The value of a rental property depends on how well it’s maintained. From minor fixes like updating the hardware to major projects like a new roof, it’s important to know how to maximize the value of your rental property as a landlord. Upgrading the quality of your rental property helps maintain tenants and increases the future resale value. Renters place importance on the functionality of the home for day-to-day living, which means maximizing the value also includes updating the foundation of the property. Learn what kind of home improvements can upgrade the quality and appearance of your rental property for future tenants and maximize the resale value.
Prioritize Easy Fixes
If you’re not in a position for major upgrades, prioritize the easy fixes that can have a dramatic impact on your rental property.
Apply a fresh coating of paint, or just touch up areas in the rental property to renew the interior. Consider modernizing the hardware such as light fixtures, cabinet handles, and blinds for additional easy fixes.
Update Curb Appeal
The outside of any property makes the first impression on people. Updating the curb appeal of your rental property increases the chance of tenants moving in or buyers if you’re looking to sell. If you want to transform the curb appeal of your rental property, consider planting flowers to complement the front or investing in stone veneer siding to improve the exterior.
Add Popular Amenities
Figuring out how to maximize the value of your rental property includes learning what sets your property apart from others. If you’re searching to fill vacancies, consider adding the following amenities:
- Storage space: Renters prioritize space to store belongings and to live comfortably. Consider expanding the floor plan or knocking down extra walls to afford more space for renters.
- Fenced-in yard: Having a fenced-in yard earns your rental property a point for tenants with pets. A fenced-in yard also helps your property have more security for the safety of renters.
- Off-street parking: If the location of your rental property sits in a busy area, offering a spacious driveway or carport can maximize the value of your rental property to working renters.
These amenities and a few tasteful updates to your rental property will help you maximize your property’s value and encourage renters to consider it.