5 Brilliant Ways to Add Value to Your Rental Property
If you’re a real estate investor, one of your priorities is to have people occupy your property and pay rent worth its value. However, the real estate market continues getting flooded with upcoming developers with the latest trend. If you want to have tenants in your rental property, you have to stand out by adding value to it in the following brilliant ways.
Offer something extra
Regardless of your rental property being suitable for students, couples, or families, if you offer something extra that ups their comfort, they will always be okay paying more. The key is to do your market research and establish who your ideal tenant is. That way, you can work towards finding that which appeals to them. It could be something as simple as creating a study area or providing WI-FI access.
Make repairs
Suppose you’re moving to a new home and decide to rent out your last family house; if you’re looking to attract potential tenants, you must ensure it is in good condition. There are many options in the market; if your property is damp and tired-looking, clients will forego it for a cleaner, brighter, and a fresh-looking house where they can call home. Spruce up your property with new paint, freshly mowed lawns, proper lighting, safe roofing, and clean windows. However, you can always consult oc management to provide insights to improve your building’s livability and quality.
Go green
Some of the most devastating news you hear daily are on climate change due to greenhouse gas emissions. Many individuals and families now prefer to live in green homes to reduce their carbon footprint. Going green with your rental property does more than save on utility bills due to energy efficiency; it also boosts property value. Focus on upgrades, such as installing LED bulbs, insulating the property with new windows, and installing solar panels. If your property is furnished, purchase modern Star-rated appliances that consume less energy.
Add curb appeal
Curb appeal, such as a fresh coat of paint on your walls, carefully placed shrubs, and flowers, can significantly impact prospective tenants. Nowadays, many tenants go for a rental property that feels like home; neat landscaping, fresh greenery, and trendy paint colors might be the much-need fix to make your rentals look stylish and attractive.
Increase storage
Storage is among the top priorities for tenants; moving into a new property and purchasing bulky furniture, such as wardrobes, is expensive and clumps up the space. As a landlord, you can make your property shine by increasing storage space with in-built creative units for clothes, shoes, toys, dishes, and electronics. Additionally, you can work with simple but creative ideas, such as installing hooks at the entrance, adding a pantry, and installing shelves for extra supplies in the garage. If there’s extra space, build a shed on the property.
Rental properties are different, and they provide options for today’s clients. As a landlord, you must aim at getting the most from your rental property by making it stand out to renters. Make simple upgrades, go green, increase storage, and most importantly, ensure you have the right insurance.