3 Simple Steps to Increase Your Property’s Leasing Value
While it is true that updated bathrooms and kitchens sit at the top of the list when it comes to valuable improvements, there are plenty of other ways to improve the value on a rental property. As an owner, there are three goals: Maintain value, increase value when possible, and keep it rented. From landscaping to painting to fixture replacements, we are excited to list some inexpensive home improvement options.
There are three main goals for a rental property:
- Maintain the value
- Increase the value when you can
- Keep it rented
While maintaining your rental property’s value in some markets can be a challenge, increasing your property value should consistently be top of mind. There are 3 simple ways to increase your property value and make it more appealing to tenants, even while it is occupied. When a property is more appealing to tenants the leasing process is quicker.
Landscaping to Improve Curb Appeal
A really simple way to increase your property value is to spruce up the curb appeal with some great landscaping.
Landscaping the exterior of the property makes the property more welcoming and enhances value two-fold.
First, by directly increasing your property’s value based on improved impressions. Secondly, by improving the overall look and feel of the neighborhood, which, in turn, increases the value of your property. Remember the old adage, “ K-I-S-S”, Keep It Simple Savvy investor.
For those with a single unit detached property, an exterior coat of paint can go a long way towards improving your property’s value. It is like a facelift for your property, able to transform the look from a run-down rental to a revitalized dream home. Plus, it will compliment your newly landscaped yard!
A quick coat of interior paint can go along way to securing your next renters. Along with making your space feel fresh and clean, it also allows your future applicants, during their showing, to focus on where they will be placing their furniture, instead of whether it is worth living with all the scuffs and imperfections on the walls.
While you’re at it, a fresh coat on the windows and sills might not be a bad idea depending on their condition. Bottom line, painting inside and out can add the value to your property that you hoped for and ultimately lease your unit faster at a potentially higher price.
Low Cost Fixes With Large Returns
This is all about the little details! There are several simple fixes that can add a nice return on your investment, from upgrading the outside lights and hardware on the doors to updating the interior light fixtures.
Changing out old faucets and handles with modern updates can increase the desirability of your unit. Though inexpensive and relatively simple to do, it may allow your future tenants to feel more comfortable moving forward with you. If they assume you take care of even the smallest details, it implies you’ll take care of any bigger issues that may arise. Falls right in line with the saying, “ How you do anything, is how you do everything.” Remember to highlight these little improvements during your showings, or ensure your Chicago area leasing agency knows of your improvements to effectively communicate them.
Time is Money
Though anyone can do all three of these steps in a few weeks to improve the value of their property, there is a missing link that leads property owners from successfully achieving their desired results.
Whether you just need to find the right tenants for your investment property, or you want everything managed from top to bottom, live the life you deserve and let Lofty handle the rest.