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As a rental accommodation owner, you probably treat your rental Property like the golden goose that it is, maintaining it in mint condition so that it can continue to bring you a handsome return on your investment.
However, with the competitiveness of the rental accommodation market today, it’s important to periodically and strategically rejuvenate your rental property so that you can increase its value and consistently attract the right type of tenants. Here are a few simple techniques that you can use to increase your property’s value today:
1. Update the Floors
If the floors on your property look out-dated, or are cumbersome to maintain like carpets and linoleum, then you shouldn’t be surprised when potential tenants pass it up for other properties with floors that are more appealing and convenient to maintain. Otherwise, update your floors and opt for high end options like hardwood, laminate or tiles, which not only look superb in any area, but are a breeze to clean and maintain.
2. Improve your Plumbing
Spruce up your bathroom and kitchen by replacing your old sinks, sprayers and faucets, giving each of these areas a shiny new look. Keep in mind that any fixtures older than 10 years are considered old and definitely need to be replaced. Brushed nickel, copper and oil-rubbed bronze are some of the most popular and trending options when it comes to fixtures right now. Nevertheless, remember to select fixtures of the same materials so that you create a stylish flow throughout the property.
3. Invest in Better Countertops
Changing your kitchen countertops can significantly transform and elevate your space in an instant. Also, countertops made form materials like laminate don’t last very long and have to be replaced every couple of years, and it’s recommended to replace them with more durable options like ceramic tile, stained concrete, granite, quartz and sandstone.
4. Offer more Storage Options
This goes to people who own apartments to rent. As renters look to become more organised, storage options have become a high priority for many. If your space doesn’t allow for the addition of an extra shed on your property, then you should try creative and simple storage options like adding extra shelves in the closets, pantry and garage; or offer innovative wall shelves that are built into the walls in some of the areas, or even something as simple as installing hooks to the hallways and bathrooms.
5. Paint it up!
You can never go wrong with a fresh coat of paint to rejuvenate the walls in the rooms and hallways your property. Also, remember that the outer walls are like the face of your property and painting them in a new colour can result in a clean and striking façade that’s sure to create a lasting first impression with potential tenants. Paint is also good for covering up any stains or cracks that may have accumulated on the walls due to whatever reason in the past, and that makes it more feasible for tenants to imagine themselves starting a new chapter of their lives there.
6. Raise the Roof
Another great way to upgrade your home’s value is by replacing the roof. Have you ever noticed that a rusty or dusty roof tends to ruin the beauty of a property? And that’s not all, because roofs have a limited lifespan of about 15 years, after that time they tend to deteriorate and will cause problems with leaks and other issues that might affect and damage the interior structure. As a property owner, it helps to have a roofing inspector come in to examine your roof on a regular basis in order to make well-informed recommendations accordingly.
7. Consider en-suites
Most people are looking for rooms that offer the most privacy and there’s no better way to do this than to add an en-suite bathroom to each of your rooms. Just this one change will considerably increase the value of your property and help you to see immediate results in the form of attracting clients that are willing to pay more for the extra space.
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