As a landlord, you don’t stop to find ways to increase rent or profit and attract tenants. The best way to achieve your goal is to make improvements or upgrades to your rental properties. Improving your profits and income by investing in the comfort of your tenants is one of the best ways. Carrying out improvements will result in rental property attractiveness and, at the same time, generate revenues.
Best Improvements For a Rental Property to Increase the Rent Value
- Curb Appeal
The first glimpse of the property should be appealing and make a good impression on your potential tenants. If your rental property has a front garden, you must clear up the garden beds, clean the paths, and remove weeds and as much as possible, paint the fences.
If you own an apartment, you must clean the window boxes, the front door or, as much as possible, do a painting on the door to make it more eye-catching.
Creating a good impression makes the property more attractive for the tenants and never doubt paying high rent.
- Freshen Up the Bathroom
A clean bathroom is one of the things that the tenants consider. Some tenants are willing to pay more to live in a clean and comfortable house with a clean and neat bathroom.
Replace shower head and fixtures, remove any molds, clean the tiles, and replace the shower curtain. These are simple fixes yet will give a fresh and new look to the bathroom.
- Kitchen Makeover
The kitchen is one of the beneficial parts of the home, and the same as the bathroom, tenants will also be able to pay more to have a clean kitchen.
You don’t have to spend more on renovating your rental property’s kitchen. You will need simple things to change and replace to have a new look at the kitchen.
You can replace the handles of cupboards and drawers or swap cabinet doors. Simple changes can create a huge difference.
- Place New Floors
Great-looking floors would be appealing to potential tenants. Replacing old carpets can also attract tenants. It is also good to do research when plans to replace the flooring. There are wide options of flooring that would suit best your budget that will not compromise the quality.
- Additional Spaces
Adding spaces for the tenant’s essential household chores will be a great point among other rental properties. Putting up a washer and dryer place is desirable
for a potential tenant, and they don’t mind paying for more in exchange for their convenience.
Lighting is one of the best improvements that you will not forget. Lights create an impression of space. A dark room is not appealing for the tenants; however, a well-lighted room creates space and allows a sense of welcome and openness.
Placing LED fixtures will reduce your electricity bill, and that is an excellent factor to attract tenants if they could save money for their utilities.
A newly painted property tends to be more attractive. I would suggest applying a lighter shade so that it will look more spacious. You might consider offering your tenant the paint color of their choice, whether to the wall or a particular room.
- Windows and Roofs
Installing new windows will depend on the age of the rental property. Windows is one of the critical parts of the house, and it adds brightness and light to the rental property.
However, the roofs should have a regular inspection, and if the age of the roof is almost fifteen years, you should replace it. A good roof protects the property and adds value to your investment.
- Pet-Friendly Property
Allowing pets is more favorable than the other rental property that don’t allow pets. It is also has a high demand for pet-friendly property. Pet lovers will never mind paying extra for their pets than to separate with them.
In some cases, it might be a great risk for your rental property as an investor. For increased rent from a pet lover tenant, you must add in the lease or contract protection for your rental property like carpet cleaning that will be shouldered by the tenant and any damage caused by their pets the tenant will pay.
How Can I Attract More Renters?
An essential factor in running a successful rental property is attracting more tenants. However, to attract new tenants, you must advertise your rental property, have clear communication with your potential tenants, and, most importantly, a well maintain rental property.
Maintaining and improving your rental property will attract more tenants and get a higher rental income. Impressing your potential tenant when they see your property is your goal. And to attain the goal, you have to make sure that your rental property is strikingly appealing.
To make sure that your rental property is strikingly appealing, you have to ensure that your rental property has an impressive curb appeal, is entirely clean inside and out, and is properly maintained.
Is it Worth Renovating or Improving Your Rental Property?
Updating new floors, improving the bathroom and kitchen, painting walls, or even simple fixes can be a significant factor in increasing your rental income. A rental property that has more improvements or provides more comfort to the renters is more marketable than the one that doesn’t have an improvement or no improvement.
It would be best to consider renovating or improving your rental property because it will help your rental property more noticeable than other rental property. It will also increase the value of your property. Another reason that it is worth improving your rental property is because your future tenant will be satisfied with the improvements or most likely have an impressive experience. They may also have a more comfortable and stress-free living.
So Is it Worth Renovating or Improving Your Rental Property? It is worth renovating and improving the rental property because it will attract a quality tenant. It will prevent your rental property more prolonged vacancies, most especially loss of rental income. You don’t have to worry about spending money on renovations or improvements as the saying goes, “You have to spend money to make more money.”