No matter your experience as a landlord or as an experienced real estate investor, you want to maximize the value of your rental property and attract higher renters. Here’s how:
To maximize the value of your property and attract top tenants, it is wise to invest in improvements that will boost its value. But it’s essential to know which investments are worthwhile and which aren’t.
Top Ways to Increase the Value of Your Rental Property
1. Upgrade the Appliances
Upgraded appliances in your rental property or when renting it out can make it more appealing to potential tenants. They also add value to the property and attract higher rents.
New appliances are energy efficient and can save your tenants money on utility bills. Furthermore, they tend to last longer and need less upkeep than older models do.
2. Add a Pool
Installing a pool in your rental property is one of the best ways to raise its value and attract higher renters. But before you make any decisions regarding the installation of the pool, there are several things you should take into account.
Starting a pool can be an expensive endeavor. You must factor in maintenance expenses as well as the price tag associated with construction.
3. Add a Garage
Adding a garage to a rental property can boost its value and attract higher rents. Furthermore, it’s an effective way to boost cash flow and turn your asset into a lucrative investment.
Garages are detached buildings designed to protect vehicles and store outdoor gear. Many homeowners also utilize their garages as workshops or multifunctional areas.
4. Add a Deck
The addition of a deck to your rental property can increase its value and attract higher rents, especially when made of high-quality materials like wood.
Rooftop decks are becoming increasingly commonplace in luxury homes, apartments, and commercial properties as renters seek out additional amenities to enhance their living spaces.
5. Add a Walk-In Closet
No matter if you use it as an elegant changing room or just need somewhere to store your shoes, a walk-in closet can add significant value to your rental property.
Start by taking stock of what you currently own in your wardrobe, and consider donating or selling any items that no longer serve you. After that, you can work on organizing your closet to make it more functional and enjoyable for you.
6. Add a Fireplace
Installing a fireplace to your rental property can add warmth and charm to the space, potentially increasing its resale value and attracting higher renters.
However, it’s essential to know how to use a fireplace properly and securely in order to avoid any potential injuries or damages. Make sure your tenants understand their responsibilities for using the appliance and include safety instructions in their lease agreement.
7. Add a Bar
No matter the style of bar you choose – whether a cozy little pub or an up-and-coming one in an up-and-coming neighborhood – adding one can be a great way to boost the value of your property.
Prior to adding a bar to your rental property, be sure you understand who your target audience is. Doing this will guarantee that the bar fits perfectly into the area and appeals to its desired clientele.
8. Add a Hot Tub
A hot tub can add value to your rental property by making it more inviting for vacationers and incentivizing them to stay longer. It could even boost overall revenue through higher occupancy rates.
But you must factor in how much it costs to operate and maintain a hot tub. It can be an expensive investment that may not generate full value when selling when the time comes.
You can use these improvements to add value to your rental property and attract higher rents.
