How to Increase Your Rental Value
How to Increase Your Rental Value ~ Southern Residential Leasing
Whether you own a short- or long-term investment property, chances are you’re interested in maximizing the value of that property. It’s important to put the time and resources into your property for the largest return on investment (ROI). By upgrading your rental home, you’re likely to see an increase in tenant retention along with the ROI. Need some advice? Read below for our tips on how to increase your rental value
Repaint the Interior
Making a good first impression is key in everyday life; the same can be said for your rental property. If you own a home, simple tasks like lawn care and repainting with neutral colors can make a big difference in your ROI. Although you may love bright walls, potential renters may shy away from them! Neutral colors are more inviting and can be incorporated into any decor.
Upgrade Your Hardware and Fixtures
It may seem simple, but adding features like granite countertops and stainless steel appliances throughout can dramatically increase the value of your home. You’ll also want to install energy-efficient appliances, including your refrigerator, washer and dryer, and even lightbulbs! By adding updated appliances, you’re able to charge more for rent, thus seeing a higher return on your rental.
Install Laminate Vinyl Plank Flooring
Another upgraded feature you’ll want to install is laminate vinyl plank flooring. Real hardwood is expensive and often damaged by renters, and you don’t want to be replacing hardwood floors every few years. Instead, opt for laminate vinyl plank flooring. You’ll give your home the look of hardwood with a much more durable feel. It’s easy to maintain, cost-effective, and renter friendly. A wide range of styles from water-resistant to hand scraped will give your home the exact touch you’re looking for.
Advertising Is Key
Did you know quality advertising can help boost your return? Good pictures are everything when it comes to rental properties. You’ll also want to focus your efforts on getting the word out about your rental. Not familiar with search engine and keyword strategies? Hire a property management company to do it all for you – they’ll screen tenants, schedule work orders, and serve as the liaison between you and your tenant. They’ll even engage in aggressive marketing tactics to ensure the biggest return on your investment. Time is money, and when it comes to managing your property, a property management company is worth it.
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Tags: Business Development Increase Rental Value Owner Tips Property Management