When you hold rental property as an investment you want to increase value. The real estate market plays a role in the value of your property but there are things you can do to take matters into your own hands.
Increase Storage-Most tenants top priority is storage. Add a storage shed to the back, put up hooks for hanging things, add open shelving and put up bike hangers in the basement. These small steps help make the most of the space for the renters.
Replace old Bathroom Fixtures-this makes and immediate impact both visually and financially.
Dump old Carpet and Linoleum– Nothing says cheap and ugly to new renters than old carpet and linoleum. Spend a little money to upgrade the flooring, natural materials like wood and stone look nicer and are more durable.
Updated Lighting and Appliances– Not only will this help visually but it will make your rental more energy efficient and tenants will have lower utility bills.
These minor upgrades will increase the value of your rental. Make the changes when the rental is ready and put it back on the market with a higher rental rate. You will recoup your expenditures with the new rental property valuation and market rate rent.
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