Easy Ways to Increase a Rental Property’s Value

This article also appeared on RolandViolette.net.

Whether you’re investing in the stock market or in cryptocurrency, the point of any investment is to generate a positive return. Ideally, your rental property is doing the same thing for you. Hopefully you’ve done the proper homework on your property’s market and have put yourself in a good position to succeed, but being a successful real estate investor is about more than buying a home, signing a lease and handing your new tenants the keys. Especially now, with the entire global market in flux, it’s vital to maintain and improve upon your properties to set yourself up for a fruitful future. There are some things you can do to increase your property’s value without breaking your back or your bank account.

Paint

Putting a fresh coat of paint on and in a house immediately improves its perceived value. Spend some time researching what colors are popular and make plans to update the paint on your home accordingly. Don’t fall into the trap of buying discounted gallons from your local hardware store as they’re usually not mixed properly, so finding the same color for future touch-ups will be impossible. Spend the necessary money to get a good shade of paint to freshen up the look of the home.

Furnish Countertops

Again, this is an area where it can be tempting to scrimp and save, but it doesn’t pay off in the long run. Not only do cheap countertops look… well, cheap… they also don’t last and require more frequent maintenance and replacement. While you don’t have to go out and buy premium granite countertops for your rental property, you should also try to avoid cheap laminate options as they won’t stand up to the long-term use that kitchen counters often undergo.

Avoid Carpeting

The flooring in your rental property will undergo more abuse and use than any other facet. The worst thing a real estate investor can do is have a houseful of carpet which will have countless shoes and spills damage it over the course of its life. While you may very well have rules in place to prohibit pets from running around your rental property, you still can’t avoid accidents that will leave stains and other blemishes on your carpet. Don’t be afraid to replace the carpet with an easier-to-maintain option before you put the first tenants in place.

Reach out to successful property investors and find out other ideas that they’ve used to cut down on costs and maximize profits. And with many offices closed and schedules changing, now is a great time to show your properties some TLC. Best of luck to you in your real estate investment!