4 Ways To Improve Your Rental Property’s Value
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Are you are a landlord looking for ways to improve your rental property’s value to sell it for a higher price than you bought it or to start charging more for rent? If you are, this blog is for you! As an investor, your primary goal above all else is to make money. In order to do this, you need to attract the right buyers and tenants who are ready to pay top dollar on your property. But you don’t need to spend thousands of dollars to do this – if done well, the end reward can greatly outweigh your initial investment. There are 4 simple ways that you can improve the value of your property.
#1 Improve Your Curb Appeal
The outside of your property is the first thing tenants and buyers will see when they come to visit. They will quickly judge the value of your property by its paint job, brickwork, front door, windows and even the flower beds. Their initial opinion makes all the difference in how much they think your property is worth to them! Make an impactful first impression by freshening up your landscaping and home exterior. Power wash away any dirt or debris on your house, upgrade your windows, front door and garage doors, and plant healthy flowers and shrubs.
#2 Freshen Up Your Kitchen
An updated kitchen with new appliances and cabinets can help people envision their dream lifestyle within the space and, as a result, drastically increase the value of your property. However, full kitchen renovations can be expensive. If you do not have the budget for a big renovation, simply hiring a professional to paint the cabinets or replace the doors can go a long way. You could also opt for adding a new backsplash.
#3 Invest In Smart Tech
Buyers and tenants alike are very aware of the capabilities of home technology. More consider it a requirement when looking at properties for safety and practicality reasons. Devices such as thermostats, carbon monoxide detectors, doorbells, garage door openers and smart locks can drive up the value of your property and justify tenants' rent rate.
#4 Renovate The Flooring
Adding new flooring to certain rooms or open spaces can be a great way to improve the value of your property. We consistently see the trend of renters and buyers alike no longer looking for carpeted homes but are instead in tiles, hardwood and vinyl flooring. Flooring can be very friendly on a budget when installed on a room by room basis.
If you need more advice on what renovations will help sell or rent out your rental property faster, please get in contact with us today. We would be glad to look at your property and evaluate it, as well as answer any questions you may be curious about.
At Knowledge Broker, our goal is to create an open-source of information for all our clients. We want to ensure that, at the end of the day, they get exactly what they want and what they need. If you know someone who could use our help or services please put them in touch with us or send us their details using the contact information below. And before you go, click here to take the Knowledge Broker Quiz and see exactly what we can do for you!
JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
249 Avenue Road • Newmarket, ON L3Y 1N8