Even when your budget is tight, there are always plenty of ways to improve your property value to drive up equity or the amount you can charge for rent.
Here are a handful of easy ways to increase the overall value of your property without emptying your wallet in the process.
Small Renovations Can Make a Big Difference
A fresh coat of paint can go a long way, but there are plenty of ways to increase the overall appearance of your rental units without breaking the bank. Modernizing things like light switches and electric outlets to include USB ports, or even replacing old vent covers and light fixtures can help you maximize the value you can get out of a rental property.
Update the Appliances in Your Rental Unit
More and more tenants want to live in homes with energy-efficient appliances, and many look for smart devices that allow them to do things like adjusting the thermostat remotely. Investing in a bit of tech could make your unit more attractive, and allow you to charge a premium for such luxuries.
Landscape for Curb Appeal
A well-placed shade tree or two, as well as the right low-maintenance foliage, can make your property stand out on the block. Those shade trees can eventually grow to save you significant amounts on your cooling expenses during the summer.
Kitchens and Bathrooms Make Sales
Even without doing a complete demo & reno on your property’s kitchen or bathroom, there are plenty of ways to upgrade and renovate over time on a budget to increase your bottom line and could end up being the wow factor that makes someone want to call it home.
Don’t let your renovation efforts be ruined by renting to bad tenants. Tenant Report offers background screening that’s completely free for landlords and property managers to help make the renting process as safe and simple as possible.
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