Budget-Friendly Ways to Increase Property Rental Value
Any real estate management company nowadays can benefit from thinking of means to cut expenses. Similarly, for landlords, they also search for practical ways to increase their rental values. Fortunately, there are things property owners and managers can do to make increasing rental value possible.
Just like any other type of business, investing in your rental property will potentially increase its rental value in the long run. And investment in your rental property can mean many different things, such as enhancing the landscaping, repainting the property to make it look new, creating an office space, and more.
Read on to know more about four budget-friendly ways to increase your property’s rental value.
1. Enhance the Landscaping
One method of increasing your rental value without spending much money is enhancing your landscape. Typically, doing so can only cost you $100 to $500. Landscaping supplies are relatively affordable, so you can quickly spruce up the front and backyard.
You can create a significant impact with a bit of elbow grease for some fresh landscaping on your property. Planting flowers and shrubbery in your yard can also add color and warmth, which will show potential tenants that you take good care of the property.
2. Add a Fresh Coat of Paint
Walls in a rental property can easily show their age. And when a simple thing like aging paint isn’t maintained well, it will put people off following through with their rental application. Fortunately, you can remedy this issue easily through a simple repaint and some patchwork.
The average cost of adding a fresh coat of paint ranges from $250 to $1,500. And with a few touch-ups on your property’s walls, you can bump up your rental value by several notches, benefiting you in the long run!
3. Create an Office Space
Since most employees work remotely or work from home due to the pandemic, they would likely prefer a rental property with a dedicated office space. So, it would be best to create a workspace on your rental property that would be useful for tenants working from home.
Even a small office space can do and will only cost you $100 to $1,500. But if your property does not have enough room for the latter, investing in a fold-out desk or multipurpose shelves will do the trick.
4. Modernize the Fixtures and Update the Hardware
Many tenants would prefer a property with updated fixtures and hardware instead of aging, old-fashioned ones. If you want to increase the rental value of your property, then you should swap your obsolete fixtures and decor out for modernized and energy-efficient options.
As a bonus, you don’t have to worry about the budget. Opting to replace existing fixtures and hardware in your property can cost you $50 to $500 on average. Take control of how much you spend by setting a budget and working around it.
No matter how much your budget is for your rental property improvement, it will help your rental value increase. These little things can bridge the gap between a hesitant renter to a closed long-term deal. So, start with these four ways and work your way up towards a seemingly brand-new rental property.
Are you feeling unsure about improvement strategies? Our team at Quest Real Estate is the perfect partner for you. As a rental management company, we are very willing to help and give you advice on boosting your rental value in the competitive market of renting. Call us today, and let’s discuss how we can help you.