Tips for Increasing the Rental Value of Your Investment Property

As a property investor, whether you have one home or dozens, you no doubt hope to achieve excellent capital gains on your investment(s).

However, it’s also vital to look for ways to up the cash flow you receive throughout the years by increasing rents over time. You can wait for markets to improve to do this, but you can also make other changes and choices to boost your return on investment.

Here are some tips for increasing rental value sooner rather than later.

Improve Curb Appeal

If you’re getting ready to advertise your property to potential new tenants, you want people to be immediately impressed when they see pictures and then later arrive at the home. To charge higher rent, then improve curb appeal. Add or repair fencing and paint the exterior of the property. Replace the mailbox and front door, clean the roof, install outdoor lighting, and replace vinyl siding, if needed.

Give the Kitchen a Facelift

One of the essential parts of any home is the kitchen, so look at this zone in your property to see what can be improved. For example, you could install new, appealing cabinet doors and hardware to modernize the room and re-grout or replace splashback tiles. Put in new flooring, too, if needed. Ensure all choices are durable and simple for tenants to clean.

If the current kitchen doesn’t have much storage, look for ways to add to this, such as extending cabinets right to the ceiling or putting in additional floor-standing cupboards. Plus, upgrade old appliances to sleek and preferably energy-efficient ones. If there isn’t currently a dishwasher in the space, see if you can find room to add one, too, as renters often expect this device these days.

If you’re worried about how well people will look after new machines, note that you can purchase extra protection for kitchen appliances, amongst other things. You’ll already have home insurance for the property, no doubt, but you can also invest in home warranty cover. For typical inclusions in this product, search online for information about home warranty vs home insurance.

Update the Bathroom

The bathroom is another crucial zone. Suppose the current wet area doesn’t look like a place where you would want to get clean or apply makeup, etc., invest some time and money into updating it. For example, re-tile the floors and walls or paint them with special tile paint. Re-glaze the bathtub or replace it, and do some re-caulking around the room, so everything’s effectively sealed.

Paint the ceiling, and get rid of any mold or mildew, as this is not only a turnoff to potential tenants but also a possible health hazard. Install new fixtures, such as the shower rail, taps, and faucet, and update the toilet and vanity, too.

Allow for Pets

Another great way to boost the value of your investment property is to allow renters to have pets. It’s often very challenging for people to find places that let them bring their beloved animals, and most people will pay more for the ability to have these other family members come with them to a new home.

Look for ways to make the property as pet-friendly as possible. For example, have easy-to-clean flooring throughout and install a fence around the yard. If there’s already a fence on the property, inspect it to see if all panels are secure and if everything sits flush to the ground so pets won’t be able to escape. Also, clear up anything around the property that might threaten an animal’s safety, such as poisonous plants or sharp wire around the yard, etc.

Charge for Additional Amenities and Perks

To maximize your returns, consider additional amenities or perks you could add to the home to entice tenants at a top rent. For example, install reverse-cycle or ducted heating and cooling to help renters feel comfortable year-round. You could also rent out the property with a quality fridge, washing machine, and dryer included and add solar panels for maximum savings, so the home’s eco-friendlier and tenant utility bills reduce.

With so many people incredibly busy these days, it also pays to consider adding the perk of included garden maintenance and lawn mowing in the rent. You can increase the amount you charge in return, but you should find that tenants are happy to have this taken care of for them. You also get the extra benefit of knowing the property will always look taken care of externally.

The above projects will take time and money to get right, but once completed, you’re sure to get the most money possible out of your investment property. It would help generate more interest when you list the home for rent, too.