5 Ways to Add Value to Your Rental Property
Owning a property that you don’t really live in is a real blessing because you can rent this and make some extra money month after month. That’s something people all around the world are doing as we speak, but not all of them have a long-term plan and think about the future of their property. And the fact is that you can earn much more money on your rental if you invest some time in it first. Therefore, here are five ideas you could explore if you wish to add some more value to your rental property.
Build a Deck
If your property includes an exterior area, you might want to find a way to make the most of it. Building a deck is one of the best ideas in the world. Decks are versatile and one can use them for hanging out, entertaining guests, throwing barbecue parties, as well as having an afternoon tea. However, building a deck isn’t as easy as most people think, and this isn’t a project you should tackle on your own. Instead, be sure to rely on professionals who can build you a proper deck that will last for decades to come.
Fix the Plumbing
This is another feature of every great rental and something you should pay attention to as well. When these problems occur, most people are unsure who’s responsible – the tenants or the landlord – so specifying this in your contract is a great way to solve the problem. But, if you invest in the plumbing beforehand and install new pipes, drains, fixtures, and fittings, you could add massive value to your property. Take this idea into consideration, and find a great plumber who can do that for you.
Spice up the Kitchen
Your tenants may not be the most skillful home cooks in the world, but that doesn’t mean they don’t deserve a fancy kitchen. The truth is that the cooking area is what most people pay attention to when looking for a place to rent, so spicing it up really goes a long way. Invest in some new appliances, install one of those amazing fire ducts that enhance the visual appearance and safety of your kitchen, and build a new kitchen island too. In the end, repaint the cabinets, purchase some new countertops, and you’re good to go.
Fix the Façade
This is another effective way to spice up your outdoor area and make your rental stand out. Most people prefer living in a nice home and don’t mind paying a bit more for it, which is why fixing the façade and updating it a bit could really make a difference in your rental. Fortunately, this is a project you could probably handle on your own – all you need is some material, a few buckets of paint, and a couple of friends who could give you a hand.
Repaint the Interior Walls
Once you’ve finished spicing up your rental’s exterior, you need to dedicate some time to the interior as well. The best way to do that is by repainting the interior walls because this makes any living space appear cleaner, nicer, and visually more attractive than ever. You could also let your tenants do that, but talk to them first and make a plan you’re all going to be happy with. After all, you’re not alone in this arrangement, so be sure to listen to their ideas as well.
Spicing up your rental and making it nicer sounds like a lot of work you might be able to avoid, but if these five ideas allow you to earn more money on your rental, you should definitely look into them carefully.
Author Bio: Kevin has gone through an extensive home renovation with his son, which he has both thoroughly enjoyed, and dreaded every morning. He is now the proud owner of half his dream house (the other half has been waiting for spring). You can read more of Kevin's work at PlainHelp.
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