If you’re a landlord, you should constantly be looking for ways to boost your property value. Your property will become more desirable to prospective tenants if you invest more money in it. Plus, should you choose to sell, you want your investment to pay off later. Not only is this a good business move, it’s a way to keep your tenants happy.
There’s a lot of debate as to what renovations and upgrades you should focus on. The process of boosting your property’s value, however, is usually simpler than it seems. You don’t need to spend a fortune or invest in extravagant fixtures to hit the mark.
Top 4 Ways to Boost Your Property Value
- Be Selective about Upgrades
To boost property value, some landlords think they must renovate entire rooms at a time. This is usually a waste of money, and it leaves other spaces looking shabby. Instead, be a little more selective about the upgrades you choose. Potential tenants gravitate towards renovated kitchens, for instance, but typically they have their eyes on three things: appliances, lighting fixtures and countertops. If you upgrade to granite countertops, they’ll likely overlook dated appliances. If you install statement piece lighting fixtures, they probably won’t mind standard countertops. Tenants want to see that you’ve put effort into maintaining the property; it doesn’t have to be all-or-nothing. Being selective will save you money, steadily increase your property value and interest prospective tenants.
- Improve Curb Appeal
The little things matter. Something as simple as a new coat of paint or upgraded door knobs can greatly impact aesthetic appeal. When potential tenants visit your property, they may not think about these things right away. Consider the last time you toured a home and thought, “What great doorknobs!” Still, these small details add to the ambience of the space. Improved ambiance increases interest, which increases value.
- Market the Location
Marketing your property correctly is just as important as installing new doors and windows. If you want to boost your property value, be sure to focus on location. It doesn’t matter if you own a property in New York City or Lawrence, Kansas. Every town has its own unique (and marketable) personality. Local entertainment venues, shopping districts, nightlife, and schools should all be mentioned in your description. Otherwise, you’re missing out on an easy, free way to entice prospective tenants.
- Choose Eco-Friendly Options
In today’s world, people want to see eco-friendly options in units. This can include everything from new insulation to energy-efficient light bulbs. In addition to helping the environment, tenants place a high priority on keeping their utility bills low. Therefore, you will be more likely to attract tenants if you provide energy-efficient alternatives. Most properties that have green appliances and fixtures also see a quick increase in value.
How All County Denver Metro Can Help
All County Denver Metro Property Management is here to help property owners have confidence in the quality of their tenants and the security of their property through knowledgeable and trustworthy property management services. From managing tenant relationships to pricing rent to lease enforcement, we look forward to working with you to see how your investment can be a long-term, stress-free asset. For a complimentary quote or more information about boosting your property value, call us today at (720) 575-6100.