- Update paint colors with neutral shades to make the space look vibrant and inviting.
- Install new floorings, such as hardwood or tile, for durability and style.
- Upgrade fixtures and appliances for a modern look, including LED lights and energy-efficient models.
- Install a water softener system for cleaner water and better fixture longevity.
- Add modern kitchen and bathroom features and install a solar energy system to save money and be environmentally conscious.
Every landlord, property investor, and real estate entrepreneur wants to increase the value of their rental property. But how do you go about it? The answer lies in making smart design choices that will both improve the look and feel of your rental property and boost its market value. Here’s a look at some of the best ways to do this.
Update Paint Colors
One of the most cost-effective ways to update a rental property is by giving it a fresh coat of paint. Not only does this make the space look vibrant and inviting, but it can also help establish a sense of ownership for potential tenants.
When choosing colors, it’s best to stick with neutral shades like grays, whites, beiges, or tans, as these tend to be more universally appealing. If you want to add a bit of character and personality, consider accent walls or pops of color in certain areas throughout the space.
If possible, choose paint with a low volatile organic compound (VOC) content. These types of paints are safer and healthier for the occupants and can also help improve indoor air quality.
Install New Flooring
If your rental has old carpet that’s seen better days or linoleum tiles that are starting to peel up around the edges, then it might be time for an upgrade. Installing new flooring can instantly add value to any property while also increasing tenant satisfaction.
Hardwood floors are always popular since they’re both chic and durable, while tile floors are great for bathrooms and kitchens since they can stand up against moisture better than other materials. If you’re looking for something budget-friendly yet still stylish, laminate wood flooring is an excellent option as well.
Regardless of what type you choose, make sure that your flooring is installed correctly, as any imperfections or shortcuts can quickly reduce the value of your property. You should look for a reputable flooring contractor who can provide quality work.
Consider Upgrading Fixtures & Appliances
Upgrading fixtures and appliances are one of the quickest ways to add value to your rental property. Replacing outdated appliances with newer models that are more energy efficient can save you money on utility bills in the long run while also making your rental turnkey ready for potential tenants who are looking for modern features in their living spaces. Here are some ideas:
Modern Fixtures & Lighting
Outdated light fixtures can easily make a rental property look dated and rundown. Consider replacing these with modern, energy-efficient options like LED lights or stylish fixtures to give it an updated feel. Additionally, adding dimmer switches can add ambiance and coziness to any room.
Water Softener System
Another way to add value to your rental property is by installing an efficient whole house water softener system. Not only does this provide cleaner water for all of your tenants, but it also helps prevent mineral buildup on fixtures and pipes, which can cause them to wear out prematurely. Plus, having a water softener system installed shows potential tenants that you care about their comfort and safety.
Updated Kitchen & Bathroom Features
Having newer kitchen appliances can make a big difference in the attractiveness of your rental property. Look for stainless steel options that are both eye-catching and energy efficient, such as dishwashers and refrigerators.
Meanwhile, adding modern features to bathrooms is also important. Consider installing high-end faucets, toilets, or shower heads for a luxurious feel. Additionally, installing heated floors can improve the comfort and livability of any rental property.
Solar Panel Energy System
Finally, one of the best ways to increase your rental property value is by having a solar energy system installed. This not only helps save money on utility bills but also shows potential tenants that you’re committed to being environmentally responsible. Plus, depending on where you live, there are government incentives for installing solar panels, which can help offset the cost.
By making smart design choices, you can quickly maximize your rental property value and attract more potential tenants in the process. From updating paint colors to installing energy-efficient fixtures and appliances, there are many ways that you can increase the value of your rental. Make sure to do your research and talk to a professional before getting started to ensure that your choices are both cost-effective and of the highest quality.