9 Ways to Add Value to Your Rental Property

 

A rental property is an excellent way for you to generate passive income. Thus, it can help if you look for ways to increase your rental property’s value. Here are 9 ways to add value to your rental property:

 

1. Schedule a deep cleaning session.

   Planet Maids House Cleaning NYC advises that you deep clean your property before letting potential tenants in for viewing.

   If you’re going to take photos of your rental property to post on any listing, it’s best that you deep clean first. It’s especially vital to deep clean first if your rental property had previous tenants in it.

   Deep cleaning first ensures that you get more eyes on your rental property listing. However, once you get more people viewing your property, a well-maintained and clean property can really up its value. Regular cleaning is fine, but deep cleaning will get into the finer details of cleanliness in your property.

2. Update the kitchen and bathroom.

   If you choose to upgrade or renovate a specific part of your rental property, we recommend the kitchen and bathroom. That’s because an upgraded kitchen and bathroom can elevate someone’s quality of living. And tenants are willing to pay for that.

   Of all the rooms, the spaces that degrade the fastest are the kitchen plus bathroom. That’s why if you renovate or upgrade them, tenants will notice that, and it will elevate the value of the rest of your property altogether.

3. Think about green space.

   Another way you can elevate the rental value of your property would be by incorporating green spaces in it.

   A garden in a rental property is not typical, but it can be a great addition to your rental property since it’s uncommon. First, of course, you need to make sure that the garden is well-maintained and looked after.

   When you don’t have tenants, you shouldn’t forget to look after the garden to serve as an asset for your rental property. However, since you have a garden, you should clarify to your tenants that they need to tend to it while renting your property.

   However, it would be best if you gave them free rein on making use of the space. They might end up turning your garden into a vegetable patch, which is also beneficial.

4. Stay on top of maintenance.

   Staying on top of maintenance is another way for you to add value to your rental property. If anything else, it will also ensure that you won’t decrease the value of your rental property over time.

   The more tenants your rental property has had, the more damages it might incur, especially if you ignore maintenance requests. Connecting with the right service providers is a great way to make it easier for you to maintain your property.

   Aside from that, it would be best if you also considered organizing a routine inspection at least once a year. Again, this is to prevent any damages from escalating.

5. Add amenities and appliances.

   Amenities and extra appliances are add-ons in your rental property that will increase the value of your rental property.

   Of course, some amenities and appliances are worth more than others to add value to your rental property. Thus, it would help if you didn’t willy-nilly spend on anything and everything under the sun.

   Do your research on which amenities and appliances can be an affordable add-on and a great addition that increases value.

   For example, a fully-furnished rental property is a great way to increase the price of your rental. A dedicated laundry area with the appliances to match is another excellent addition. Plus, it can be attractive for potential tenants.

6. Make your rental pet-friendly.

   Many people would love to have their pets with them when they move around. Some people would even compromise on the quality of their lifestyle and accommodations just because of their pets.

   Therefore, if you want to add value to your rental property, you might want to open up your rentals for pets.

   Of course, you want to protect your assets, so you should do some preparations first. For example, removing carpeting throughout the rental is one example. Another tip would be to add high or semi-gloss or even satin paints onto your doors, windows, and walls for protection.

   Having a dedicated outdoor space in your rental is another value add to your property and a way to make it more pet-friendly.

7. Lighten it up.

   A rental property that’s bright and well-lit is an excellent way to make your rental property welcoming and cozy. More so if you have enough windows that provide plenty of access to natural lights.

   As long as your rental doesn’t have spots that look gloomy due to a lack of light, then your rental should be well-lit enough.

8. Offer added convenience.

   If you want to add value to your rental property, then sometimes, you have to go above and beyond to skyrocket the price of your rental. For example, parking space, which we’ll cover later on, is an excellent add-on for places with premium parking. A fast internet speed is another convenient add-on that can level up your real estate.

9. Add a parking space.

   If you want your rental property to attract the attention of potential tenants, having a parking space is a great way.

   You can add a parking space into your rental by using innovative parking solution technology like ParqEx. Then, you can offer it as an add-on for what they already pay monthly for your current tenants.

   You can also use this to attract more tenants who might be interested in staying in your property. Innovative parking solutions provide your tenants with the space to park their cars if they have any. It also helps you enforce parking rules.

 

 

It can be a worthwhile investment if you have a rental property. First, however, you must know how to maintain it. That said, following the 9 ways to add value to your rental property can give you a thing to two that can help increase your property’s rental value.

 

Guest Author: Andi Croft

3 Tips When Renting Out Your Property

 

Renting out your property can be a great way to make a little more income, or depending on your situation, allow your property to be your sole source of income. Over one-third of Americans rent their homes, meaning that there is a large market to tap into. However, renting does come with a few considerations that should be taken into account before diving into it. Here are three tips you should be aware of when renting out your property.

 

Protection

Make sure that you have removed any irreplaceable items, such as family heirlooms or handcrafted items, or particularly expensive pieces that you would sorely miss should anything happen to them. While any accidents or thefts hopefully never occur, it’s better to be prepared.

 

One way to help put your mind at ease during the rental process is by considering some home warranty options. Home warranties help cover your appliances and your electrical and plumbing and will make any repairs or replacements much simpler and easier. This should allow you to rest assured that everything will be taken care of, and you can put your property back up for rent as quickly as possible.

 

Before renting out your property, screening your tenants is a great way to make sure that you will be getting the responsible guests you are aiming for. People who will be respectful of your property and make payments on time are always preferred to other tenants who can be more of a handful.

Parking

Having designated parking spots for renters, guests, and visitors when staying at your rental property can be a large draw and can help boost your attractiveness on the market! Using GuestParq by ParqEx can help you reserve spots for your guests and eliminate any hassles that finding parking can bring. This can be incredibly useful, especially in more crowded urban areas or simply areas that may be new and unfamiliar to guests.

 

In addition, this can help you rent out multiple spots at the same time and keep track of everything in a single simple location. Guests will greatly appreciate this aspect of your rental, as finding a parking spot can be a stressful factor in the renting process. This way, their spot will be reserved and waiting for them!

Price

When determining a price for your rental property, it’s important to research the fair market prices of rentals in your area. Take into account if you have certain amenities that other properties don’t have, such as the best view or a pool or spa that can allow you to raise your price. Here is a list of some of the most sought-after real-estate amenities that will increase the value of your property!

 

You should keep in mind that pricing will depend on your income sources; if renting is your main source of income, you should put yourself in a position to charge more than using rentals to supplement your current income, which may give you more flexibility in pricing.

Tally up all your fixed costs, such as mortgage payments, property taxes, water, and electricity, etc., and you have your “break-even” point that you must charge in order to not lose money. Here are a few rental property expenses to keep in mind! Compare this to the average rental price in your area, factor in any bonuses that your property might have in comparison, and ballpark a rental price that suits both you as well as your guests!

 

Renting out your property can be a relatively stress-free way of adding to your income, provided you take the proper steps beforehand. Making sure your house is protected from any unruly guests or from general wear and tear can ensure that you are protecting your assets, and getting the most out of your rental property can help add to your bottom line—and provide a great place for your guests to stay!