You can make some rental property improvements to add value to your investment, increase the rental price, and attract high quality tenants quickly. Today we’re discussing how to do that inexpensively, and also how to add value on a long term basis. There are easy things you can do to bring in higher rent or create more interest, and long term amenities that tenants will look for which will increase the value of your home.
Quick and Inexpensive FixesYou may have mirrors in your bathroom that are clipped to the wall, and eventually the silver gets worn. Take those off and replace them with actual mirrors in a frame. You can find those in different places. When you mount them to the wall, it really dresses up the bathroom a lot. Avoid those white vinyl mini blinds and instead do the two-inch faux wood blinds. You can get them in white too, to match whatever trim you have. These look great and last longer than the plastic ones. Another thing you can easily do is upgrade the hardware on your doors. Do this for the front and back door, as well as the door from the garage. Key them all the same, which means only one key for your tenants. Get brushed nickel or brass; it’s a nice way to upgrade that first impression when someone comes in the door. Speaking of first impressions, paint the front door and do a little spruce-up with the landscaping. It makes a big difference.
Long Term Rental Property ImprovementsIn the kitchen, when you’re ready to upgrade your appliances, make sure they are all the same color and matching. One thing we have noticed is that coil top ranges work better if you have an electric range. Glass ones will eventually not look good unless your tenants are great at maintaining them. If you have a single family home with a backyard, fence it. This adds value, especially if you have tenants with kids or pets. You can do a privacy fence or a white picket fence or a chain link fence. Another thing to talk about is flooring. Carpet will only give you so much life. A great solution is to do the vinyl plank flooring. It looks like wood and it’s easy to maintain and clean. You provide a warmer look to the property and it handles water.
Those are some of the best ideas to increase the value of your property and your ability to rent it quickly. If we can help you in any way with your Indianapolis property management needs, please contact us at ES Property Management.