For landlords, rental properties can be a great source of income. Landlords, on average, can earn nearly $70,000, but this depends greatly on the kind of property they have. But to maximize profits, keeping your properties in good condition and up-to-date with the latest trends is important. This is also essential if you’re planning to sell your property. So here are five ways to increase the value of your rental properties:
Invest in Regular Maintenance
One of the best ways to keep your property value is by investing in regular maintenance. Here is some essential maintenance you should do:
- Check for water damage and leaks regularly. Water damage is one of the biggest problems that can decrease property value.
- Paint the interior and exterior of your property every few years. A fresh coat of paint can make a big difference in the appearance of your property.
- Keep the landscaping well-maintained. This includes mowing the lawn, trimming the bushes, and planting flowers.
- Fix any broken appliances or fixtures.
Maintaining your property will ensure you have happy tenants and make your property more attractive to potential buyers.
Stop Subsidizing Utilities
In some cases, landlords choose to subsidize their tenants’ utilities as a way to entice them to rent from them. However, this can cost you more money in the long run. Instead, consider increasing the rent slightly and having tenants pay their utilities. This will likely save you money and make your property more attractive to prospective tenants.
Make Exterior Renovations
Exterior renovations are crucial if you want to sell your properties in the future. Here are some great exterior renovations that will boost your property value in no time:
Wall Upgrades
If a wall surrounds your property, upgrading is a great way to get people’s attention. Installing a rock retaining wall is one of the best upgrades. It has various benefits, such as improved wind resistance, privacy, and low maintenance. So if your property is near storm-prone areas, consider this upgrade.
Foundation Repair
Another excellent exterior upgrade is fixing any cracks or leaks in your foundation. This will give your property a solid foundation and make it look more appealing to buyers.
Roofing Replacement
Your roof is one of the essential parts of your property. If it’s in bad condition, it can decrease your property value. Replacing your roof will make your property look better and protect it from the elements.
Siding Replacement
If you have an old property, the siding needs to be replaced. This is because the siding protects your home from the elements and keeps it insulated. Replacing your siding will make your property look more modern and increase its value.
Add Technology Upgrades
Nowadays, everyone is looking for homes with the latest technology upgrades. Here are some of the best technology upgrades you can get:
Security
Everyone is afraid of break-ins, especially when property crimes are at an all-time high. Thankfully, there are many security upgrades you can get for your property. These include installing surveillance cameras, motion-sensor lights, and alarm systems.
Smoke and Carbon Monoxide Detectors
Installing smoke and carbon monoxide detectors is a great way to keep your tenants safe. This is especially important if you have rental units.
Make Energy-Efficient Improvements
Energy-efficient appliances and features are not only good for the environment – they’re also good for your bottom line. Many utility companies offer rebates for energy-efficient improvements, which is a great way to save money while increasing the value of your rental properties. In addition, energy-efficient homes are often more appealing to potential tenants since they can lead to lower utility bills. Here are some great energy-related improvements you can make:
Energy-Efficient Appliances
If you want to save money on utility bills, consider installing energy-efficient appliances. These include washers, dryers, refrigerators, and dishwashers. Not only will this save you money, but it will also make your property more attractive to prospective tenants.
Install Solar Panels
Solar panels are a great way to save money and make your property more energy-efficient. In addition, many states offer tax credits for installing solar panels. So if you’re looking for a way to increase the value of your rental properties, solar panels are a great option.
Upgrade Your Windows
Old windows can be drafty and inefficient. If you want to save money on energy bills, consider upgrading to energy-efficient windows. This is a great way to make your property more valuable and attractive to prospective tenants.
By following these tips, you can help increase the value of your rental properties without breaking the bank. These are great ways to make your rental properties more valuable – and more appealing to potential renters.