Owning rental property is a great way to generate extra monthly income. However, just owning the property isn’t enough. You need to invest in the property to maintain its value long term.
Making simple changes can have a big impact on your Hendersonville property's value. This helps you make the most of your investment by generating more monthly income.
Try these simple tips for increasing your property value and maximize your real estate investment.
Boost the Curb Appeal
People make a judgment about your home in the first 30 seconds of seeing it. Poor curb appeal instantly degrades the value of your home. This makes potential renters less likely to agree to higher rates.
If your property has a lawn, start by giving it a trim and filling in the dead patches. Pressure wash the walkway and add stepping stones for additional walkways that make sense. Next, move to the plants by trimming and shaping the bushes. Add perennial flowering plants that will bloom year after year. For a low-maintenance landscaping solution, stick to local plants. They will thrive in the climate and look great.
Finish your curb appeal makeover by painting your front door and arranging a welcoming display. A potted plant by the door and a welcome sign hung up are small touches that make a big difference.
Give It a Painting
Paint the exterior and interior of the home. A fresh coat on the outside improves the curb appeal. New paint on the inside makes the home look and feel clean and fresh. Stick with a light neutral color that has broad appeal. A lighter color will reflect more light and make the home feel larger. Both of these will make your home more desirable and encourage people to spend more on the rent.
Refresh the Kitchen
Remodeling the entire kitchen is expensive and time-consuming. Thankfully, you don’t have to go all out to refresh your kitchen. Start by changing out the fixtures. Brushed gold will add warmth and look modern. Brushed nickel will create a cooler look and be easy to maintain.
Update the flooring by laying down a durable vinyl engineered plank. Choose one that looks like a realistic wood plank. It will update the kitchen and be durable enough to last.
For a big impact, you can also paint the cabinets. White will make the kitchen feel light and bright. A soft green or blue will give the kitchen a modern feel and embrace current trends.
Add a Washer and Dryer
The appliances that are on the top of renter’s wanted lists are a washer and dryer. Adding these to your rental home instantly makes it stand out among the competition and adds value to the home. You can ask for a higher monthly rental rate for the included convenience.
Update the Fixtures
Old and outdated plumbing and electrical fixtures instantly devalue your rental home. Builder-grade chrome can also cheapen the look and feel of the property. Replacing the plumbing and lighting fixtures throughout the home gives it a custom feel that elevates the overall value.
Don’t forget about the ceiling fans and light fixtures in the rest of the home. Look for ones that have modern features. Energy-efficient ones will save your tenant money. Fans with smart home features will also be desirable.
Increase Your Hendersonville Property's Value
As you can see, it doesn’t take a lot to increase the value of your rental property. Start with the outside of the property by improving the curb appeal. Then, move inside with paint, replace the fixtures, add a washer and dryer, and refresh the kitchen.
Contact our team of experienced property managers and let us help you increase the value of your Hendersonville rental property.