There are two things that can really bring up the value of a home one is the size of the home and the other is the quality of the home. While there is not a whole lot you can do to increase the size of a home, there are things you can do to improve the quality.
Here are 3 things that will increase the value of your rental:
1. Linoleum flooring that looks like hardwood
There are more than a dozen reasons to invest in linoleum flooring. My top three reasons are that they are affordable, they look good, and they do not hold odors like carpet does. By using the more affordable flooring, even if something does happen to portions of it it can be easily replaced, which reduces turn over costs. The appearance of the flooring can give a more updated look to the home and boost the initial opinion of potential tenants. Finally, the flooring does not hold on to odors. By eliminating the padding in the flooring you are making the homes more pet-friendly while protecting your investment. By making the home pet-friendly, you are creating a larger earning potential for your investment.
2. Updated kitchen
Whether someone will actually cook or not, they want an updated kitchen. Why? Because everyone wants to believe that they will cook. By investing in new appliances and cabinets you increase the likelihood of a short list time. In some cases, though it is unlikely that the rent increase based off of the improvements will compensate. Make sure you consult a property manager for their professional opinion.
3. Fresh paint
There is an association in our minds of clean paint and a quality home. A fresh coat of paint can drastically improve the perceived quality of homes. The best part is that it is a reasonable monetary investment. The resulting increase in rent is likely to cover the cost of the painting in a limited amount of pay periods.
Every property is unique and has simple opportunities for improvement. If you are interested in improving your investment, talk to a property management specialist for tips on your specific property.