Boost Your Rental Property’s Value- Top 10 Home Improvement Projects You Need to Try
We’re halfway through 2024 and the perks of rental income aren’t unnoticed. Renting out property is an excellent source of passive income. Being an owner and maintaining your property to get higher values can come with its own set of responsibilities.
As an owner, you must keep up with factors like market rates, demands, and new developments in rental properties. However, there are a number of hygiene practices that you can undertake to boost your property's value and ultimately give you a good return on your investment.
1. Replace Flooring
The first thing you must ensure is in good condition is your property’s flooring. The floors of any house tend to become shabby and tired more than anything else. If the floors have a carpet covering, add value by replacing the stained, worn, and torn ones.
Remember, if you upgrade your flooring, it will look clean and fresh, enhancing your property's value. You will be in a better position if you don't have to ask potential tenants to ignore the stains and scratches on the floor carpet.
2. Fresh Painting
Rental properties justify a certain value when they look good outside as well as inside. Painting is a simple yet effective way to cover any holes, marks, or smudges and make a space look pristine. The outside walls that have started flaking can use a whip of fresh paint too.
3. Open spaces
The exterior of your house is the first impression that your property makes. If your curb consists of welcoming greenery, young trees and healthy plants you must make sure they are in proper health. Tree grow tubes are the best way to protect young trees from wind and pests. Not only do they look appealing but also maintain a healthy environment for them to thrive.
4. Hardware
Once your house has been freshly painted, you should make sure the aesthetics of those spaces match. For example, the kitchen can use a knob, cabinet, and handle revamp, while also matching the overall vibe.
Fresh paint combined with new floors and refurbished hardware makes the perfect recipe for a boost in your rental property’s value.
5. Stability
If your property is situated in an area that has a vertical slope or loose ground, it might be time for you to update your regular walls with retaining walls. A geogrid provides additional stability for your rental structures and makes them reliable in the long run.
6. Adding More Storage
Storage is a timeless attraction that never goes unnoticed. If you want to truly boost your rental’s value, just create more storage space. Anything like cabinets, renovating attic and basement space, and juicing out an additional room works wonders.
7. Landscaping
Generally, landlords do less or nothing about the landscaping of their property. Landscaping is the first space that catches the attention of potential tenants. However, you do not have to break the bank to improve the look and feel of your property. Simple things like planting latticework with ivy, lining a few potted bushes, or planting hedge trees can do.
8. Furnishing and Remodelling
The kitchen and bathroom spaces of a house become tired and worn more than the rooms. Make sure they are refurbished well. The money spent here will be vital in optimizing the rental value.
9. Repairing and Refurbishing
Sometimes home systems like air conditioners, HVAC registers, and appliances become broken, inoperable, and outdated. Thus it becomes increasingly important to repair or replace those for your property to justify the rental value.
10. Add a wow factor
Once a potential tenant visits your property, you wouldn’t want them to forget about it, right? That’s where adding a wow factor helps.
Once your customer becomes fixated on the property, the ball is in your court. From there it only gets smoother for you to chart out your desired value and the negotiation becomes a cakewalk.
Every rental has a different aesthetic and feel to it and this is exactly what you can leverage when thinking of what to add to make your property look exceptional. For example, you can add architectural extensions, artistic corners, a welcoming fountain, or an old-school floral backyard.
Last thoughts
To conclude, boosting your property’s rental value involves a strategic blend of artistic revamps and maintenance efforts.
Rental property does give you plenty of passive income to rely comfortably on but it also demands proactive upkeep of the same. It not only enhances the present value of your property but also attracts quality tenants.
Some initiatives that you can undertake are replacing flooring, fresh interior and exterior painting, optimizing open landscapes, and making use of green spaces. Along with this, it is also important to upgrade hardware, refurbish common spaces like bathroom and kitchen, and add thoughtful aesthetics.
All of these measures are a sure-shot way to enhance your rental property and cultivate a desirable living experience for prospective tenants.
Jenny Kakoudakis likes to blog about interiors. She launched award-winning Seasons in Colour in 2014. When she is not chasing criminals out of the financial system (her day job), she gets creative by redecorating her own home.
Download her free bathroom renovation guide here.
