Six Affordable Ways to Add Value to Your Rental Property

Are you disappointed by the look of your rental property? You think you don’t have the time and money to fix it up? Whether you want to rent a property or want to increase your rental income, there are affordable upgrades that will maximize your rent. Every real estate investor wants to have their property increase in value and reduce the operating expenses. For you to get the best return on your investment, you should invest in the right upgrades. The upgrades should be aimed at enticing tenants to stay and attract top ones, getting your property rented faster. If you’re looking for the top upgrades that will boost the value of your rental property, look no further.

Here are the top affordable rental property upgrades that increase your property value.

Add a Fresh Coat of Paint

Looking for a quick and cheap way to increase the value of a home? There is no cheaper way than freshening up the paint. Buying the paint in bulk to use it in other areas will allow you to enjoy a high return on investment. You will get a better quality paint at a discount. Be keen when choosing the color of the paint because the right paint color will sell fast. Choose two neutral colors a few shades apart and a quick coat.

Update the Rental Property Kitchen

The kitchen by far one of the most important rooms in the home. When buyers and tenants are looking for a home, an outdated kitchen can easily be a turnoff. A rental property with a modern kitchen quickly commands attention. Apply fresh paint on cabinets or replace the doors to make them look better. You can also replace the countertops to add value to the kitchen and make it more appealing.

Add a Washer and Dryer to the Rental Property

Every renter wants to find appliances that make their work easier. While a brand-new washer-dryer may be expensive, you can still get one from a secondhand vendor to reduce the investment cost. These appliances will attract top tenants who will be willing to pay top dollar for it. Use these appliances to entice top tenants into your rental property.

Spruce Up the Exterior of the Property Property

While it is important to give much attention to the inside of the home, curb appeal is not worth ignoring. Pressure washing the rental property will make a huge noticeable difference. Ensure the exterior, sidewalk, driveway and any other important surface is clean. Replace the door to increase the value of your home and curb appeal. If the door is still intact, repaint it to curb appeal.

Replace Carpet Flooring

Choosing a carpet for a rental property is a huge mistake. While it may seem the cheapest and easiest option, don’t consider it. Having a carpeted floor in the rental property may not please all potential renters since everyone may have a different opinion. Wood flooring is a universally liked flooring that you should consider for your rental property. Choose the wood flooring option that fits your budget for the rental property upgrade.

Newer, Better Windows

Over time, the windows age and may require to be replaced. If it is time to replace the windows on your rental property, don’t ignore them. Windows help keep the property light and bright. Moreover, they play a vital role in keeping heat and cold at bay. Upgrading them to double pane windows will offer more insulation and stifle outside sounds.