How to Increase the Value of your Rental Property Investment
Congratulations, you've purchased a piece of real estate for your investment portfolio, and you're ready to start making the most of your new asset. Real estate is one of the most powerful assets you can own today, as no matter what happens in the other financial markets, people will always need beautiful homes in attractive neighborhoods.
Of course, like any great investment, it's important to make sure that the value of your rental property continues to build over time. You can do this in a number of different ways, from investing in the right upgrades to making sure you have a property management team on-board to help you deal with maintenance. Let's look at just some of the ways you can boost the value of your new rental property.
1. Start with the Basics
A lot of first-time investors worry that they're going to have to spend thousands of dollars on upgrading their new rental property before it has the potential to become a significant investment. However, the truth is that it doesn't take much to make your buy-to-let property more compelling. In fact, some of the most important things you need to do are the little tasks, like regular maintenance, between-tenancy cleaning sessions, and the occasional bit of decoration.
The simplest things can make the biggest difference in your rental property, whether it's polishing up fixtures and fittings, or simply making sure that all your appliances work properly.
2. Focus on Tenant Magnets
The best way to make money on your rental property is to advertise it to families and individuals who are going to continue paying your rent fees for an extended period of time. In other words, you want to convince tenants that once they've had their Georgia moving company deliver their boxes to their new home, they're there to stay.
A good way to keep tenants around for longer is to provide them with some of the key things that people want from every home. Specifically, most tenants will look at the bathroom and the kitchen for signs that they can live in a house for a long period of time. Make sure that your kitchens and bathrooms are relaxing, well-decorated and up-to-date.
3. Concentrate on Mass Appeal
If you're new to the concept of making money on rental properties, then you might be tempted to decorate your real estate the same way you would your own home or apartment. We all have ideas of how we'd like our properties to look - even if we don't plan on living there.
However, it's important not to let your imagination get the better of you. Instead, treat your rental property as a blank canvas, and make sure that the decoration, furnishings, and appliances you choose are all designed to appeal to the widest selection of tenants possible. Neutral colors and furniture are likely to get you more attention than bold shades.
4. Get the Right Support
Finally, you know what they say - two heads are better than one. If you want to get the best value out of your new rental property, then one of the best things you can do is get some support from a real-estate property management expert.
With a property management on hand to handle the repetitive tasks involved with your new investment property, you'll have more time to focus on creative new ideas to help you generate additional income from your rental property, like adding a garden or investing in an innovative security system.
Marina Shlomov, a managing partner at ALH|Podland Rental Homes Property Management is the author of many articles on Landlording, Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999 and a property manager, Marina is an investor herself. Her property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out at www.alhpodland.com.
You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube.