Every landlord wants their business to be as profitable as possible. Sure, you can cut some costs to make that happen, but you should also search for ways to increase your profit. This article is dedicated to some simple (and mostly cheap) tricks to increase the value of your rental property. If you follow our guide, your property will finally be appreciated the way it deserves by your potential tenants!
Start With the Exterior
There is nothing much to improve if you’re renting out a condo (except, maybe, changing the old doormat or painting the front door), but it’s a totally different story if you rent out a house. This is the first thing your potential renters will see, so you have to make sure it looks well-tended.
First, check if your walls need some painting — maybe, it’s been a while since the last makeover, and they start looking a bit dusty and chipped. After that, do a thorough inspection of greenery around the house. Mow your lawn or plant some fresh grass, think about planting a flower bed or two, and prune overgrown shrubs. This will make your property look more inviting and homey.
Paint the Walls
Paint is our everything! So, before doing anything else, think if maybe it’s time to refresh the paintwork inside your rental. Dirty walls with suspiciously-looking stains are on top of the list of the renter’s worst nightmares.
Aim for some neutral light shades, as this is what most of the tenants prefer nowadays — you can’t go wrong with grays, beiges, and whites. It will be easier for your future tenants to work with the place and decorate it the way they want, and for you, it will become a competitive advantage!
Go Through a Check List of Most Common Amenities
Are you sure your rental has all the necessary amenities your future tenant might want? Installing a dishwasher, air conditioning system, or washer with a dryer seems like an expensive upgrade, but it is usually totally worth it! Think of it as a one-time investment that will be paying off for the next few years.
For some tenants, having a washer with a dryer in the rental might be a deal-breaker. And you, as a landlord, can charge a slightly higher price per month (which will translate to hundreds of dollars annually).
Small Changes Make all the Difference
Installing a dishwasher might sound like a large undertaking that needs some commitment and spare money, but there are some quick and cheap fixes you can implement all around the place to raise the value of your rental in your potential tenants’ eyes.
Think about replacing the doorknobs, cabinet handles, or maybe the toilet seat. If you have a bit of extra time, consider painting kitchen cabinets or, perhaps, adding a few shelves in the bathroom. You’re the person who knows every nook and cranny of your rental, so try to look at it as a stranger would — and see if some problematic areas can be fixed in under an hour (and under $100!)
Inspect Your Windows
Windows may not be something you notice as a possible value-added repair; after all, you might see right through them. However, replacing or repairing old windows and their frames can really save you money. If you have old windows, they’re likely not keeping temperatures outside out and inside in well at all. This will drive up your energy costs, and those of your tenants. Repairing these windows or upgrading to modern, energy-efficient versions not only saves you on that monthly fee but can add thousands or even tens of thousands of dollars’ worth of value to your listing!
Go Hard on Cleaning
“Nothing inspires cleanliness more than an unexpected guest,” goes a quote by Radhika Mundra. So true! Unfortunately, as you seek to rent out your property, you’re going to have dozens of unexpected guests!
We talked a lot about repainting and replacing, but sometimes all you need to do to make your rental seem cozier and filled with light is to do a thorough cleaning! For starters, think of pressure washing the walls of your house or wooden boards of your patio. Similarly, you can change the look of your whole room making it brighter and more joyful simply by cleaning your windows from the aged dust. Make sure to get rid of any mold and rust (sometimes it can be easily done with some good cleanser).
Think About Installing Smart Devices
Nothing makes your home more modern than being able to call it a “smart home.” While your entire home doesn’t have to be “smart,” you can still get in on the technological revolution by installing a few smart devices and appliances.
You can easily install smart lighting, which is very marketable to future renters, as they can turn them on from an app while on vacation to prevent possible intruders. Smart ovens can preheat for you as you commute back home, saving busy families hours each week in meal preparation time. Another quick and cheap upgrade is a smart video doorbell, like Ring, which records anyone at your door and can act as an alarm system.
Invest Your Time in Good Pictures
Many people love to document things, usually by photo or video. You might even be one of them, perhaps snapping photos for Instagram of your latest dinner dish or showing off a physical accomplishment. The point is, society has gotten quite good at photography, and anything with poor photos will look pitiful, or, worse yet, like it may be a scam.
If your phone’s camera isn’t powerful enough to take the shots you need, spend a portion of one month’s rent buying a DSLR. Get a tripod to prevent blurriness. You’ll make your rental property exponentially more appealing, and you may even be able to up the price a bit!
Better yet, go 3D! Good pictures are, well, good, but why not go for great? In this new decade, prospective renters value such items as virtual open houses, especially in the post-Covid environment. And, not only does it make touring your rental property easier for possible tenants, but it’s way more convenient for you, as well!
Well, we’ll stop here for now, but the list of rental property upgrades that can add value is endless! Got any questions, feedback, or other ways to increase the value of rental properties we should add to our story above? Let us know in the comments, and thank you for reading!
Mariia serves as editor-in-chief and writer for the Rentberry and Landlord Tips blogs. She covers topics such as landlord-tenant laws, tips and advice for renters, investment opportunities in various cities, and more. She holds a master’s degree in strategic management, and you can find her articles in such publications as Yahoo! Finance, Forbes, Benzinga, and RealEstateAgent.