5 Ways to Add Value to Your Rental Property

5 Ways to Add Value to Your Rental Property

Feb 20, 2019, 8:58:22 PM Business

Being a landlord might seem like the easiest way to make some money, but it’s in fact far away from that.

Renting a property to someone you don’t know is always a challenge and a ton of hard work.

You have to get this property ready for new tenants, spice it up a bit and keep it clean, and you still can’t be sure if it’s all going to work out between you and the tenants you find.

But, if you invest some money into your rental and boost its value, you’ll be able to earn more in the long run and make all your hard work pay off.

If you too want to do that, there are lots of ideas you can explore, so here are five of the best ways to add value to your rental property.

Redo the Floors

This might be the easiest yet most effective way to boost the value of your property and make it worth more than ever. All people love living in a place with proper floors, and when inspecting your home, all tenants are going to appreciate the time and effort you’ve put into installing new ones. The type of floors doesn’t really matter that much – as long as they’re new and shiny, they’ll do the trick.

The problem with redoing the floors is that this isn’t the easiest job in the world. Depending on the size of your rental, it may take up to several weeks and thousands of dollars, so look into different options and rethink them. Alternatively, cover up your faulty floors with vinyl tiles, carpets or foam tiles, as these options look just as appealing as new flooring.

Repaint the Walls

This is another easy solution that will take the visual appeal of your home to a new level and make it welcoming and enjoyable. It’s less expensive, stressful and time-consuming than installing new floors, and the options are limitless, so you just need to pick a neutral colour people might find appealing.

The best thing about painting the walls is that you can do it on your own, thus saving lots of money. Remove all your furniture, purchase some paint and a few brushes, invite a couple of friends over, and you’ll repaint the entire rental in just a day or two. In the end, you can never go wrong even if you don’t have any painting experience – if your tenants don’t like the colours you’ve picked, they can always repaint the walls themselves.

Renovate the Kitchen

Even if the people living in your rental aren’t the biggest fans of cooking, they’ll want to spend some time in the kitchen, preparing food and hanging out. That’s why your kitchen needs to be inspiring and unique, so renovate it before welcoming new tenants.

This may sound like a huge investment, but it will boost the value of their rental, so don’t be afraid to get a new oven, stove, fridge and washing machine. These investments go a long way, but don’t forget to add a few unique features as well, like one of those useful fire ducts from Thor Duct that will keep your new tenants’ kitchen clean and healthy every day of the week.

Replace the Windows

Old and ineffective windows are among the most common problems with old properties, so you’d better replace them as soon as you can. These can seriously ruin the aesthetic appeal of your rental and make it much less desirable, and that’s something that can ultimately make or break your entire career as a landlord.

Moreover, a few of those double-glazed windows will help your tenants control their indoor temperature more easily and save a ton of money on their heating and cooling system. Their home will be warmer in the winter and cooler in the summer, and they won’t need to spend any money on it, which means this is really one of the best ways to boost the value of your rental!

Add a Washer and Dryer

Since not all rentals include these appliances, having a washer and dryer can make your place stand out. Nobody says you need to get the latest models, but an average washer-dryer combo can make all the difference, especially in certain cities.

This appliance can give your tenants a chance to do their laundry whenever they want and as often as they want, and that’s something they really can’t put a price on. You could be asking up to $100 more just for including it in your rental, so it’s definitely an investment worth making.

Fixing the curb appeal, renovating the garage and creating a pet-friendly space are just some of the other ways to add value to your rental, so find the ideas you like the most and start turning them into reality before your tenants start arriving.

Published by Michael Deane

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