These days, many are now into real estate investments. Many real estate investors are not only buying and selling properties for a living. But they also keep a rental property or two that provide them with monthly income. If you do the same, are you looking forward to boosting your property’s rental value? Then, you’re in the right place.
Simply increasing the price of your rental home won’t do. This is when home improvements come into the picture. But some projects offer more value and return on investment than others, so it pays to do your research. Of course, you need to pick projects that can increase the property’s curb appeal and value while attracting the right tenants. Here are some of those projects:
Your floors matter more than you might think. Have you been rocking carpets for ages? Then, it is time to rethink your choices and replace them with better-looking, more durable, and easy-to-maintain flooring. You have a wide option between luxury vinyl tile, laminate, hardwood, and even engineered hardwood. Consider the pros and cons of each flooring option before choosing one that will suit your property.
No one would say no to a bonus conservatory in any home. These are versatile structures that will allow tenants to enjoy an energy-efficient extra living space. It does not only add value to any property but also boosts its appeal. Conservatories make it easy for your tenants to relax in a peaceful atmosphere while enjoying the magnificent view of the outdoors. Find a reliable conservatory company to build a quality, beautiful conservatory for your rental property.
Many tenants consider the kitchen as their defining factor in choosing a rental home. When the kitchen looks like a mess or outdated or has mismatched appliances, you may lose many clients upon viewing. What you can do is to renovate the kitchen. You can upgrade the appliances and invest in new countertops. Don’t forget that even the smallest touches can make a huge difference, like replacing the fixtures and re-painting the cupboards.
If your rental property has a relatively small bathroom, you may have a hard time giving it an upgrade. But you can also maximize whatever space you have and use that to your advantage. More bathroom shelves provide tenants with additional storage. You can also consider replacing a bathtub with a walk-in shower instead to save some space. Add a vanity mirror, and if space permits, a full bathroom in the master’s bedroom is always a good deal.
When you are a rental property owner, your responsibility goes beyond keeping up with the necessary repairs and maintenance. To attract more top tenants who are willing to pay more, it is only a must that you find ways to improve the comfort and function and, in the process, boost the value of your property. This way, you have more things to offer to future tenants, and they will have more reasons to pay you bigger rent.