To bring in more rent is every investor’s ultimate goal. But increasing the return from your rentals might sometimes seem next to impossible, especially if you aren’t particularly experienced in real estate. Here is where an efficient property manager can effectively guide you on how to get more rent.
The simplest way to get more rent is by improving the value of your rental property. While location and size matter, you can increase your property’s worth by minor upgrades.
Upgrade Plumbing Fixtures
Gone are the days, when renters were willing to accept ordinary faucets and sink. These out of date fixtures no longer make it anymore. In fact, outdated plumbing can significantly reduce the value of your house, making survival in the market a challenge.
If you want to beat your competitors out of the park, you need to update your kitchen and bathroom fixtures. Renters are generally willing to pay more for places that look visually appealing.
Renters and buyers often seek properties with countertops that won’t need replacement in the near future. Laminate countertops offer the least value, while natural stone like quartz or granite adds the most. These durable countertops not only look luxurious but can also increase the property’s worth.
As we mentioned earlier, half of the home’s value lies in its appearance. Getting rid of old carpeted or linoleum floors can also boost your rental income. Opt instead for tiles, hardwood, or stone. These materials help add character to the space.
You can choose to replace flooring all over, or you could instead renovate selected areas like the foyer or the formal living spaces. In fact, doing so will make maintenance and upkeep so much easier for tenants and landlords.
Energy-efficient lifestyle is a new rage these days. New windows and doors can also revamp the look of the place, giving it a more modern feel, which is coveted by many renters. With energy-efficient fixtures, you can also save up on your energy consummation, which is also a major attraction for potential tenants.
A disjointed themed house that lacks character can be very unappealing. You can add personality to your rental property with minor upgrades. Make sure the interior design theme is coherent. Maybe improve the layout of the space and have an open floor plan.
An efficient property management company can help you make decisions on what upgrades to opt for, so you don’t have to worry about how to get more rent.
While changing the floor plan requires a substantial investment, some of the other upgrades do not. The choice of countertops, flooring, and fixtures can all be effortlessly incorporated into your existing infrastructure, and these do raise the value of your rental property.