May 22, 2022

Ways To Increase the Value of Your Rental Property

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One of the best things about a rental property is that you, as the owner, are able to improve it continually. Doing so not only allows you to periodically increase the rent but also makes the property a lot easier to sell in the future. As such, it’s important to know which upgrades are the best for improving the value of the rental property—especially when you’re on budget. Here are some of the best ways to increase the value of your rental property.

Renovate the kitchen

One of the most important aspects of any rental property is the amenities and extras features the kitchen provides. Even if they don’t seem that important to the rest of the property, paying attention to the kitchen in regard to the hardware and appliances is essential. Changing these features to match one another can give the kitchen a much more cohesive and upscale look that can really impress potential renters.

Upgrade the curb appeal

Another important factor that will easily increase the value of your rental property is its curb appeal. Simply put, the outside of the building is the first thing any potential renter will see. The first impression will greatly influence the renter’s opinion before they even step into the building. After all, nobody wants to live in a place that looks dingy and dirty on the outside, no matter how many amazing amenities and upgrades might be inside.

Install new floors

One of the most common upgrades property managers go with is updating the floors. Flooring can get worn extremely quickly, depending on the materials used and the occupants. As such, replacing the floors every few tenants or so is worth it. This will ensure that the floors don’t get too bad as well as provide a fresh look that’s sure to rope in tenants.

However, if you’re renovating other areas, it’s important to note that you should always do flooring renovations LAST. If you do these renovations first, you run the risk of severely damaging the floors throughout the rest of the renovation process.

There are so many ways to increase the value of your rental property, but no matter what area you choose to renovate, it’s important to realize that these renovations should be centered around the tenants’ needs. If you listen to these requests, you’ll make your tenants happy, which will in turn provide you with the security that your tenants won’t leave.

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