How to Increase Rental Property Value: Improvements and Upgrades
As a landlord, you can increase the value and the income-generating capacity of your property by investing in strategic remodeling improvements to your rental units. Many of these improvements are low cost, easy to make and will pay for themselves over time.
That said, it’s important to avoid spending too much on the wrong improvement projects because it will have the opposite effect on your bottom line. You need to focus on cost-effective projects that boost your overall property value while attracting higher-paying tenants. The improvement ideas below will help you learn how to increase rental property values like a pro.
The Easiest Ways to Increase Your Rental Income
Some landlords don’t have a lot of time or money to invest in rental property improvement projects. If you fall into this category, the following ideas are for you.
Have you ever visited a home and found yourself loving its plumbing fixtures? Prospective tenants like to turn the knobs of the faucets, and sometimes they even flush the toilets.
When plumbing fixtures feel great to the touch, more people will be excited to live in your property. Simply put, beautifully made sinks, faucets, and sprayers make a kitchen or bathroom sparkle luxuriously. Yes, high-quality fixtures are more expensive, but investing in a more refined finish (such as brushed nickel or bronze) immediately boosts the look and feel of your property and attracts higher-paying tenants.
Other Quick Fixes for Rental Property Upgrades
There’s a lot more you can do to quickly boost your rental income, like adding new siding to the residence, installing a tankless water heating system, sprucing up the landscaping, adding new hooks, racks and shelving units where extra storage space is needed, and installing a surround sound system.
Big Projects Yield Bigger Rental Gains
Some improvements to increase rental value are more expensive, but over time, these rental property upgrades pay dividends. For landlords with more capital to invest, the following projects yield the most bang for your buck.
If you’re taking the time to invest in new sinks and fixtures, you might want to invest in new countertops. Almost every “luxury” rental unit includes a slate, granite or quartz countertop these days, and it’s what higher-paying tenants have come to expect. Installing stone countertops — even if they’re acrylic/polyester composites or tile — will move your property into a higher rent bracket.
Put in a New Floor
Does your apartment have linoleum or carpet? Replace it with a better material like stone, wood, tile, laminate or hardwood. In some older properties, you may be surprised to find a beautiful wood floor beneath the current linoleum or carpet. Upgrading the floor adds an immediate sense of luxury and quality to the residence.
One of the oldest tricks in the real estate flipper’s handbook is to install new windows. Modern, clean windows bring in more light and offer better insulation. Just as it is with plumbing fixtures, windows are one of the first things prospective renters try when perusing an apartment. When the windows are tight and clean, they boost your property into another category.
Want Expert Help to Make the Best Upgrades Before Renting a House?
You can design your rental property improvement plans yourself, but what if you enlisted the help of an expert home designer for updating a rental property? The home design team at Plans and Permits know exactly what kinds of improvements to include in your Houston house plans that make your property a high-value target on the luxury rental market. We will manage the entire design and permitting process to maximize your rental income potential. Contact us today for a quote!