How to Increase the Value of Your Rental Property

rental-property-valueLike most rental property owners, you probably often try to find ways to increase the value of that property to keep good tenants happy and to continually improve your real estate investment. Many times, though, the cost of making improvements can prevent you from taking on a project that you know would make an immediate change for the better in your property.

There are ways that you can make improvements to your real estate investment that don’t cost as much as you might think. Sometimes a small change or two can make a big difference, so take a look at a few of the ways you can please good tenants and give your rental property a lift.

  • Work From the Outside-In and Add Some Curb Appeal. By simply adding a new mail box or planting some flowers, you can increase the beauty and curb appeal of your apartment complex and each of the rental properties within the complex. Other effective changes you can make include adding new shutters or installing new outdoor lights for safety and to give your tenants the chance to do more outside entertaining in the evenings. The beauty of this project is that you can add a few items at a time and see big changes.
  • Floor Your Tenants. If your rental property features older flooring, especially old carpeting, new floors can instantly open up a rental property and make it feel exciting and new. Price hardwood floors and laminate hardwood floors to see which one is within your budget. Either one will make a remarkable change in the property’s appearance.
  • Switch Out the Fixtures. Another small and affordable way to make a strong impact in an apartment is to switch out the light fixtures. Add floor lamps, track lighting or a new chandelier.
  • Soundproof for Peace and Tranquility. Many apartment dwellers frequently complain about the noise coming from their neighbors’ apartments. You can turn any insulation and soundproofing you install into your property into a strong selling point. You will keep current tenants happy, and you can feel confident that future tenants will love this feature.

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