If you’re a homeowner or property investor, then you know that finding ways to increase your investment’s value is always a top priority. In this post, we’ve outlined 9 easy ways to do just that. Whether you’re looking to renovate, or simply make some small changes, these tips will help you get the most out of your property. So read on and get started!
Offer a Furnished Rental Property
Many potential renters are looking for furnished rental property — and they are willing to pay higher rent to get it! Think about offering comfortable units that come with all of the essentials to make their stay feel like home. You can do things like fully stock the kitchen, including plates, pots/pans, silverware, dishwasher detergent, and even basic condiments such as ketchup or mustard! Include dressers so they can unpack without feeling cramped. Whether it’s just an extended visit while traveling through town or if this is where they will call home, you can’t lose on this investment.
Allow Pets on Your Property
Advertise that you now allow pets on the property and watch how many people come along willing to pay more to get in. With pet-friendly housing, you can do what some property owners do and increase the rent by $25 a month for each pet. That’s an extra $300 a year right there. Take a pet deposit on them as well, of course, that will cover any repairs needed due to potential damage, but let them know their furry friend can enjoy your beautifully landscaped grounds together!
Consider Home Tech
Anyone looking for ways to increase their rental property’s value would do well to invest in some high-end home tech features. These can include smart thermostats that save on energy bills and indoor cameras that provide video surveillance at the touch of a button. The benefits of integrating modern, cutting-edge technologies into your rental property are numerous and far-reaching. Increasing your rental price is just one. You’ll also be increasing security and creating the space for more efficient energy usage. There is no shortage of reasons for you to invest in this growing trend if you’re ready for a future full of innovation and functionality.
Advertise a Bedroom as Potential Office Space
With remote work up by 159% over the last 12 years, many renters are looking for a great work-from-home situation. You may find that one of the rooms in your rental can be both functional and attractive for those who need to work from home or on the go. So when advertising, make sure you mention it! Simply suggest there is a room that can be converted into the perfect home office. It could be just what they need! This will widen your rental tenant pool and immediately hold more value in many renter’s eyes.
Offer Additional Storage Space
Maximizing rentable square footage is always something landlords can think about doing, and that includes adding some extra storage space! Having more space in a rental unit may hold value for renters as it makes it easier for them to move in; they won’t have to think about what furniture or belongings will fit inside their new place before signing on the dotted line. Consider some of the many affordable ways to make this happen: you can have a wall unit installed, build shelving or provide and let them use an armoire. Even buy or build a small storage shed for outside. Since you definitely can increase the rental value of your home by easily offering additional storage space, you definitely should consider doing it.
Include a Utility Service
Including a utility service with a rental is becoming increasingly popular. By adding water, trash, and recycling services, landlords can provide an all-inclusive living experience for their tenants that is unmatched by their competitors. Plus, including these kinds of services makes your rental listing much more appealing and can add significant value to the property itself. Your renters will experience the relief of having a need met, without any hassle on their end, and will stay longer, decreasing your turnover rate!
Make Small Renovations
A quick and easy way to add value to your property – and attract more tenants in the process – is by making a few simple changes. There are many small renovations that will give you a better return on investment. Could the flooring use an update? How is the paint, is it clean and fresh or dull and uninviting? Take a glance at your door hardware, light fixtures and kitchen appliances, are they outdated? You can even paint your front door a bright color to make it stand out from the rest of the house. Just a few ideas to get your wheels turning towards more money in your pockets.
Boost Curb Appeal
Another easy-on-the-pocketbook way to increase the value of your rental property is to boost its curb appeal. No one likes coming home to a house that looks drab and uninviting. Fortunately, boosting curb appeal is easier than you might think. By making a few simple changes, you can dramatically improve the look of your home’s exterior. Even a small investment in landscaping can make a big difference in how much somebody is willing to pay to live in your home.
Get Help Managing Your North County San Diego Property
Raymond Property Management offers flexible north county property management services to fit your needs as an investor. We tailor our services to ensure that you have the highest level of service for your home. We are a multi-generational family-run business that treats your home as our own. Click Here to contact us. Tell us more about your property so we can walk you through what services make the most sense for you. From there we are happy to field additional questions and get you started with the onboarding of your property. We look forward to working with you and making this an easy process from start to finish.