7+ Ways to Increase Property Value
As an investor, you know that renting units to obtain cash flow is only half the battle. The other half? Increasing property value. When it comes to obtaining higher rents and eventually selling your investment property, it is crucial to update, remodel and renovate! Below are 9 ideas to hike up your rents and sell for more:
1. Energy Efficient Updates
Whether you or the tenant pays utilities, it is beneficial to switch to energy-efficient energy. Switching from electric heating to natural gas can lower the cost of utilities immensely. When it comes to selling the property in the future, investors will see the value in low operating costs.
One of the most inexpensive ways to increase rents for tenants, and in turn, increase property value, is to paint the interior units. A fresh coat of paint looks attractive to prospective tenants and can be done for very low cost.
Leaky plumbing fixtures such as sink faucets and shower heads or toilets that keep running not only look unappealing, but they increase utility bills too. Fixing or switching out old faucets and hardware will keep current tenants happy and attract new ones.
Replacing old carpet or linoleum flooring is a great way to boost property value. Switching to flooring such as tile, vinyl plank or even some laminates can not only make the unit more modern, but can make cleaning and maintenance easier and less expensive.