Increasing the value of your rental property is relatively easy and an effective way to get the most out of your investment. A small initial outlay can make a significant difference to your return. We're often asked how to increase rental property value, so we've compiled a list of our favourites. Here are some of the simplest and quickest ways to increase the value of your rental property.
Don’t ignore the basics
Have the carpets professionally cleaned, paying attention to any marks and stains. Repair any appliances that aren’t working as they should and polish all fittings and fixtures. Staying on top of these small tasks will ensure that your investment stays in top condition. So, in turn, it will keep your return on investment higher.
Keep it looking fresh
A fresh coat of paint can do absolute wonders for the look of your property! It will cover up scuff marks and signs of wear and tear that have appeared over the years. Increasing the value of your rental property can be as simple as making your investment look its absolute best. A fresh coat of paint instantly raises its aesthetic appeal.
Focus on the hotspots
Nothing makes or breaks a house like a kitchen or a bathroom. These are arguably the two most important rooms on your property. Consequently, they will have the biggest impact on its value. Paint them, replace any worn parts and modernise simple features like cupboard handles. You will be amazed the difference it can make to the look of your bathroom and kitchen. Enhancing the overall look and value of the property can be easily done by paying careful attention to these two areas.
Invest in appliances
Adding a washing machine, tumble dryer and dishwasher to your rental property might seem like luxuries. However, appliances can instantly make it more appealing to potential tenants. You don’t even have to buy them brand new! There are always plenty of people selling them second hand. It is possible to find second-hand appliances in good condition for a reasonable price. Have a browse on local online marketplaces to see what you can find.
Add some extra storage
No built-in wardrobes in the bedrooms? No garage or shed? No linen closet? Limited bathroom and kitchen cupboard space? These can all be huge downfalls in a property for people looking to rent. Have a look around your property and see if there’s anywhere you can add storage. An extra wardrobe, cupboard, drawers or shelves can make a big difference to tenants. Here are some further tips on how to increase rental property value by meeting tenants needs in the kitchen in terms of storage.
Boost the street appeal
The first part of your property that potential tenants will see is the very front. Make it as appealing and welcoming as possible! This can easily be done with fresh paint and well-maintained front steps. Don’t want to paint it? It doesn’t need to be painted? In the very least you should clean it with a high-pressure hose. Add some landscaping and greenery in where you can. A well-placed garden, no matter how small, can create a ‘homely’ feel to your property that viewers will find inviting. We have some landscaping for landlord tips in this article CLICK HERE.
You don’t have to invest huge amounts of money into increasing the value of your rental property. Small, but considered, changes and upgrades can have an immediate effect on the overall appeal of your investment property. Careful attention to detail will ensure that you get the most that you possibly can out of it.
For assistance on how to increase rental property value for your property, call us at Position One on 07 3843 4511. We will be happy to advise you the best approach for your particular property, based on our extensive experience in this area.