Having a decent rental property guarantees a steady cash flow as long as you manage that property well. In fact, the biggest contributor to your cash flow is your ability to increase the perceived value of your property.
As a landlord, you should have two goals. First and foremost, you want to make sure your property doesn’t go down in value, ever. Sure, markets fluctuate, but I’m talking about maintaining the state of the property. Then, you’ll want to increase the value of your property whenever you can and ensure your property is always rented out. Sometimes tenants leave, and that’s your opportunity to make improvements. In fact, you can easily use your previous tenants’ feedback to improve where it matters most. While it’s true that a property with modern gadgets and equipment excites tenants, there are other low cost and surefire ways of sprucing up your property for a higher rental value. These improvements will not only raise the value of your property but will also ensure that your property is attracts new tenants.
Here is a list of low-cost improvements that you can make to your property that will increase its rental value:
Before You Show the Property to Your Prospects
1. Perform a makeover of the yard and uniform fences.
Picture this: As your prospective renters arrive to check out your property, what do they notice first? It’s the outside of your building or your front lawn. A neat and clean front lawn will help create that initial positive impression and set the mood for the remainder of the visit.
You may not have the budget for extensive landscaping work, and that’s ok. Just upgrade whatever you can so that your lawn looks tidy and presentable. Trim overgrown bushes and shrubs. Remove fallen leaves, sticks or anything that might make your lawn look cluttered.
You can even consider placing a few bushes, flowers and ground covers strategically. You can look for inspirations to upgrade your yard from landscaping websites and garden stores. A new mailbox or even just a freshly painted one can work magic. Having outdoor lights and shutters can quickly and inexpensively make the exterior of your property pop. You can even use cheap solar powered lighting posts that you can just stick in the ground.
If there’s a fence around your property, make sure it looks nice. A broken fence or missing pickets are something no tenant would like to see. Ensure your fence is uniform and looks cohesive. Here too a fresh layer of paint might do the trick but is of course more expensive.
2. Give the place a fine scrubbing.
Painting the whole of exterior and interior of your property will cost you dearly. You’ll have to buy paint to cover your building, fences and garage. If you don’t have the funds to cover everything with a fresh coat of paint, a thorough scrubbing and cleaning of your property will do. You can either get it done professionally or you can do it yourself. All you will need is a few hours of your day, a ladder, a pile of old rags, a lot of soapy solution, and a brush with an adjustable handle.
If you have some budget available to buy paint, do so. Use it to paint the areas that are more crucial and obvious. Before you enter the property, you are greeted by the front door. Make sure your front door looks welcoming and fresh. A freshly painted door gives the impression that you’ve actually renovated the house for the next tenant.
3. Clean the carpet.
If you give your potential tenant the feeling they’re entering a new house, it will help you with getting the rent you want. A clean carpet does exactly that. Rent a steam cleaner to clean every inch of your carpet. It’s a low-cost activity but has a high…