The value of your rental depends on a range of factors including its size, overall condition, infrastructure, etc. If maximizing ROI of rental properties is a priority, finding effective ways to enhance the value of your rentals should be on your to-do list.
Adding a two-car garage, renovating a bedroom, installing brand new kitchen appliances: these are just a few ideas of boosting the value of your rental property. But there are also more affordable ways to make your rental value go up.
Take a look at a few actionable tips to increase the value of your rentals without breaking the bank.
Start with the landscape
The lawn is the first thing potential tenants will see. A lawn with overgrown grass, withered flowers, poorly trimmed trees doesn’t look attractive at all.
To make it look well-groomed, create lawn borders by adding easy to maintain rock or cedar edgings around the lawn. Keep in mind that adding colorful flowers works well for great spacing. This will also help store water for the trees during dry summers.
Also, potted plants or trees allow for instant customizable scenery placement for your lawn canvas. These quick and easy spacing secrets can spruce up your home’s appearance without busting your budget.
Create a great first impression
Upgrade your doorstep with a welcome mat. Don't forget to sweep the patio and dust for cobwebs and get rid of any wasps nests. If you live in a rainy area, consider a rain flap over the entryway. This is an inexpensive and easy solution that prevents water from washing out the front walk path.
Fix all paint chipping and eroding wood surrounding the doorway. Install a quality door handle, use WD-40 on the hinges to avoid squeaking and place a mat to avoid shoes tracking in dirt. Make sure your prospective residents have a positive experience when entering your property.
Consider kitchen improvements
There are some simple tricks to make your kitchen look modern and inviting.
- Changing cabinet knobs can be a quick and easy way to bring your cabinets up to date. Consider a round stainless steel option, which is a cliche, but it will help in accenting an older kitchen with a modern feel.
- Updating the backsplash tile can allow the kitchen a makeover without the major expense of replacing cabinets, countertops, and appliances. Tile selection is key, as you can find a modern color that enhances the floor, cabinets, and countertop.
- Crown molding is another way to liven up your kitchen and allow the ceiling to seem more open and inviting. Do not add fake greenery above the cabinets or theme decorating as these will make the kitchen look out of date. Adding tube lighting is a budget-friendly way to set an inviting mood to the kitchen and can be easily rolled out and installed on top of the cabinets.
These three tips provide low-cost ideas on how to increase interest and therefore the value of your property. The secret to maximizing investment return is to find those improvements that allow your property to be an open canvas to potential tenants. The more they envision their custom layout and decorations, the better.
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