We are sometimes asked what upgrades or cosmetic fixes add value to a rental property. These updates can make the property more attractive or increase the asking rent in the home. There are several updates that property owners can make to add value to their rental property. Here are some ideas:
1. Update the kitchen: The kitchen is often the heart of a home, so updating it can have a significant impact on the property's value. Consider replacing old appliances, updating countertops, and cabinets.
2. Paint: A fresh coat of paint can transform a room and make it feel brand new. Consider using neutral colors that appeal to a wide range of renters.
3. Improve curb appeal: The exterior of the property is the first thing renters will see, so it's essential to make a good impression. Consider updating landscaping, painting the front door, and adding exterior lighting.
4. Add storage: Renters always need more storage space, so consider adding built-in storage solutions, such as bookshelves or cabinets.
5. Upgrade the bathroom: Like the kitchen, the bathroom is a crucial area that can significantly impact the value of the property. Consider replacing old fixtures, updating the vanity, and adding new tile or flooring.
6. Install smart home technology: Smart home technology, such as smart thermostats and keyless entry systems, can make a property more attractive to renters who value convenience and technology.
Remember that any updates made should be in line with the rental market in your area, and the cost of the improvements should be weighed against the potential increase in rental income. Our expert property managers are here to answer any questions you have. Contact Key Property Management and speak with one of our property managers today at 702-914-6567 or contact@keypm.com.