Property Management Blog

 

How to increase the value of your rental property

Are you currently renting out your property for less than you would like to? Maybe it's time to freshen the place up a bit. Renovating can be a daunting and expensive task. There are a few things you can do to update your rental property without breaking your wallet. First, a fresh coat of paint can do wonders to any property and it doesn't have to cost a fortune. You can even go as far as buying basic interior or exterior colors at a close-out store. It will also reduce cost if you choose a color with a flat or semi-gloss finish, because these types don't take as many coats as a high-gloss paint would. Some paints come with primer in them already, this is a great time saver as well as one less expense for the painting process. Staying with a neutral when painting a rental property is likely your best option. Not everyone will appreciate the same colors. Second, we have all heard that kitchens and bathrooms are the most important rooms in the house when selling or renting.  Updating the floors in a kitchen and bathroom can be done rather inexpensively by searching close-out stores for linoleum squares. Some of these squares are self-adhesive and can be installed right over the existing floors, once again saving time and money. As far as appliances go, most of the time a good scrubbing will work wonders. If you find you have no other option but to replace a refrigerator, tub, or sink, a good place to search for these items is any scratch and dent department. Fully functional items with slight damage, sometimes barely even noticeable scratches are sold at deep discounts. You can also try second-hand stores where you may find practically brand new appliances and such at below retail prices. If you find your cabinets appear worn or outdated, you can have them re-stained in any number of colors and replace the hardware for a completely new appearance. Before you show your rental to prospective tenants, be sure it has a clean, brand new look. The outside should have recently been landscaped and all rooms should be clean and move in ready. Well placed air fresheners will enhance your future tenants experience as well. With a little effort and a keen eye, your rental property will prosper for years to come.