The goal of any real estate investor is to see their property increase in value; they want it to be worth more than they bought it. With property prices steadily increasing, now is the right time to capitalize on its value.
While waiting for a boom in the real estate market can lead to a significant increase in property value, there are various upgrades that you can make to do the same. They will boost the value of your rental home and attract high-end tenants.
Unlike making upgrades and improvements to a residential property, improvements made on rental property need to achieve a good balance. You need a good balance between spending enough money to increase the value of the property and attract top tenants, and spending a lot of money on the wrong things without seeing any return on investment.
Whether you are planning to sell your rental property now or in future, here are some of the best ways to boost the value of your rental property to get the best selling price possible.
1. Upgrade the Plumbing Fixtures
If you haven’t upgraded your rental property for some time, you might have noticed that most parts look old, rusty, worn out, and clearly out of date.
The biggest culprits are the kitchen and bathroom fixtures such as sinks, faucets, and sprayers due to excessive moisture. Fixing them won’t be a solution- replacing them is.
Because you want to get a good price for your property, it’s advisable to choose fixtures with more refined finishes like brushed nickel or oil-rubbed bronze.This kind of finish is associated with premium grade, so buyers will most likely find your property more appealing.
Additionally, make sure to install similar fixtures to match the property’s décor and bring harmony.
2. Install High-Quality Countertops
Poor quality countertops, especially the plastic laminate ones, don’t stay in shape for a long time as they wear out and get discolorations from burns and liquids. No buyer would want to spend money replacing such countertops. After all, buyers want ready-to-move-in properties and are willing to part with a tidy sum to buy upgraded properties.
To boost the look of your kitchen and bathroom, install countertops that are made of granite, quartz, slate, or any other durable surface material. There are also great alternatives for countertops like those made of acrylic/polyester composites, stained concrete, stone, and ceramic tiles. These options are not only durable, but aesthetically appealing as well.
3. Install Better Windows
If your rental property is old, say 10 years old, you might want to consider installing new, better windows. Installing new windows is a great way to improve the value of your rental property. Potential buyers will be more enticed to purchase your property even before viewing the interior.
Install windows that will not only keep your property light and bright, but also keep the rooms at a constant temperature. Double-pane windows are an excellent choice as they provide good insulation and also significantly reduce loud sounds from outside.
4. Repair the Foundation Replace the Floor
If planning to sell a rental property, it’s highly advisable to replace the floor and fix the foundation if necessary, different situations require different methods. It’s a great way to boost its value and fetch you more money during monthly rent.
Consider replacing the standard grade carpet and linoleum with premium quality materials such as tile, laminate, stone or even hardwood.
These upgrades will not only boost the value of your property but also make it aesthetically appealing. They also make cleaning and repairing much easier tasks.
5. Install a New, Better Roof
You don’t have to wait until the current roof starts leaking or start noticing missing shingles. A bad roof will not only drive away potential buyers, but it also poses a health hazard, especially in severe weather.
If the roof has lasted for 20-25 years, it’s time to replace it. Have a qualified and experienced roof inspector come perform a thorough inspection and consider replacing it on their recommendation.
6. Increase Storage
One of the top considerations when renting property is the availability of storage space. Most renters are willing to pay top dollar to rent out property that have enough storage for their stuff. Great, low-cost ideas for increasing storage in your rental property include:
- Installing closet organization system
- Putting up hooks in key areas like bathrooms and entryways
- Installing additional shelving in pantry
- Adding built-in shelves or in-wall storage
- Installing permanent shelving in the garage, or even;
- Adding a shed on the property
7. Miscellaneous Upgrades
Some basic property upgrades might seem unnecessary, but they might greatly increase the value of your rental property. Some basic upgrade ideas such as yard landscaping, siding, installing tankless water heaters, adding a sound system, and many more will surely attract high-paying tenants and boost your property value.
When spending money to improve your rental property, it’s important to focus on the right things. Over-upgrading will cost you more and it might take years to see a good return on your investment. Otherwise, improving your rental property is the best decision you can make. It’s a sure guarantee you will get handsome profits because your property is most likely going to attract high-quality tenants.