If you are am experienced landlord, or if you are a rental property newbie, you may have questions about what can be done to improve a property to enhance its lease value. There are a number of tactics that you can employ to increase the lease value of a residence without expending an inordinate amount of money in the process.
Spruce Up the Bathroom
The two most frequently used rooms in any home, including a leased one, are the kitchen and bathroom. One step that may want to consider taking to increase the rental value of a residence is to spruce up the bathroom. You actually can take meaningful steps to redo the bathroom as a means of increasing rental value without expending too much money in the process.
You can consider making the bathroom more environmentally friendly. There are individuals on the market seeking a home to rent that are environmentally conscious. You can appeal to them by installing a low flow toilet and shower in a bathroom in a rental property.
As is sometimes the case in apartments, the bathroom may not be particularly spacious. You can address that issue, at least to some degree, by replacing a countertop sink with a pedestal version. A pedestal sink gives a smaller bathroom a more expansive feel. In fact, it does free up at least some space in the room, beyond just giving the appearance of more.
Revamp the Kitchen
As mentioned a moment ago, the kitchen and bathroom are the two most widely used rooms in any home, including a rental property. Thus, if you want to be able to lease a rental property you own for more money, you will want to consider what you can do to enhance the look and presentation of the kitchen.
Once step you may want to consider taking is replacing the sink. You can select from a number of derivations that can improve the appearance of the kitchen. These kitchen sink options include:
- drop-in sinks
- undermount sinks
- dual mount sinks
- farmhouse sinks
These different types of kitchen sinks come in a range of prices. Thus, you are likely to be able to find an option for a replacement sink in your rental property that will fall into your budget.
If you don’t want to go to the expense of kitchen sink replacement, you can take a less costly approach and replace the faucets. Even taking this step will give the kitchen in a rental property an enhanced look.
The cabinets in the kitchen of a rental property may also be something you want to consider replacing as part of your effort to enhance kitchen in advance of renting a house out. You can take a simple approach and replace the hardware on the cabinets. You might be surprised as to much different knobs and associated hardware on kitchen cabinets can alter the appearance of the room.
You might also want to consider replacing the kitchen cabinets themselves. You have a myriad of options available when it comes to cabinet replacement. These options include cabinets of different styles and materials. They include replacement cabinets in different price range as well.
Consider the HVAC System
One way in which you can enhance the value of your rental property is to replace the HVAC system. If you are like many landlords, you may have older HVAC equipment in your rental property.
By replacing this equipment, you can have a more energy efficient and cost effective property. This is vital if the lease arrangement you have with a tenant has you paying some or all of the utility costs.
Even if you are not involved in utility payments, replacing HVAC equipment will aid your tenant in reducing energy costs. In the end, have a content and satisfied tenant is a valuable situation in and of itself.
Simplify the Landscaping
Finally, if your rental property has a lawn and other outdoor areas, you will want to make that aspect as appealing as possible to a prospective tenant. The fact is that many tenants do not have the time or the desire to spend much time dealing with landscaping.
One way in which you can make landscaped premises more appealing to a tenant is to make tending to it as easiest as possible. This can be accomplished through the installation of a sprinkler system at the property. The system should include a sprinkler timer to make it as easy for the tenant to utilize as possible.
Jessica Kane writes for PlumbersStock, the top choice of do-it-yourselfers and professional plumbers alike for all of their plumbing supply needs.