The goal of any property investment is to increase value. You want it to be worth more than when you bought it. Even while you wait for an upswing in the housing market, there are a couple of things you can do to boost the property value up in the meantime.
Rental property improvements, unlike those for a primary residence, need to increase the value of the property without over-improving it. You wouldn’t want to spend an awful lot of money on a renovation where you are less likely to see a return on your investment. For instance, installing high-end Viking appliances in a home in a middle-class neighborhood would be an over-improvement.
Here are 9 easy things you can do to enhance any rental property no matter what kind of schedule or budget you’re on.
1. Change Flooring
This is an excellent way to boost the property value. You can decide to use higher-end materials like hardwood, stone, tile or laminate to replace carpet and linoleum of lower grades. This will not only make repairing, caring, and cleaning the floor much easier for landlords and tenants, but will also add value to the property.
2. Improve Plumbing Fixtures
Changing out a door knob, cabin handles, light switch covers or even a light fixture is an easy way to breathe new life into a space. Fixtures that are more than ten years old, regardless of their condition, should be changed. Moving to a more refined finish like brushed nickel or oil-rubbed bronze will certainly boost the outlook of your rental property.
3. Improve Storage
For renters, storage is essentially a top priority. As such, landlords can further make their rental properties more appealing by increasing storage options . For example, landlords can add hooks to areas like bathrooms and entryways. Also, they can add additional shelving in the pantry and install closet organizing systems. Better still, landlords can create built-in shelves or in-wall storage, install permanent shelving in the garage, frame a new closet, or even add a shed on the property.
4. Install Better Countertops
Since plastic laminate countertops are subject to discoloration, installing countertops made of quartz, slate, granite, or other solid surface material will certainly boost the look of any bathroom and kitchen.
Also, acrylic or polyester composites, stained concrete, or ceramic tiles are better stone alternatives since they’re both beautiful and last a lifetime.
5. Replace the Roof
Neglecting the roof can lead to serious damage in severe weather. A roof that is approximately 15 years old requires replacing. With the help of a roofing inspector, landlords should make replacement arrangements. A good looking roof not only helps increase the value of a property, but also helps protect the investment beneath.
6. Add/Change Windows or Doors Depending on the Age of the Rental Property
This not only helps lower cooling and heating bills and increase natural light inside the home, it also improves the aesthetics of the home. For windows, landlords should consider upgrading to double pane windows to help muffle outside sounds and provide better insulation. Other upgrade options to consider include using insulated windows or those with blinds inside the panes.
For quick beautification of a bare property, plant mums in early fall or impatiens in late spring. Stonecrop, lamb’s ear, and pansies can all get past a frost, while tall, tropical cannas can grow to great heights in only a single summer. For long-term, low maintenance goals, plant tulips, day lilies, and hostas. These are not only cheap but also come back every year.
A fresh coat of paint can do wonders for any property. Closeout stores offer inexpensive solutions but often have a limited selection of basic exterior and interior colors. Regardless of where you decide to buy your paint, you can drastically cut expenses by opting for semi-gloss finishes over high-gloss ones. Furthermore, plenty of stores offer a wide variety of products that can help you create custom colors at a fraction of the cost.
9. Miscellaneous Upgrades
There’re all kinds of unique upgrades that property owners can do to increase the value of their rental property. Ideas include installing surround-sound systems, tankless water heaters, updating siding, and extending the square footage, like an additional bathroom or bedroom.
As a general rule of thumb, landlords should always start with taking care of the basics and then tackling the more cosmetic upgrades down the road. Also, before embarking on the renovation journey, it is important to first begin by doing some research on the area to find out how much the property will be worth after the renovations are done.