Renting out properties is one of the most stable income streams out there. Providing that you do your due diligence as a landlord, it is entirely future proof as well. People will always need a place to live. The real estate sector is very competitive at the moment in regards to buying. Meaning most people are still looking to rent.
Too many landlords make the vital mistake of not increasing the value of their rental properties as time goes on. In fact most landlords allow their properties to fall into disrepair. Costing them thousands and significantly reducing the resale and rental value of said property.
There are so many changes you can make to a rental property to massively increase its value. From a complete overhaul to making minor modifications. This guide will walk you through the easiest ways to increase the value of your rental properties.
Installing Smart Technology
One of the best ways to increase the value of a rental property is to provide different amenities such as washing machines, dishwashers, and microwaves. But if you really want to up the value then you should consider making as many appliances as possible smart ones.
There are a huge range of amazing smart appliances out there. Ninja offers an amazing range of small smart kitchen appliances such as kettles, air fryers, and rice cookers. Smart washing machines are an absolute game changer too. You should also ensure you have a smart meter installed in the property. This will allow both you and the occupants to more accurately track energy usage.
Smart technology can increase the value of your property by as much as 10%. This does depend on a number of factors such as the brand of the products and how many smart appliances are linked to the home network.
Refurbish The Interior
Doing a complete overhaul of the interior of your rental property can increase the value by a staggering amount. When we talk about refurbishing the interior we are primarily focused on the aesthetic elements. Flooring, window boards, skirting boards, door frames, and wall paneling.
You will want to ensure that your property is maintaining a more neutral style, rather than anything too grandiose. Since the property will likely have multiple renters throughout the years you need a non-offensive style to ensure it will be selected.
I recommend shopping at places like Homebase for new flooring and wall paneling. But for the rest you should look at companies like Skirting World. Most online skirting board companies only focus on one product type. While Skirting World is different since you can buy window boards here, along with new door frames and door architraves.
Refurbishing your interior also means redoing all the painting. A quality paint job will help further increase the value of the property. So it is wise to seek out a professional painting company with solid reviews. To ensure the job is done right.
Robust Security Features
One of the biggest concerns renters have is often regarding security. They want to know that they are safe when they are at home. So you will need to make sure you have installed robust security features. The most obvious step is ensuring the front door is reinforced and fitted with strong locks. You could also provide a video camera doorbell as standard for your properties.
You also need to ensure the properties electrical systems are all up to code and regularly checked. Your residents need to be protected from internal risks such as fires and flooding. The property should have a few fire extinguishers and fire blankets on site at all times. And you should have an electrician and plumber come at least once every six months to do a check on all the systems.
If you own an apartment complex you should consider hiring a security company to manage the building during the nights. This could be a roaming security company who will do regular checks throughout the night. Your residents will feel far safer knowing they have someone to call on if need be. And this, in turn, will raise the property’s value.
Invest In The Community
In the game of real estate, location is everything! You can make all the changes to your property in the world and, if it is located in a bad neighborhood, you will struggle to increase the rental value at all. But that doesn’t mean you should avoid buying properties in a lower value neighborhood. In fact, if you have a lot of money at your disposal, it can be extremely lucrative.
What you need to start doing is investing in the local community. This might sound hard, but it is actually extremely easy. Many local councils accept donations to help fund public works projects. Or you could donate directly to different local establishments such as libraries and community centers.
