Did you know that home ownership, across the board, is on the decline? Did you also know that this trend is expected to continue as far as 2025? If you are already a rental property owner you are probably positioned to take in great returns on your assets. If you are just now considering investing in properties to offer as rentals, be sure you do the research and make your purchases now.
Whether you are an existing property owner or soon to be landlord, you will want to be able to ask the most for each of the properties you own. This can be more difficult than it seems, but we have eight very high yield improvements for your investment properties that will keep renters interested while earning you great returns.
Naturally, most home and property owners have already discovered that you get the best returns on investment when you update rooms like the bathrooms and kitchen. This is such a widely known truth that many forget the rest of the property. Let’s take into consideration the entire rental, and uncover eight great ways to improve the property.
- Luxury shower heads – If hotels and luxury villas boast of their rain shower heads, why can’t you enhance the value of each bath in your investment properties with this same fixture? A rain shower head is not great where water conservation is concerned, but you can also install heads that transition from rain shower to regular or even multiple heads that allow a “standard” shower, or with just a turn of a knob, the rain shower. While we’re on fixtures…
- Updated bathroom fixtures – It is not only the shower head that adds value to the bathroom. If you get rid of the small, outdated, or unattractive fixtures in the baths and replace them with more modern, streamlined and well proportioned models, you automatically boost the wow factor of the space.
- Functional kitchens – Strolling through IKEA should prove to you that people love multi-purpose and highly functional cabinets and spaces. Nowhere is this truer than the kitchen. Automatically boost the value of your kitchen by filling it with space saving options. One popular choice is the cabinet designed to hid the microwave (keeping it off the counter at the same time). You should also consider pantry styled shelves and all of those clever storage solutions.
- Update the counters – Laminate countertops are old school. Today, renters want to see quality and one way this is instantly expressed is with solid countertops such as wood, stone, granite or even concrete. Go ultra modern and do stainless wrapped if solid doesn’t work.
- Flooring – If you want to see an instant boost in the value and appeal of a property simply replace carpeting and vinyl flooring with wood floors. Easy to clean and maintain, it has none of the headaches of carpeting, none of the smells and looks so much better.
- Windows – Here too, most of us know that new windows boost value. Don’t go only with more energy efficient models, though. Also consider adding new windows in darker rooms or even using skylights to bring a lot more natural light into the living spaces. Real estate agents stage properties for sale by flooding them with natural light, and you’ll want to keep that in mind when improving rentals.
- Fencing – The saying about better neighbors and good fences is true, but you will increase the value of a property with fencing because it also promises security and privacy. If renters have kids or pets, a fence brings peace of mind, and if chosen properly it adds a lot of curb appeal and good looks.
- Outdoor entertaining – Does the property have a patio? Does it have space for one? Simply laying a stone or concrete patio, putting up an awning and supplying a space for a garden can boost the appeal and value of any rental.
See how easy it can be to enhance the appeal of your investment properties? Why not pick one of these tips and see the results for yourself.