As a landlord, you are constantly looking for different ways to improve and boost your property value for your existing and potential renters, which can be a difficult process. Rental properties should offer the right amount of functionality and comfortability to interest prospective tenants, but still leave enough blank space for tenants to make it their own. They should also meet the local market’s standards to attract tenants and keep them long-term. Finding the right combination can be a challenge. However, even minor upgrades can drastically improve a rental property’s value.
Here are ten ways to boost your property value for your renters:
Ways to Boost Your Property Value for Renters
1. Update Curb Appeal
The first thing your potential renters will see is the outside of your property, so it is important to have eye-catching curb appeal. Make sure the lawn is well landscaped but don’t go crazy. Keep the landscaping simple so that it will be inexpensive and easy for the tenant to maintain. Planting new grass, trimming back trees, installing new pavers, painting the exterior, or adding a small garden are all small ways to upgrade your curb appeal.
2. Upgrade Plumbing Fixtures
Plumbing features, such as kitchen and bathroom sinks and faucets tend to get old and grimy rather quickly. You should consider upgrading your kitchen and bathroom plumbing fixtures routinely to keep your property attractive to renters. Upgrading these fixtures to have finishes like polished chrome or brushed gold will boost the value of your rental property, as they are considered trendy and luxurious.
3. Increase Storage
Storage is one of the top priorities for renters in today’s market. Increasing storage options in your rental space will draw in many potential tenants. Installing furniture that multitasks, built-in shelving, and closet organizing systems are only a few ways to maximize your storage.
4. Create an Open Floor Plan
One of the larger renovation ideas that will surely boost your rental property’s value is knocking down some walls to create an open floor plan. Open floor concepts are favored in the current housing market because they help make a space feel bigger and brighter.
5. Go Green
Another top priority for renters is energy efficiency. Improving the energy efficiency of your rental property will not only decrease your monthly utility bills but also boost your property’s value as well. Simple things, like adding insulation, installing energy-efficient light bulbs, or even adding more windows, will make your rental property that more energy efficient.
6. Upgrade Lighting
Lighting can make or break a rental property. Installing the right lighting fixtures can completely change the feel of a space. Simple light fixture upgrades can make a space appear more modern, warm, and inviting. If your rental property lacks natural light, you should consider installing soft and bright lights to liven up the space.
7. Add Fresh Paint
One of the simplest upgrades you can make to your rental property to boost its value is adding fresh coat paint. New paint will attract renters as it makes the property appear newer. Make sure to stick with more neutral colors such as light grey, off-white, or beige, as this makes it easier for tenants to add personal touches to make the space their own.
8. Upgrade Flooring
If your rental property does not have hardwood floors already, we highly recommend you install them. Carpeted floors require more maintenance and can trap odors, making your property less attractive to potential renters. Upgrading your floor to hardwood will do wonders for boosting your property value. If your rental property already has hardwood floors, refinishing them can be a great way to make them appear new instead of completely replacing the floor, which can be expensive.
9. Upgrade kitchen
The kitchen is often the heart of the home, so it is important to have an updated kitchen to attract renters. Investing in new countertops, top-of-the-line appliances, and upgrading the kitchen’s functionality are all ways you can boost the value of your property and attract more potential tenants.
10. Add Popular Amenities
Investing in popular amenities, such as dishwashers, high-efficiency washers and dryers, air conditioning, walk-in closets, and outdoor space is well worth the cost and time. Not only will it boost your property value and attract renters, but it will also allow you to increase the rent you charge on the property, improving your return on investment.
How All County Denver South Can Help Boost Your Property Value
All County Denver South Property Management is here to help property owners have confidence in the quality of their tenants and the security of their property through knowledgeable and trustworthy property management services. From managing tenant relationships to lease enforcement, we look forward to working with you to see how your investment can be a long-term, stress-free asset. For a complimentary quote, call us today at (720) 664-4550.