08 Mar Property Improvements That Get Higher Rent Prices
If you’re the owner of a rental property, you want to get the most out of your property, or at least get the highest return on the money you invest. The good news is that this isn’t hard to do. If you were to consult a Castle Rock Property Manager, here are some of the things they might suggest:
Add Value with New Paint
A new coat of paint on the interior or exterior of a Castle Rock rental property can really make a difference in how a property looks. If your property has a fresh coat of quality paint, you can charge a higher rent than if your property were dark and dingy. This doesn’t have to be an expensive project. If you can find paint that’s on sale and you do the work yourself, you will have added considerable value to your property at little cost to you. Also, try looking for paint with built-in primer. This saves you both time and money.
Kitchen Improvements Can Give You the Best Bang for Your Buck
Ask any property management company in Castle Rock and they will all tell you the same thing. Upgrading your rental property’s kitchen is one of the first places you should start. This room is usually the most important one to the future tenant and probably the first room they’ll ask to see. People spend a lot of time in the kitchen, so they want to make sure it’s as nice as possible. Try upgrading to new stainless steel appliances which are always a huge hit and quality countertops. This will net you more money each month and increase the value of your property, should you choose to sell it. On average, we’re able to charge $100 more for a rental with stainless appliance than one without!
Add Energy-Efficient Windows
New windows will add to a property’s value, regardless of what type the windows may be. If you add double- or triple-paned windows to your property, you will see a definite increase in value. This is because the windows cost more, but also because they bring the tenant long-term savings through a reduction in energy usage. With market trends indicating that people are now generally willing to pay more for something that is eco-friendly, this can also help drum up interest in your property.
Install a Washer and Dryer
Washers and dryers can be expensive for a tenant to purchase, and going to a laundromat is expensive over time. A washer and dryer can increase interest in a property for the same reasons as energy efficient windows: they save money and are eco-friendly. If washer and dryer hookups are already installed in your property, then this can be a cheap improvement, considering the increase in income it can achieve.
Whatever you choose to do, remember that maintenance is key to making sure your tenants are happy. Many property owners have other jobs to do and simply can’t spend the time to take care of their properties as they should. If this sounds like you, consider hiring a Castle Rock Property Management company like Integrity Realty & Management.