Landlords renting out investment properties are often at a loss when it comes to increasing their value. According to B2R Finance, there are a number of things that can be done to substantially increase the value of their properties and charge higher market rents. By making a few simple improvements, the value of an apartment or any rental property can be maximized.
According to Mariah Wojdacz at Legalzoom, a fresh coat of paint can instantly increase the value of a rental property. Besides giving the property a new, fresh look, it shows potential tenants that the owner of the property cares enough to maintain the building properly. Often, rental properties are given a fresh coat of paint after purchase. This should be done after every tenant vacates the premises. This also gives the property owner the opportunity to review any potential damage to walls and doors that should be repaired. Painting can be done cheaply, as discount stores often have a number of affordable paint colors/options available.
2. Reviewing Appliances
Before showing apartments for rent, smart landlords will clean the installed appliances on a property. If cleaning them isn’t enough, it’s often a good idea to replace them with newer models. In this, going to a used appliance store can be very handy. Such stores often have excellent used models that have been maintained or refurbished, at a fraction of the cost of new appliances. This also lets potential renters know that they are being provided quality appliances; after all, it’s a rental property– who’s to say the appliances weren’t used by the last tenant?
3. Make A Rental Property More Energy-Efficient
There are a number of low-cost ways to make an apartment more energy-efficient; something else that landlords can use as a selling point for their properties–remember, an energy-efficient home or office space is worth a lot to a potential renter. While cleaning the property, it’s a good idea to inspect for cracks at wall joints, doors and entryways for leaks and drafts.
4. Light Furnishing
According to Housing.com, a quick review of rental housing in Bangalore is extremely revealing and shows one of the easiest ways to increase the value of a rental property: the highest priced apartments in any category are usually at least partially furnished. These areas are often ideal for many renters who are either starting out or simply disdain the idea of having to move a lot of furniture in. Placing some lightly-used furniture in the apartment (usually a piece of furniture in the kitchen and living area is enough) often yields maximized price potential.
5. Updating Windows
After reviewing the walls and doorways for leaks and drafts, the next step is to look for drafts around windows and seal them, as well as add to insulation around windows, when necessary. According to March Clipsham, older windows can be converted to storm windows quite easily, and the savings potential for a renter is enormous. Because older windows can be upgraded and repainted without replacement, this repair will yield the most savings at the lowest cost; ensuring that the rental property can be charged at its maximum market value.