Your rental property isn’t just an income…it’s also an investment. As a landlord, you should always look for proactive ways to protect and increase the value of your rental. Your changes don’t have to be elaborate renovations. A few simple updates can make a major impact on your overall rental property worth as well as impress potential tenants.
Consider these proven tips to increase value and optimize return on investment with your rental:
Improve Curb Appeal
The front yard is a property’s first (and sometimes, only) opportunity to make a positive impression. A few minor tweaks to the exterior of your rental can make a major esthetic difference. Mow the lawn, repaint the door, replace shabby shutters, install a new mailbox, and/or trim the hedges for an instant front yard facelift.
Repair Your Roof
Technically, the roof is essentially part of your overall curb appeal strategy – but a roof is a smidge more expensive than a mailbox, so we will give it it’s own header. Despite it’s bigger price tag, the roof on your rental is worth the expense. Ignoring peeling and deteriorating shingles is not only unsightly; it can eventually lead to serious damage to your property’s interior and exterior. Schedule periodic roofing inspections and replace as needed.
This may seem like a no-brainer; however, many landlords underestimate the importance of consistent, thorough cleanings. Partner with a professional cleaning company to schedule periodic services at your rental. A professional cleaning company will have the equipment and high-end products needed to not only keep your property looking its best, but also help your rental defend itself against long-term wear and tear.
Install Better Fixtures
Kitchen and bathroom plumbing fixtures are some of the first things renters will notice when checking out your property. Faucets, sinks, and sprayers that are more than 10 years old can look run down and dingy, instantly dating the surrounding interior. When replacing, go beyond the standard “shiny chrome” builder grade and consider more sophisticated finishes such as brushed nickel or oil-rubbed bronze. Even going a step or two above entry-level fixtures can have a major impact on your rental property value.
Laminate countertops are inexpensive, but most landlords quickly realize you get what you pay for with these synthetic surfaces. Laminate counters simply don’t hold up to general rental wear and tear for a prolonged period of time. Once again, you don’t have to go high end. Choosing a solid material such as quartz, granite, or even cement can instantly improve durability and deliver the visual wow factor that renters are looking for.
The floors of your rental property will see a lot of heavy foot (and possibly paw) traffic. In time, you may begin to notice fading, stains, and scratches on certain areas that get used most often. Install new flooring as needed throughout your rental. Forego carpet whenever possible (it’s a dirt and grime magnet) and opt for tiles, laminates, stone, and hardwood for an easy to clean option that instantly boosts your rental property value.
About Double Z Property Management
Double Z Property Management, a full-service property maintenance firm in Tacoma, Washington, specializes in an extensive suite of rental property services. Contact the Double Z team today to hear more.