As a property owner, you always want to get a good return on every dollar you invest. From small steps like pruning away dead tree limbs to larger projects that improve the functionality of the property, there are a number of things that you can do to add property value.
Kitchen and Bathrooms
The kitchen and bathrooms are considered top selling points for potential tenants. This is reason enough to spend a little extra on making your kitchen and bathrooms stand out. Here are a few updates that will pay off.
- Avoid getting too trendy in the kitchen. Since the room is used so frequently, things can get old really fast. Classic, easy-to-care-for lines and designs will be appealing for longer periods of time and will reduce the need for repeated updates.
- A clean, low-maintenance piece of granite or marble will have mass appeal and stand the test of time.
- A fresh coat of paint on the cabinets can significantly elevate a previously drab kitchen.
- Consider adding an island to the kitchen. An island gives additional storage, frees up some counter space, and can sometimes provide space for additional seating.
- Knocking down a few non-essential walls will give you a more open floor concept that allows better traffic flow and makes the whole area look bigger.
- Bathrooms can accumulate dirt and mildew at alarming speeds. When sprucing up a bathroom, choose tiles that make the space seem bright and clean with darker grout that can better hide dirt.
- The bathroom is an area that never seems to have enough storage space. If you can, add a linen closet nearby or opt for a vanity rather than a pedestal sink.
Exterior Updates That Improve Appearance and Security
Another place where wise investments can pay off is outdoors. Potential renters may never make it inside your home if they don’t like the look of the front yard. According to Remodeling Magazine, the biggest returns on investment for property upgrades are siding, window, and roof replacement. Here are a few upgrade ideas to add curb appeal to your property.
- Stick with simple landscaping that makes the yard look neat and tidy. Tenants may not be interested in plant-care so focus on low-maintenance landscaping.
- When you are showing a property for rent, be sure to invest in proper lawn care maintenance as a freshly cut lawn and pruned trees can have a lasting impact.
- Replacing old or decrepit siding can instantly improve the look and feel of a property and draw more people out to showings.
- If needed, opt for a new front door that is secure, tamper-resistant, and is rated to help control energy loss in the home.
- Additional safety features such as extra locks, peepholes, and outdoor lighting can help people feel safer.
Making your property more energy efficient will not only cut down on your expenses, but also make it more appealing for tenants. A home’s major energy loss comes from the exchange of heat or cold from outside to inside and vice versa. The majority of that energy loss comes from the home’s windows.
- Replace dated windows to save on energy costs, add security, and enhance appearance.
- Don’t overlook the importance of replacing windows in the basement even if you are not using the space for anything more than storage. Unwanted air can leak in through these windows and have a significant impact on energy costs. As a potential entry point for intruders, you also want these to be sturdy and secure.
- A new roof is another way to invest in your property and save energy. A poorly maintained roof allows hot and cold air to escape when you need it most. A damaged roof can also allow water to seep in and destroy ceilings, walls, and flooring, leading to substantial repairs and replacement costs.
- Consider adding ceiling fans. Fans provide additional light, circulate air, and can reduce the need for air conditioning on warm days.
Proper home maintenance and strategic upgrades around the property can go a long way in putting money back in property owners’ pockets, whether that is through energy savings or making your home more desirable to potential tenants.
Contributed by Tricia Clark