Though it might entail some investment, renovating your property will help increase your income. That itself is a clear motivation to update and upgrade your property. If you want your rental property to stand out, you must consider what people like, not what you like.
Your taste should not be prevalent in your property. As much as possible, your property should be an empty canvas to let your tenants do the art themselves. Still, you must add functional upgrades to your property if you want to increase the rent. Make sure you have a storage system in the garage to keep your investment property well-organized and up-to-date appliances for convenience.
Here are some ways you can remodel your investment property to increase its value:
1. Paint Job
A simple repainting makes a whole lot of difference. Though white is most appropriate, any color that resembles cleanliness and tidiness would suffice too. Remove the wallpapers and keep them immaculate. You would want to leave room for your tenants’ creativity.
2. Quick Fix
Faucets, tubes, pipes, and electrical wiring should be substantial and fixed. It would be best if you had them tucked and out of sight. When choosing the perfect faucet for your investment property, ensure that it is the ideal faucet handle and nozzle you need.
No one wants to see leaks or hanging wires; it is best to keep them in order and away from anyone’s possible harm. These are important for daily living, so unclog the pipes, clean the faucets, and ensure the wiring won’t short circuit.
3. The Bathroom
Keep the bathroom as comfortable as possible. Depending on the size and capacity, there’s no need for a bathtub if it occupies too much space. Make sure the toilet seat is clean, the faucets and shower are working properly.
The idea is to make the bathroom space-efficient and functional. You may add a large mirror on the wall, too.
4. The Kitchen
Clean the cupboards, drawers, and cabinets. To make sure the hinges are not rusty to avoid squeaking sounds. Provide space and storage for your tenants to enjoy.
You may include simple essentials such as a coffee maker, a microwave oven, and a stove. The kitchen can make a difference for some people who are looking for a place to rent.
5. The Bedrooms
The rooms should be more or less space-efficient, so if the bed is large, replace it with a reasonably small one, and the same goes for the cabinets and drawers. To give off the impression of a breathable space to live in, keep the objects inside relatively small. This will maximize the space.
6. The Dining Area
The main dining area need not be significant at all. It could accommodate at least just four people. An intimate yet pleasant dining table makes a significant change in the property’s overall appeal. Find a table that suits the aura the room gives off.
Avoid putting breakable objects such as a glass table or big ornamental jars. This will only add to the safety hazard of the room.
7. The Exterior
Trim the grass, cut the trees, or clean the porch. You may add a small garden to give that homey feel. The exterior is where the first impression begins. So it is productive to invest a little more on the outside of your property.
If you can spare some money for amenities, then it will considerably increase your market and value. Add a parking space and fences to rid of animals or accommodate pets. Of course, don’t forget to install air conditioning units, a washer, a dryer, and a heater.
Investing in a patio or any outdoor leisure area would also help upgrade your property.
There is no need to splurge on unnecessary furniture. However, if you feel the need for furniture, make sure they are not solely for aesthetic purposes. Furniture should be most of all multifunctional. Minimalism is getting more popular, so it is best to cater to the trends that will increase your property’s market value.
Observe what your competitors are doing, and find out what makes your property much more attractive. High-quality appliances, energy efficiency, pet friendly, accessibility, there are many reasons why your property is better and can offer more. With this, you can ask for a higher monthly rate.
A vacancy is always a landlord’s challenge. The main goal is always consistency and renter’s continuity, which is something achievable when done perfectly right.
Repairs and maintenance can be subtracted from the property’s taxable income, as long as they remain under the umbrella of what defines repair and maintenance, go beyond that definition. It will be within what is called an amelioration or improvements.