Top Tips for Rental Property to Increase Its Value
It is very important for a homeowner or a landlord to hire quality tenants for his rental property. And to hire the quality tenants it is important to make your property look beautiful so that the quality tenants would like to stay in your rental property as well as pay a good rental amount. Increasing the value of your rental property is the best way to get the most out of your rental property, especially in competitive rental markets.
The best way to increase the value of your rental property is to hire professional Property Manager. They are professional who know the ways to keep your property well maintained and up-to-date according to the latest trends or requirements of the tenants. They make the necessary repairs and keep your property maintained which increases the property’s value.
Improve the appearance of the front of the property
As you know that first impression is the last impression and it only takes seven seconds for a person to make up his/her mind about you. This means you don’t have much time to impress your prospective tenant. You need to maintain the look of your property’s exterior in such a way so that it could impress anyone. So, here the things you need to do to improve the appearance of the front of the property.
· Maintain your lawn
Every landlord has a goal to create aesthetically-attractive property for the prospective tenants for which they need to maintain the lawn. Mowing the lawn and also cut the low-hanging branches on the tree in the front.
· Paint your main door
Cheapest way to enhance the appearance is the front of your property. Well, this may sound simple to you but, this is also one of the main things that people to look at. So, go for the wild or vibrant colors to paint the main door as well as the exterior walls that will attract the tenants.
· Clean windows
This is usually the most unnoticed part when you are preparing your property for renting out. You may ignore the windows but the potential tenants won’t. So, when you are cleaning and maintaining the exterior part of your property, make sure to clean the windows as well.
· Add some greenery
As greenery attracts everyone so, you can add some greenery to make your property even more attractive. You don’t need a big garden to plant creeper or houses to look beautiful with plants, you can easily make window boxes yourself or can use small pots to decorate your balcony, etc.
Regular Checks and Maintenance
Beside the several things to increase the value of your rental property one of the most important thing you should do is to keep on regular checks and maintenance. Keep both interior and exterior of your property clean and well maintained. You can hire a professional carpet cleaner, carpenter who can help you to polish the furniture and fixture. Make sure that all the appliances are working properly.
Upgrade Kitchen and Bathroom
Do you know that upgrading only your kitchen and Bathroom can increase your property’s value up to 10% of the total value? Yes! You can increase the rental charges by just upgrading the Kitchen and Bathroom and that too without carrying a major work. Clean your kitchen and washroom neat and clean and also check that all the appliances are in working condition. You should hire a professional cleaner to clean the washroom as well as the Kitchen.
Painting can make a world of difference in your property. If you want to hire quality tenants for your rental property then make it appealing for them by painting it with beautiful colors. Well, neutral colors are universally appealing but, you can try other colors too like off-white and soft tones of green and blue.
Raise Rent upon Lease Renewal
Tenants know that every landlord rises rent each year so, don’t disappoint your tenants, if they know then you can grab the opportunity by increasing the rent. But, always remember that you cannot increase the rent during a fixed term lease agreement.
By following these tips you can increase the value of your investment but, if you think you can’t handle this all alone then approach a good property management company in Baltimore that can help you to manage your property and keep it in great condition that increase its value.