Increasing the value of real estate investment allows increased income and profit from the rents you’ll get from tenants. It’s important to achieve the desired ROI from your property investment.
You can implement ways to make your property looks worth the investment & valuable for tenants. Your focus should be on improving the curb appeal of your home in order to make it eye-catching for tenants.
Upgrades and renovations aren’t only essential to the value of the property but ensuring a fresh look of it. Follow our best ways to add value to your rental property to earn from it.
Know How to Increase Rental Income With 8 Easy Ways
Here are the 8 ways to add value to your investment property and make it more attractive:
1. Invest in Appliances
Making your rental property well-equipped with high-quality appliances can be the best way to increase its value. The appliances you can invest in can be a refrigerator, washer, dryer, and dishwasher.
This will help your property become a considerable investment for many tenants since most of them would not carry appliances with them and they have a high budget to make a purchase. If you have a tight budget and want to buy affordable appliances, outlet stores, restores or even home auctions can be your best choice.
2. Remodel the kitchen & bathroom
The kitchen and bathroom can either make or break your home value. Apart from other rooms, these two spaces are also important in a home. Every tenant wants a kitchen that can fulfill all their needs i.e., helping them cook the best quality food and making meals of the day.
If your kitchen area looks outdated, consider its remodeling. Updating the countertops, refacing the cabinets, and installing appliances are enough to leave a positive impact on your property. When it comes to renovations, kitchen & bathroom remodeling are considered as the higher ROI driven for the property owner. In the long run, it can recover about 72% of your costs and adds an average of nearly $19,000 to your eventual resale value.
3. Install New Floors
If your property has old carpet or linoleum flooring, you can update it into something that’s less time-consuming and durable. Replacing your floor with quality materials can transform your home into more photogenic and marketable. You can choose to add vinyl, hardwood, or laminate depending on your style, location, and budget you have. It’s best to consult with an experienced real estate agent in your area to help you make the right choice based on the climate in your area.
4. Add extra living space
Another way to increase the value of your rental property is by providing extra living space. With an additional room, you can charge more for rent with the many people living in the property. While this doesn’t mean you should necessarily build a custom addition, it might be crossing your mind, could you close off that loft area and expand your livable footage? If you can increase your rent by hundreds per month, it would be worth it.
5. Add Fresh Paint
Adding fresh paint is one of the easiest improvements made to rental property. This can make the entire unit look newer in the eyes of the renter and thus eventually increase the rent you can charge.
When it comes to choosing the paint colors, it’s best to go with neutral colors. If you notice the hallway or doorway is worn down that requires paint, take the necessary steps to cover that up. According to studies, fresh paint can increase property value by an average of 5%. Thus, adding fresh paint to the rental property will more likely attract a larger population of tenants. With the painted property, you’ll be able to justify the increased value more easily.
Most rental property investors don’t really take care of their landscape which could cost in the long run. Landscaping is vital to make your property valuable and worth considering by the tenants. Some landlords are tentative about investing a few hundred dollars in landscaping shrubs and plants, wondering if it doesn’t really matter for tenants.
However, taking proper care of your landscape by hiring a landscaper should be your goal. This will improve the importance of your property so that tenants know your property is well maintained, improving the property value and giving you the opportunity to charge a little higher rent.
7. Provide More Storage Space
Storage space is amongst the most important amenities to provide. Storage options are worth considering by tenants in case they need a space to put add-ons. Some small and simple ideas for boosting storage include adding hooks to key areas like entryways and bathrooms, installing closet organizing systems, and adding shelving in a pantry.
8. Focus on Maintenance
Maintenance is key to ensuring the life of the property in the long run. It’s essential to make sound investment decisions when maintaining your property. Each investment should be worth the time and money you invest into. Keeping your property well-maintained helps you with higher efficiency while costing you much less in the long run.
Stop Your Search for Rental Property Manager in San Diego
Sunset Property management and Realty has an experienced team of rental property managers who can ensure to increase the value of your property with the list of upgrades and renovations in order to place your property among the top ones, resulting in catching the eyes of tenants in San Diego. We’ve helped thousands of landlords to make the most of their investments by making. So, what are you waiting for? Let our professionals help you achieve the best results in real estate investment.