Upgrades to Increase the Value of Your Rental Property
The intent behind rental properties is to get the most out of your investment. There are many small upgrades that can be done to increase the value of the property to improve the look, feel, and most importantly the value of the rental. Read below for some ideas on how to make your property seem more attractive.
The backsplash can be used as the focal point of the kitchen - it is where many people choose to get creative. Use a unique tile shape or colour to add a modern feel to the kitchen, and give the potential renter some inspiration for how they will decorate the space.
A fresh coat of paint is one of the easiest and most affordable improvements you can make to a space. Whether you want to modernize the space with a new colour, or even just re-apply the same one! It makes the space feel so much cleaner and refreshed, as you don’t realize how dull paint has gotten until you replace it.
Most renters value curb appeal just as much as people buying a home. The easiest way to freshen up the exterior of the property is to use a pressure washer. It can be used on walkways, driveway, siding, anything that accumulates a layer of dirt or grime from the elements.
Basic landscaping will also add a lot to the curb appeal of your property. This could simply be ensuring that the lawn is well maintained, and there are a few plants to breathe some life into the property.
Not only does wood flooring look much cleaner than carpet, it is actually preferred by most people. It’s easier to keep clean and looks much more modern. Laminate flooring is an affordable option that looks like wood, but is cheaper and easier to maintain.
Appliances that used to be considered a bonus for a rental unit are now non-negotiable for a lot of potential renters. Having a washer and dryer in the building or even better in the unit, adds tremendous value. The convenience of on-site laundry is something many people are willing to pay more to have. This is also true of a dishwasher. This may seem like more of a luxury, however for many people it is a must-have. Particularly if your unit targets families or multiple renters, not having to hand wash dishes will be very appealing.