Here’s what the experts don’t tell you: you can add value to your rental property without spending too much!
Having a rental property is a good investment. It can be a source of passive income. But did you know that you can still increase your rental income if you make some upgrades to your property? So if you’re a rental property owner, you’ve come to the right place! Here are 6 inexpensive ways to add value to a rental property:
↗️ Freshen up the paint. A simple, cheap, and easy way to increase the value of any property is by giving it a fresh coat of paint. It can give your home an updated look and you can also use it in areas that need slight touch-ups.
↗️ Spruce up the kitchen. The kitchen is one of the most important areas in a home and the one that potential renters usually look at. Make sure that your kitchen is fully-functional. Add some greenery and decor to brighten up the space.
↗️ Increase storage space. Having a lot of storage space is helpful for renters so it can be used as a selling point for your rental.
↗️ Add more living space. For renters, a home with a lot of space is a luxury. If you have a backyard or patio, you can upgrade it into a social area or entertainment space. Potential renters with children are more likely to consider your property and would be more willing to pay a higher rental fee if you have more living space.
↗️ Clean. More than any other upgrades, keeping your rental property thoroughly clean can help attract renters and increase the profitability of your property. No matter how many upgrades you do, renters won’t be willing to pay that much if your home isn’t clean.
↗️ Consult with a local real estate agent. Ask an agent to check out your property. A local real estate agent knows the real estate market and neighborhood well so they can give you advice on what you can do to increase the value of your property.
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