3 Updates to Make to Your Rental Property to Increase the Value

Filling your rental property with great tenants is about being selective in your renting process and standing out from the competition. Along with going digital and requesting online rental applications, you should also look for ways to update your property to attract more renters.

3 Updates to Make to Your Rental Property to Increase the Value

Keep in mind that every update you make should aim to raise the resale value. Here are a few updates that will do just that while attracting new tenants.

  1. Change the Window Treatments

Most renters want the best value possible for their money. They’ll factor in the rent price, quality of the property, and other factors such as utility costs when deciding on an apartment. If you can advertise that your well-priced, quality property also has very low utility costs, you’ll do well against the competition.

One of the most effective improvements you can make for lower utilities is better window treatments. Depending on the interior or exterior treatment you use, you can reduce heating- and cooling-related energy costs by up to 65 percent.

Venetian blinds are cost-effective, but they’re not the most efficient method of trapping HVAC-controlled air inside where it belongs. Instead, go for something more heavy duty and long-lasting, such as indoor shutters. Their classic wood composition is visually appealing and thick enough to prevent air from leaking. There’s a great selection of plantation shutters in Melbourne that’s priced right for your rental property.

You might also try drapes, exterior awnings, blackout shades, and other heavy-duty treatments that will shield your home from the sun and prevent leaking air.

  1. Smart Home Features

The landscape for attracting renters and raising your resale value on a property is changing. Now, renters and buyers alike want to see more smart home features in the properties they inhabit.

However, not all smart technology will raise your property values. According to surveys of renters, the best smart home device you can install in your home is a smart thermostat. Not only is this device handy, but it’s also a great way to save on utilities.

Smart home devices that control lighting, locks, and outlets were also very popular among renters. Tenants want to control their home’s inner workings from anywhere, even when they’re away from home. This is a handy feature for landlords as well.

Video monitoring and security systems that can be controlled from a mobile device are also popular among renters who like to feel safe and secure while at home and away. Any of these devices that are integrated into your property can significantly raise resale value and rent prices.

  1. Increased Storage

Rental properties are infamous for not having enough shortage. This is the reason that so many blogs and YouTube channels exist to publish creative storage solution ideas for small apartments. Those living in rentals must learn to pack light or risk not being able to fit all their stuff in their new home.

If you can build more storage into your property, you’ll become a popular landlord. The improvements don’t have to be grand or involve a major renovation to be effective. Small changes can really make a property stand out for apartment hunters.

For example, you might not be able to increase the square footage of the property, but you can put in vertical storage. Shelving, built-in cabinets, and hooks all add excellent value and convenience for your renters. You might also consider a closet-organizing system, framing within the closet, and an extra shed on the property.

Your investment is only as good as the value you put into it. Always keep the resale value in mind when making improvements, as this will help you develop the most wealth in the long run.