Getting top dollar for rental properties hinges on things that lie within and outside of your control. While you can’t do much about the latter, many options exist for boosting rental property value. Between your budget and the insights of an expert property manager, you’ll be able to create a compelling home.
Here are a few things to consider:
Look for a property that has:
Keeping energy bills in line is important for everyone. Projects as easy and cost-effective like adding insulation to the attic and sealing the air leaks around the window and exterior door frames go a long way toward lowering heating and cooling bills.
A furnace or air conditioner on its last legs will drive up energy costs and could break down any time, forcing an emergency replacement that might cost you top dollar.
Never estimate the power of first impressions. A nicely landscaped front yard and door have strong appeal for prospective tenants and buyers alike. A porch, however small, with a swing or bistro set sends a visual welcome from the street and has practical benefits as well for bringing in kids and groceries.
A clean and groomed backyard also helps sell the property to prospective tenants. Depending on the season, freshly potted plants and flowers invite people to the backyard.
All homebuyers and renters consider kitchen and bathrooms the most important rooms in the home. However, remodeling either of these rooms can require a substantial investment.
If the kitchen is fundamentally workable, consider these affordable upgrades:
Revive an aging bathroom on a budget by:
These types of improvements enhance the property’s value without requiring a substantial investment. Knowing what’s best for the home and neighborhood is often a collaborative effort between you and the trusted professionals you rely on to make solid decisions.
Talk to one of our investment specialists to learn how JWB can help you earn passive income through long term real estate investing.