6 Tactics to Improve the Value of Your Rental Property
If you are the owner of rental property, you may be interested in enhancing its overall value. Here are six specific tactics to improve the value of your rental property.
Upgrade Plumbing Fixtures
A fairly simple tactic you can employ to improve the value of your rental property is to update or replace plumbing fixtures. This includes sink fixtures in the kitchen as well as in the bathroom or bathrooms.
Many people are capable of replacing plumbing fixtures on their own. Even if you need professional assistance, it is not a time consuming or costly endeavor to replace plumbing fixtures throughout a rental property.
Install Better Countertops
Another step you will want to consider taking when it comes to improving the look and value of the rental property is to replace countertops. Start with the kitchen first. As a rental property owner, you may want to install cheaper countertops to control costs.
However, the reality is that by installing slate, granite, quartz, or some other type of solid countertop, you will be able to increase your rents as you improve the appearance of the property. Additionally, by replacing with one of these substances, the durability of the counter increases. Less time and money is spent maintaining these countertops.
Replace the Flooring
Landlords have something of a reputation for going cheap when it comes to floors. For example, many property owners install the least expensive flooring material. Landlords theorize that they not only save money on the initial installation, but tenants will quickly damage the floors. Thus, in a landlord’s mind, spending money on nicer flooring is something of a fools journey.
The reality is that by investing more in flooring, it can stand up better to the tenant’s normal wear and tear. Thus, despite a bit higher initial investment, that expenditure will pay off over time.
Tenants tend to be space deprived. This particularly is the case when it comes to storage space. Thus, an excellent way to improve the value of your rental property is to make sure there is a good amount of storage space.
This need not be storage space in a rental unit itself. What it does mean is that somewhere on the premises a tenant is able to access secure, suitable storage space. For example, if a multi-unit rental property has a basement, developing that into a space in which a tenant can store property will up the value of the property overall.
Depending on how old your rental property is, the time may be now to install new windows. There has been a significant improvement in residential windows over the course of the past decade.
In addition to making a rental property more visually appealing, the installation of new windows has other benefits as well. New windows will be better adept at regulating the environment inside a rental property. In addition, new windows are likely to lower energy consumption, which will save a tenant money.
Improve the Roof
Many tenants pay no attention to a roof until there is an issue. You can improve the appearance and value of your home by repairing or replacing the roof.
Depending on the material utilized for the roof in the first instance, in some cases, the time for replacement arrives at about the 15-year mark. At a minimum, there are likely repairs to be made with the roof.
Whilst it is true that a tenant usually pays no attention to a roof, if a problem occurs, that is no longer true. Roof problems tend to create multiple problems which the tenant will remember. And, when a problem occurs with a roof, the costs tend to add up quickly. The best recourse is to get ahead of the problems.
Final Thoughts on How to Improve the Value of Your Rental Property
By implementing these tactics, you will able to enhance your rental property significantly. This results in the premises being more appealing, even more habitable. It will also mean that you may be able to put yourself in a solid position to charge a bit more in rent for your property.
As you consider what changes might be best for your rental property, you might want to engage the services of a professional inspector to give the property an all-important once over. In addition, a skilled, experienced home improvement may be able to assist you in making your vision for your rental property a reality in an affordable manner.
Jessica Kane is a writer for Viking Fence, the number on fence rental company in Houston.