7 Simple but Effective Ways to Increase Rental Property Value

Updating and improving the property is what makes it more attractive for home renters. These improvements can not only draw new tenants but also increase the property’s value.

These days, renters, particularly millennials, are looking to make their homes more comfortable with modern technology and energy-efficient appliances.

An excellent way to increase your rental property's value is to improve and upgrade it. Making smart investments that are consistent will bring in quality tenants in 2022. It will also increase your ROI which will allow you to make more money over the long term.

Return On Investment

Maintaining your property in good condition can make a difference in the lives of your tenants and improve your ROI. Return on investment (or ROI) is a measure of the property's total profitability relative to its total expenditure. You can increase your ROI by making both indoor and outdoor home improvements. This will make you a strong impression to potential renters.

You can improve the property's value by making small or major improvements, such as painting each room, updating kitchen appliances, or flooring.

Here's a list of top home improvement ideas you should consider in 2022.

1. Enhance curb appeal
2. Fresh paint
3. Modern design
4. Advanced security devices
5. New stylish flooring
6. Bathroom upgrades
7. Energy-efficient updates
8. Boost Curb Appeal

When potential renters visit your property, the first thing they will notice is its outdoor landscaping and curb appeal. Proprietors should prioritize maintaining a well-kept outdoor space. A little effort to improve curb appeal can pay big dividends if you have good tenants who are willing and able to pay for it.

Neglecting to maintain the outside areas of your rental home will make it difficult for potential renters to view it. It is important to maintain the yard, keep the trees under control, and add flowers or plants to the landscape. This will make it look great. You should also make sure that your porch and deck are kept clean. This will ensure that everything looks welcoming, clean, and new each year.

Fresh Paint

A fresh coat of paint can be a great way to improve the value of your home. A fresh coat of paint can make a space appear brand new, regardless of whether it is old or new. While it might not seem like a big deal, renters will notice the difference and be more likely to rent your home.

Tenants will feel more at ease if they are greeted with bright, welcoming colours. To make sure that tenants feel at home in the rental space, neutral colours such as beige or white are ideal. This allows for fun, bright pops of colour to be added to furniture or home decor.

Latest Appliances

Modern appliances are what renters want most. Renters can find it expensive to purchase newer appliances. There is a lot of potential in these appliances to be profitable if rent is adjusted and utilities are charged appropriately.

You might consider these appliances for your home:

1. Washer/dryer
2. Dishwasher
3. Stove and oven
4. Refrigerator
5. Advanced Security Devices

It is a smart idea to update technology, especially in the area of security devices. You can make your tenants feel comfortable and safe in their home by installing a smart lock or security cameras.

This will not only make it convenient for tenants, but can also be beneficial for you as a property manager. It will be easier for you to identify suspicious activity, break-ins, and damages to your property if surveillance is in place.

New Flooring

After years of wear, flooring needs to be replaced. Tenants will likely notice signs of ageing, stains or damage to their flooring when they visit the property. A durable flooring option is a great way to keep tenants happy and ensure long-lasting durability.

Hybrid Flooring

There are many flooring options available, including hardwood and tile. You will need to go through your home to determine which one is best. It's one the largest home investments but it can also be a major selling point for high-quality tenants.

Bathroom Upgrades

Tenants are keen to have updated bathrooms. You can make this space more appealing to tenants by remodeling it or buying newer appliances and trending taps This will also increase your property's value. Renters will find newer appliances more attractive than old appliances.

Black Bathroom

Bathroom remodeling is a great way increase property value. You can save money by choosing energy-efficient appliances like a water saving faucet and showerhead. It is possible to increase the overall value of your home by updating lighting and flooring.

Energy-Efficient Updates

Converging on energy-efficient upgrades for your home will not only save the environment, but also attract the attention of potential tenants. People are trying to be more environmentally-friendly and reduce their environmental impacts more than ever before. While it might seem costly at first, tenants who are good tenants will soon appreciate the cost-effective amenities.

You might want to look at these energy-efficient upgrades:

1. Toilets that are low-flow
2. Solar panels
3. Smart thermostat
4. Accessories to save water
5. Washer and dryer with low energy consumption
   

Reach out to local Property Managers

Every now and again, it is important to implement strategic home renovations that are timely and well-planned. This will increase the property's overall value and help tenants find great tenants. Landlords have a lot of tasks, including installing new flooring, modern appliances, and making outdoor improvements.

Need help deciding on upgrades? You aren't sure what improvements will make the most sense?

Bay Management Group can help you find a local manager if you're in need of a place to turn. We can increase the property's value and bring in quality tenants to your rental property.