Real estate is a growing business and that rental property management is gaining a lot of momentum. It takes a great deal of work to maintain a steady source of income. Property owners follow the law of nature and that is change. They make changes to their property every once in a while, to stay on the top of the game.
A property owner is required to get the maintenance of the property done once the tenants move out. Before the new ones move in, you should make sure of a few things such as getting a fresh coat of paint, fixing the plumbing issues, cleaning the property, etc. What if you were told that with a little more work you could increase the value of the rental property?
It is quite possible to increase the value by upgrading the property. You won’t have to make too many changes to make it stand out. As you know how competitive the market is, it becomes important to stay on top of the game. It is suggested by top rental property management companies that property owners keep upgrading their rental property as time demands. A few tiny changes can help you bring the property to your applicant’s notice.
Look at some of the tips shared by the top property management companies to help you increase the value of the property.
Ways to Increase the Value of the Rental Property
Install Stylish Countertops
It is normal for people to start low and then move on to do big things. The same is with the rental business. You may have started by renting a studio apartment but now you would like to expand it and get good value for it. After all, we all look forward to such changes. One way to increase the value of the property is by adding attractive countertops. Countertops are extra spaces that are welcomed by most of the renters. Having one will be seen as a positive sign.
There are a variety of options that you could go for. Granite, slate, or quartz solid countertops will be a long-term investment that won’t cost you much. You can also go for acrylic or polyester composites, concrete that are durable yet beautiful options for the same. It is advisable that you don’t get plastic or laminate ones. They lose their charisma quite soon and are hard to maintain.
Upgrading Plumbing Fixtures
The fixtures usually get dingy in the kitchen or bathroom quickly. Whether it is faucets, sinks, or sprayers, these get dirty quite soon and look out of date. Old rentals lose their charm especially these items and that can be looked down upon by the tenants. If you could upgrade these plumbing fixtures it would uplift the face of the property that you want to rent. Get some of the items that would be easy to maintain and clean.
It will be best to get shiny, chrome-finished faucets or showers that are of standard grade. It will be best if you can go for the refined finishing such as oil-rubbed bronze or brushed nickel. They will not get soiled easily and would hold the beauty for a long time. Also, try to sync it with the home décor or the bathroom style.
AddingStorage Space
People look for storage spaces in the property and those with more options sit first in their sight. If you want to land an ideal renter then you should repair the storage space, get properly functioning doors and coverings. It will be appreciated by the renters if you could add new storage spaces. Today, you have the option of the modular kitchen that helps in adding the storage places on the top.
In the kitchen, having extra space always fetches the landlord’s brownie points. This will help you find ideal applicants. As it is said what you give is what you get. If you put good things in the market you will surely get the right kind of tenants and over that, you can increase the value of the also.
Read: Select the right tenant for your rental property
Replace the Floor
Don’t get worried when you are told to replace the floor. Yes, it is a lot of work but if you are looking to upgrade the value of your property then you will have to make certain changes. But if you are running low on the investment then may try getting the carpet or linoleum of standard grade. In case you are planning to use a huge investment, then ensure that you go for a suitable alternative such as laminate, hardwood, stone, tile, etc.
These changes are good for the property. You have to spend on maintaining the property as it is so why not do it in a grand way so that you get to upgrade the value. If you go for solid alternatives, it is easy to clean and maintain. For this, you won’t have to spend a great deal as well.
Bigger, better, yet Subtle
Subtle changes can bring out your rental property as bigger and better. There are a few subtle changes to make to upgrade the rentals. Repair the window hinges and doors, and give them a newly painted look. You can also go for enhanced roofs. This also attaches great value from a renter’s perspective. Go for a false ceiling and better lighting facility for upgrading the rental property effectively.
Conclusion
Making your business successful requires a lot of hard work on your end. The same can be said about the rental property business. One must know that spending time putting the right strategy in place can only help them succeed in this business as there are no shortcuts to success. To be a successful property owner, you need to put a lot of effort and attention into the subject. Hiring a property management company in Maryland may seem the easiest of options but still, you will have to keep an eye on them.
Get the right property manager for looking after the property helping you make your rental a great source of passive income so that you enjoy the fruits of your hard work.
