How to Increase the Value of Your Columbus Rental Property | Columbus Property Management
Mitch Deminski - Thursday, August 17, 2017
When you want to increase rental income, there are several things you can do to attract better tenants and ask for higher rents. At Solutions Real Estate we are your eyes and ears on your property, and if we can increase your asset value, that’s what we want to do.
How to Increase Rental Income
We identify improvements and improvement trends in the industry that will help you increase your rent. The best time to do that is when a tenant moves out. So, when we do a move out inspection, we’re doing three things. First, we are identifying what damages or neglect the tenant should be charged for, and we are making a list of the minimum things we need to do to make the property ready for the rental market, like cleaning and paint. That’s our Must List. Finally, we make a list of improvements that really make the property pop and help to maximize the rent and improve the marketing. Just like when you’re getting ready to sell, you can make some improvements to earn top dollar. These are the top five improvements we like to suggest.
Light fixtures are very easy to fix, and it’s an inexpensive upgrade. Install consistent lights that give the home a clean and updated look.
Tile Tub Enclosures
When your fiberglass tub enclosures go bad, and you have to put in a new enclosure, why not spend $500 or $600 to put in tile? It’s a great look that tenants love, and they last longer than fiberglass. There is always healing done between tenants, and upgrading this way provides a great effect.
Tile selection has taken off. You can get a wood look, which I have in my basement. It has gray and brown in it so you can go a few different directions with color. This looks like wood and it lasts longer than vinyl.
If your kitchen cabinets are in good shape, you don’t have to do anything. We always try to paint them first if we can, but if they look old and worn, consider replacing them.
The most impactful improvement for tenants and your rental price is the kitchen tile, particularly the backsplash and countertops. White subway tile with gray grout is really what tenants respond to. It dresses up the kitchen and helps you increase your rental income.
Those are the big five improvements, but remember that nothing rents a place like a carpet and paint. We always suggest that you repaint your property and install new carpet whenever possible. Grays are really hot right now, so a lot of grew colors are being included in our properties. Paint the basement too. It provides a nice, clean look.
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