How to Add Value to your Rental Property
Times are changing in the ol’ property world, and most of us want to make sure we stay ahead of the game. There are plenty of little (and big!) things you can do to ensure your rental property stands out in a sea of options. If you are looking to add value to your rental property, there are a few key renovations you will not want to miss.
Most Important Rooms:
The bathroom and the kitchen are the rooms you will want to focus on the most. Having a nice and new bathroom and a modern kitchen will help your rental property seem even more appealing. In the bathroom, focus on repainting the walls a basic or neutral color -- not necessarily a color that is trendy right now, but rather a color that is manageable and easy to customize for your renter's style. Once the walls are all fresh and new, get into the details of the bathroom. How old is the shower head? Does the tile in the shower or on the bathroom floor look tired and worn? Are there cracks in the bathtub or sink? Ask yourself if the home is up to the standard of the price you are asking for. Ensuring your bathroom is in top notch shape will increase the value of your home and delight your renters.
Similarly, the kitchen should be a main focus during your home renovation. The kitchen is arguably the most important room in a house. We spend a lot of time in the kitchen, bonding with our family and friends through the act of cooking, baking, and snacking. Important life moments take place within the kitchen, and for that reason and more, it is key to make sure you are offering the best kitchen possible to your renters. Renovating your kitchen is one of the most important steps to add value to your home. Fresh paint, new floors, and updating appliances are all significant when remodeling your kitchen. Verify that all of your appliances have been updated in the past couple of decades and make sure the kitchen sink and counters are in top-notch condition. Buff any wood surfaces to finish off the pristine look.
Throughout the Property:
We have already discussed the importance of fresh paint in the bathroom and the kitchen, but it is necessary to touch up the paint throughout the unit as well. Though the bedrooms and other living spaces are likely to have less wear and tear than the aforementioned rooms, it is key to ask yourself when you last updated the paint in those rooms. Over time, white walls can start to yellow, and colored walls can begin to chip. Painting every room in the house will even out the balance of your home while modernizing the look.
Spruce Up the Outside:
Have you ever heard of "curb appeal"? If not, you should add the phrase to your lexicon. Curb appeal is really important to your renters. If a home looks nice from the outside, there is a higher chance that it will be nice on the inside. Guests to the home, neighbors, and future renters will all care how the outside of a home looks like. Because of this, painting the outside of the home, keeping up on the lawn and garden, and cleaning up the parking spots or parking area are all small things you can do to ensure your rental will increase in value.
All in all, there are plenty of little steps you can take to add value to your rental property. Paint, floors, and the outside of the home are all important aspects to pay attention to before showing your home to potential new renters or buyers. Luckily, renovations are exciting and fulfilling. Good luck and have fun!