5 Ways To Increase The Value Of Your Rental Property
Owning rental property is a sure way to make money if you know how to play your cards right. If you’re going to hold on to your property for a while, it’s beneficial to look into ways to boost the value.
Boosting the value of the property overall boosts the amount of money you can charge for monthly rent. You have to spend money to make money, but it doesn’t have to break the bank.
Take a few moments to read through some useful ways to increase the value of your rental property, and start making plans for a more lucrative future today.
Improve the curb appeal
Improving the way your rental property looks on the outside can make room for you to charge a little more for tenants to lease the place. The curb appeal of your place makes it more marketable.
Take the time to invest in a fresh coat of paint, a new door, and some new plants or shrubs on the property to make it look a little more inviting. You want renters’ first impression to be a lasting and positive one.
Quality digital advertising
When you’re only working with a “For Rent” sign in the yard, you aren’t making the most of your rental property. Take the time for quality digital advertising, and list your rental space online. A wider audience makes more versatility in your ability to price the property.
Use high-quality pictures of your rental property, and consider going high-tech with a 3D walkthrough of the space to craft a stellar digital advertisement.
Vigorously screen tenants
Setting a high rent price for your space does you no good if the tenants are terrible. Bad tenants may not pay their rent, and bad tenants tend to do costly damages to your rental property.
The best way to remedy the risk is to vigorously screen tenants before accepting their signature on a contract. Make certain that your prospective tenants are financially capable of keeping up with the monthly rent payments before offering them a lease.
Charge more for month to month
You can make a little more money for your rental property by allowing tenants to rent on a month to month basis. You can’t find a deal like that everywhere, and for good reason.
Tenants who aren’t locked into a 12-month lease can vacate at any time. However, you can charge more for tenants to rent your space on a month to month basis.
Allow and charge for pets
Allowing tenants to bring their pets to your rental space gives you a wider base of potential renters and allows renters to feel more comfortable with their furry friends. Another benefit is that you can charge for the four-legged addition to the home.