5 Small Things to Improve the Value of Your Rental
Owning a rental property is a great way to earn passive income. The best way to get the most return on your investment is to make your property a place a tenant will want to stay long-term. There are a number of ways to accomplish this task, depending on how much money you’re willing to spend. Consider the following small things you can do to improve the value of your rental property without breaking the bank:
Keep the Front Yard Landscaped
First impressions are important. When a potential new tenant pulls up to look at your rental property, it’s important that they see a home they could love living in. If the yard isn’t clean and neat and the paint is peeling off the door and the porch, it probably won’t feel much like home. New paint, a good yard cleanup, and some basic landscaping can make all the difference. Especially nowadays, when many renters search for available rental homes online and drive around town to get a first look before making an appointment to see the inside.
Give Your Renters More Storage Space
Having enough room for storage can matter a lot to a potential tenant, especially in a smaller home. If you can provide renters with more storage via additional cabinets in the garage or by finishing an area in the basement or under the stairs, tenants will be appreciative. Everyone has boxes of holiday decorations, keepsakes, and more—and having somewhere to keep these things (that isn’t a bedroom closet) is important. It will make it much easier for tenants to grow into the home they’ve rented from you.
Install Amazing Kitchen and Bath Fixtures
Newer, nicer fixtures in the kitchen and bath can give your rental property an upgrade and increase your rental value. Kitchen and bath fixtures don’t need to cost a lot but should be decent quality and add an element of newness and luxury. It’s best if they also match the fixtures and colors in the rest of the house.
New lighting fixtures can really change the look of a rental property and are often inexpensive. Updated lighting fixtures also add to the feeling of luxury and newness in a home—a space with recent updates instead of outdated décor. Consider switching out the light bulbs, as well. Using LED or other high-quality, energy-saving bulbs may cost a bit more up front, but these bulbs last a long time, use less energy, and are appealing to tenants who prioritize saving energy. A potential client will walk into a comfortable space that feels clean and bright, which can definitely feel more like home.
Install New Flooring in High-Traffic Areas
New flooring doesn’t have to cost an arm and a leg, especially if you’re handy or know someone who is. Flooring upgrades can transform a space, giving it a new, clean, and updated feel. New flooring in an investment property can also make the rental property feel bigger, which helps entice tenants to rent.
Having a higher rental value will always get you a better return on your investment. With a few small changes, your rental can become a highly desired rental. For tips on improving your rental property in the Tucson area, be sure to give us a call at Bancroft & Associates.