The property market is one of the fastest-growing segments of the financial services industry. The value of residential, commercial & industrial properties is expected to reach $1 trillion by 2025.
Many people are renting their properties because they do not have the time to manage them, but they do not want to lose out on any rental income. The way to earn a rental income is to manage your properties well so that you can sell it at the right time at the best price.
Rental properties are becoming a more important part of today’s life. There are several reasons for renting a property, such as the expectation of a certain level of income from the rent, and interest in owning a property.
Rental properties are taking up a huge space in our lives. This makes it easy to rent out one’s property on an hourly basis for relatively low monthly payments.
For the purpose of these write up we would be looking at ways to add value to our rental properties, as you know adding value to our rental properties would make us earn more on the properties.
10 Ways to add value to your rental properties
Maintain and renovate
Maintaining and renovating your rental properties from time to time will give the property new look thereby adding great value to the property.
Renting a property is not only an investment in the long term but also in the short. It is necessary to ensure that you maintain this property and renovate it when required. Keeping the property in good shape is important for increasing its rental value and keeping it operational and safe. A source of income for these people will be from these properties, providing a good and nice apartment that will be of good value requires you to renovate regularly.
Consider lease options
If you plan to sell your rental property, it is highly recommended that you consider leasing out the said properties. These real estate agencies can help make your rental properties more profitable and also allow the tenant or whoever is interested in the property to have access to the property for a shorter duration.
Adding value to your rental properties you might want to consider leasing out the said properties which allow the tenant or whoever is interested in the properties to have access to the property for a period of time for an agreed fee,
by so doing you make more money and profit on the property while the tenant will be involved in renovating and maintaining the property making the value go up.
Increment in rent
You might consider raising the rent on the said property, by so doing you are adding up to the value on the rental property and also making more money.
The combined value of the rent and the property is a more important factor than the residential prices. A new house needs to be attractive for buyers and sellers. This will give you a chance to raise the rent from time to time, giving you some added money on rental income.
Charge extra for amenities
You can add extra value to your rental property by charging extra on your rental property, you can charge for parking space, security, cleaning of the property, fixing of electricity providing them with an in house foreman, laundryman when you provide them these extra comfort at a cost, you will make money and also add value to your properties.
Maintenance and Preventative Maintenance Help Add Value to Your Rental Property
You can keep track of all your property’s maintenance and preventative maintenance and get valuable advice on how to keep them running smoothly and efficiently.
The property maintenance industry is not only a major contributor to the global economy but also one of the fastest-growing industries. This has made it very difficult for property owners to keep their properties in top condition.
To conduct maintenance and preventive maintenance on your property you can schedule a time to time regular visit on the said property to check if everything is in order by so doing you adding to the value of your rental property.
Don’t Always Start Negotiation on Your Rental Property Price Too Low So As to Increase The Value of Your Rental Property…
While it is true that the value of a rental property can vary dramatically depending on the price you want to let it out, this is more due to the unique characteristics of the property. And while some properties are great for renting out, some are not.
Never start negotiation on your property on the low when mentioning your price, always start high before negotiation starts with these you will increase the value of the property.
Make sure the environment of your property is smelled good and neat for showing this will increase the value of your rental property.
A few years back, no one would have ever thought that property could become a great conversation starter. Today, many people are taking the initiative to make their homes look inviting and inviting guests to stay there. They do this by decorating them with good smells.
It is important for the property owners to ensure the environment of their properties is smells good and neat so as not to bring out unpleasant feelings in their visitors.
I am not talking about the actual property, but the overall ambiance of the place. A property with a very unpleasant environment can make people feel uncomfortable and hence bring out unpleasant feelings in them.
Make sure you give your rental property quality advertising to make its value high
With the growing competition in real estate, in order to stay in the game, property owners need to invest more in advertising. To do that, they need to be well-informed about the current trends and issues affecting property values.
Property owners want to know about the current trends and the future of the real estate industry. From this perspective, they need to understand the latest trends and information that it will aid their marketing strategy on their property.
Always Make Sure You Improve the Appearance of the Front of the Property to Add Value to Your Rental Property.
While you are renting your property, you need to make sure that it is in a good condition. You need to improve the appearance of the front of the property so that potential tenants will have a good impression of it.
The average buyer would like to rent a house. They want to know that the property is in a good condition and the tenants would be satisfied with the property as well.
Make sure you screen every tenant your take into your property
Screening is very important and this determines the value of your property because a bad tenant will make you ever regretting letting out or renting your property out no matter the high cost he pays. Always sure you go for good and responsible tenants, set criteria or standards for every person you give your property to.
In conclusion, we have been able to give you ten things to look out for that will help add value to your rental property help share this write-up with your social media network and also if you have any comments or suggestions use the comment box below.