7 Great Tips On How To Increase The Value Of Your Rental Property.

Whether you own one or a string of rental properties, by making improvements to your rental property, you can enhance its appeal, attract reliable tenants, and increase rental income. While some upgrades may require an upfront investment, they often pay off through increased property value and reduced vacancy rates.

Below are 7 tips on how to enhance a property’s appeal and value:

Improve the appearance 
First impressions are important, and a well-maintained exterior can attract tenants even before they step inside the property. Simple improvements like maintaining the landscape, painting the front door and other visible areas, and repairing the fencing, can make a large difference in getting the property rented quickly and getting a higher rent for it.

Upgrade the bathroom and kitchen
Kitchen and bathrooms are important rooms for anyone living in a home, so a modern functioning kitchen and updated bathroom can make the property more appealing and a higher rent can be charged for it. It only requires simple upgrades like replacing old fixtures, adding new lighting and upgrading cabinets and counter tops. The higher rent will allow these investments to be recovered in a relatively short period of time.

Replacing the floor
Replacing the floor in certain areas is an optimal way of boosting property values. Upgrading the standard grade carpet and linoleum with higher end materials like tile and hardwood will not only add value, but it will also make it much easier to care for and repair.

Invest in energy efficient appliances
Upgrading the appliances with energy efficient ones will appeal to tenants who want to save on utility costs and contribute to a greener environment. They will also reduce long term operational costs and landlords can take advantage of government rebate schemes and tax incentives (if available).

Increase storage options
Offering more storage space is an attractive feature, especially in smaller units. Installing closet organizing systems, more shelving and cabinets can also make the property more functional making efficient use of limited space. Whenever possible, adding a storage locker for bikes, and outdoor equipment will resonate with many would be renters.

Create an outdoor living space
With the smaller units in urban areas, a well-designed outdoor space appeals to renters looking for a space to relax or entertain. These spaces are well utilised during the warmer months when there is a tendency to spend more time outside the home than inside.

Enhance the security of the property
Safety is an important issue for any home dweller. A secure property is very appealing and can attract long-term tenants and command a higher rent. Investing in secure locks, an extensive video surveillance system and proper lighting around the property is an ideal way to do this.

Whether you have an existing investment property, are waiting for the right time to sell, or are looking to purchase an income producing rental property, our advisors are here to help you. Contact us by email or call is on 604 695 1000/604 913 1000.

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