The goal of every real estate investor is to see their property increase in value year on year. While the value of a property may depend on the housing market trends of the area, there are also some simple upgrades and updates owners can make to their properties to increase their value. Quality upgrades will not only fill a rental property faster, but they can also maximize the income on your rental investment
Painting a room can make a world of difference! A fresh coat of paint is a brilliant way to revive and brighten a tired space. While neutral colours are universally appealing, you may also consider using soft tones of off-white, blue and green. When selecting a color try to remember that brighter rooms look bigger and more inviting.
A well-placed mirror is another way to make a small space look larger and more inviting. Use a focal point and angle your mirrors toward it to give the illusion of depth. Mirrors have the wonderful property of reflecting both natural and artificial light to make a room brighter during both day and night.
Storage is a big priority for many home buyers and renters, so it’s very important for properties maximize the space they have. A very simple way to increase storage is to add hooks to areas like entryways and bathrooms. Introducing a closet organizing system and installing additional shelving in bare areas can be an efficient use of space.
If the property is tight on space, building up will expand the smallest of spaces. By extending storage space all the way to the ceiling it will not only help decrease clutter, it will also draw the eye up and make the room seem bigger.
Carpeted floors hold onto stains and scents and can quickly make a room feel worn. This means that when renting out a space, you will have to have the carpets professionally cleaned or even replaced after each new tenant.
In order to avoid such a long-term financial strain, it is a good idea to invest in a hardier flooring. The go to replacement for carpet is often wood, laminate, or bamboo flooring which, in addition to being easier to clean and maintain, provide much better air quality as they do not trap dust, pollen or other allergens. In addition to its practical applications, wood flooring enhances the look of a property by adding elegance and warmth.
While it may be an expensive upgrade to make the switch, it can be a money saver that that will increase the value of your rental property in the long run.
Efficient, functional and well- maintained appliances help raise the perceived value of your rental property. A washer/ dryer combination is a great addition to any rental property as they can be easily installed into a small cupboard.
Many tenants desire this convenience in a living space. By adding a washer/ dryer a landlord has the opportunity to increase their rental price and pay off their investment more quickly.
Key features of any rental property are the kitchen and the bathrooms. Plumbing fixtures in these areas can get old and dingy very quickly. A landlord should consider replacing these types of fixtures every 10 years or so.
A chrome finish is associated with standard grade so owners can boost the look and perceived value of their rental property by choosing higher grade finishings such as oil-rubbed bronze or brushed nickel.
Investing in good quality light fixtures will not only improves the mood of a property, but will also give it a more polished, pulled together look. The best part of this simple upgrade is that light fixtures can be found on sale in home décor stores, hardware stores and online.
These simple upgrades will ensure that your property investment retains and increases its value year on year.