. When family members realize they won’t be queuing up at one bathroom in the house, they will pay handsomely for the convenience. More bathrooms are also trendy. Besides convenience and such, they influence property value.
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