If you own a property that you rent out to tenants, you want to make sure your investment comes with a great return. This way, when it is time to sell, you can ensure that you get more money for your property than you paid for it so that you can secure your financial future. You can achieve this by doing a few things to add value to your investment property for the rental market.
By following these tips, you can expect to increase the value of your investment properties and enjoy the benefits.
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How To Add Value To Your Investment Property For The Rental Market
1. Pay Attention To The Structure
If you want to hang onto your rental property for a long time, then you need to pay particular attention to its structure. You won’t be able to sell a property that is falling apart, and the house won’t stay around for very long if it gets caught in a storm. If aspects of the outside of the property (such as the roof) are showing signs of wear and tear, then it might be worth using a company such as RPS Metal Roofing & Siding, Inc to protect your property from any potential damage.
2. Make it Look Good On The Inside
You want to create a home that looks good and inviting to potential renters and buyers. According to some selling agents, home staging can increase the value of a home by between 1-5%.
You don’t have to spend too much money on these projects, either. Focus on high-value rooms such as kitchens and living rooms as these are what people tend to be drawn to when they look around a property.
3. Keep Appliances Updated
The power a new refrigerator or oven can have when it comes to renting or selling a property is unimaginable. Buyers and renters want to know that they’re coming into a place that is well-managed and that they can see themselves living in.
Nobody wants to use a fridge that has clearly seen better days or is functioning questionably. Update your appliances and you’ll be batting away people who want to rent your property for the top dollar.
4. Focus On Energy Efficiency
Listing energy efficiency in a home sale listing makes the home more desirable. People want to spend less on their heating bills, as well as having the knowledge that they are doing their bit to save the planet.
Spend the money on working out the efficiencies on heating and cooling, windows and doors, and energy-efficient appliances.
5. Make the Most of The Space
Poorly thought-out spaces can be offputting to buyers or renters. Galley kitchens are a no-go in favor of the open-plan living situation that people strive for. When it comes time to sell, every time potential investors see something that they add to their mental DIY list then the offer they give you will be lower. This includes knocking down walls, if necessary, to create a more desirable living situation.
Is there extra space in a bedroom that could potentially host a new bathroom? While these are somewhat expensive renovations, they will sell your property in days rather than months if they’re done well.
If you’re only looking to rent the home, you can ask more when the layout is perfect for potential renters. Plus, you will get more renters after your apartment, which means you can be picky and choose only those with the best references.
Add Value To Your Investment Property
If you want to add value to your investment property, try utilizing some of these tips. Some of them are easy and inexpensive, but if you are willing to go the extra mile, there are bigger things that you can do.
Do you have an investment property? What are some of your best tips? Leave a comment and let me know!
