Real estate has long been a popular route for those looking for a steady and profitable investment, and it’s proven to be a dependable option for those looking to diversify their portfolios and supplement their current income. If you’ve got a rental property and are considering the ways in which you can increase your bottom line while simultaneously improving the home itself, consider these value-boosting additions and upgrades that you and your tenants can appreciate.
If you want to attract tenants, you’ll need to improve your curb appeal. No one’s going to come into a home that’s overrun with bushes and weeds, or on the opposite end of the spectrum, a home with a stark and empty front and backyard. Landscaping services can help you form an oasis out of your property that will draw tenants and buyers in, although it’s not all about aesthetics. Landscaping additions can have a huge impact on utility costs and energy use. Consider the addition of even just a single tree; it looks great to prospective buyers and tenants, helps block and suck up any storm water runoff, reduces carbon dioxide, and cools your home in the summer and keeps it warm in winter to make for some lucrative energy savings.
Install a Home Security System
It seems every time you turn on the news there’s some horrid break-in or other worry that remains on our minds, and you can bet that your tenants have their concerns about home security when they’re looking around at potential houses or apartments to rent. If you want to raise your rent and improve the value of your rental property, installing a state-of-the-art security system might just do the trick. A home outfitted with a security system is three times less likely to be burglarized, so the investment is more than worth your while. Not only will tenants feel more at ease, but you’ll rest easy knowing your property is secure and less likely to become the target of a successful break in.
The Power of Paint
Don’t underestimate the power that a professional paint job can have. Instead of climbing up that ladder and applying a single coat to the outdoor paneling of your rental property, hire a professional painting contractor from a company like CertaPro. Don’t stop at the exterior of the home; investing in fresh coats for your ceiling and interior walls is definitely going to pay dividends in the end when you land yourself a high-quality renter who’s willing to pay more to beat out the competition for your desirable place.
One of the most important things to a searching renter is plenty of storage space. Consider the closets and cabinets currently found in your rental property. Are they spacious or lacking? Could they do with some improvements? Finding the proper storage solutions is essential, and when it comes time to sell your property, you’ll be able to fetch a much higher price for a home that includes walk-in closets, plenty of kitchen storage and cabinetry, and random storage throughout the rest of the space. Consider hiring a professional storage solution company to install new or bigger closets. Companies like Closet Works Inc. will come to your home or chosen property and determine the best storage options for the space itself. By optimizing your space, you’ll be able to impress tenants and buyers with ease.
If you want to capture high-paying tenants, you’ll need to screen numerous individuals. As we’re currently in a competitive rental market, you’ll have the pick of the litter, but it’s important to be thorough with your screening processes. Consider something like MySmartMove tenant reporting services that will give you access to all the pertinent information so you can make a fully informed decision. Knowing criminal history, past eviction status, and more will help you feel more at ease with your tenant selection and set you up for a potentially great long term renter.
Looking to increase cash flow from your rental property? Consider adding these upgrades to your home and attract high-paying renters and generous homebuyers in the near future.