If you own a rental property, increasing its value and marketing it well are probably your top priorities. In order for people to actually rent it out, though, it needs to be appealing. The rental home market is competitive, and while there are plenty of people looking for places to stay, there are just as many available locations.
So, what can you do not only to make your property stand out but to increase its profitability?
The answer is simpler than you might think. With a few renovations and upgrades, you can increase the overall value of your property, making it more appealing to potential renters. As a result, you may even be able to charge more and enjoy the fruits of your labor. Some of the additional benefits of rental renovations include potential tax breaks, reduced maintenance, and a reduction in tenant turnover. Let’s look at some easy options you can try right away.
Small Renovations Go a Long Way
Some of the easiest ways to instantly add value to your rental property include:
- Improving the front appearance (curb appeal)
- Improve the interior lighting
- Update the kitchen
- Include a washer and dryer
If you don’t have the funds for major renovations and improvements, it doesn’t mean you can’t boost your property’s value. Even re-painting can make a difference, especially if you choose colors that are warm and inviting. Using stain-resistant paint is also a great option, as it can help to lower your maintenance costs and keep things looking clean.
It’s also important to keep your property looking homey and comfortable. In the wake of the COVID-19 pandemic, people are spending more time at home than ever before, and many people are even working from home. Your rental should provide a welcoming, distraction-free place to live and work. One way to do that is by using natural sound barriers around the property, like trees and shrubs.
Be ‘Smart’ With Your Property
People don’t want to feel as though they’ve stepped back in time when they come home. While old-fashioned charm is one thing, if it gets in the way of having a functional property, it becomes a problem.
One way to increase the value of your property and attract more renters is by turning your rental property into a “smart” home. Doing so can include everything from installing energy-efficient appliances to using smart fans, thermostats, and security systems. Including smart features in your home will show potential tenants that you care about their well-being, safety, and comfort.
Smart homes also tend to be more environmentally-friendly and use less energy. That can be another big draw for people and something you can use when you advertise the property. With an increased interest in sustainability, people are looking for ways to do their part to help the planet. A more “eco-friendly” living space can be very appealing.
Increasing the profitability of your rental property doesn’t have to be difficult. Keep these simple upgrades in mind as you move forward and try to attract new tenants.
Luke Smith is a writer and researcher turned blogger. Since finishing college he is trying his hand at being a freelance writer. He enjoys writing on a variety of topics but real estate topics are his favorite. When he isn't writing you can find him traveling, hiking, or gaming.
Want to submit a guest post to Visio Lending? Check out our guest post guidelines.