5 Easy Ways To Increase Value of Rental Properties
1. Plant Trees On The Property
Trees can increase the value of a property by up to ten percent! As soon as it leaves the nursery, a tree begins to appreciate in value. Let’s look at an example: Let’s say that your house is worth $100,000. $10,000 of the value is from the trees on the property! Anyone looking to increase the rental property value of a home should be planting trees. Choosing a tree that is able to withstand the climate of your area would be a good idea. Research what trees will be good for your terrain and climate.
2. Refurbish The Property
How do you go about refurbishing a property? What are the major things you can replace to add additional value to the property? Firstly, think about repainting the inside and outside. A fresh coat of paint adds a lot of value and makes the property look nicer for everyone. New carpeting is also a great idea. Roof shingles, siding, windows, flooring, furniture; even paving the driveway can add more value. A major part of being a investment property owner is negotiation with people who have the supplies you need. Investment property owners don’t always shop at stores. Simple fact.
3. Build A New Garage
Garages are a major improvement that adds a lot of value to the home. Making sure to install a garage door opener should be done as well. Based on information from world renowned author Stu Silverman, you can expect the minimum cost of adding a garage to be around $7,500. There is a lot to consider when adding a garage, so do everything you can to prepare for it. There will need to be contractors, painters, carpenters, and more assigned to the project.
4. Install A Brand New Front Door
Your front door is sometimes neglected and can really make a spectacular home look bad. Simply replace it or give the current one a facelift. This is the very first thing people see as they walk up to your house. You don’t want to give people the wrong impression, so make sure you make the front door as great as it can be. If you want to do a color combination type of door, try using colors that work well together. For example, a grey house with a white door and grey trim would look quite striking. Not only does it look good, but the impression it gives actually adds value to the home.
5. Build A Patio Deck
A patio deck is a big decision but can add an immense amount of value. You get a superb return on your investment and it will last your tenants for many years. You can also add all kinds of things to the deck to make it worth even more! Add planters, railing, a bench, and maybe even a patio fireplace. A patio fireplace will be the perfect addition to an already wonderful area of your property.