The real estate market is worth $3.69 trillion, and as more people continue to jump in, the value will continue to climb. As someone whose chosen to own a rental property, we understand you've been looking for a steady stream of passive income.
But what if we told you there was a series of property upgrades you could make that would allow you to increase the amount of rent you can ask for from each property? Read on below and find out which upgrades matter the most and others that you should skip entirely.
Rethink Your Landscaping
Several landscaping layouts work against you when it comes to improving the overall value of your property. For this reason, the first upgrade you can make when managing a property is to rethink the landscape layout.
You'll want to ensure your landscape is always manicured, but you don't want to hide the property in the process. Think of the landscaping as the cherry on top of the home's exterior.
You'll want to ensure that the walkway is accessible for people to find, and it might also be beneficial to select some perennial flowers to plant around the home as well. The benefit of perennials is they come back each year and bring beautiful life, such as butterflies, to the front yard.
Landscaping can also mean power washing the exterior of the home and walkways to get some of the layers of dirt off.
Get New Flooring
People notice the wear and tear or warping of the floor, especially if the person previously living there was rough on it. It's, for this reason, you should consider redoing the floor.
For example, if the previous tenant had children, it's known that there will be some spots that may or may not come out easily. Also, if you allowed people to live there with pets, it could've caused damage to your flooring.
Many potential renters are looking for homes that have hardwood flooring or vinyl flooring because it's easier to clean and keep in decent shape. We recommend running some numbers to determine the best price and making your decisions from there.
Install a Washer/Dryer Combo
When managing a property, you want to make the home as appealing as possible to renters. Another upgrade that can help you do this is to provide a washer and dryer combo for tenants to use while living there.
This reduces the chances of them having to bring in their own, which can damage your flooring, but it also allows you to add an extra fee to the rental agreement for its use. Not to mention you're saving the renters money each month when they're doing their laundry.
Property Upgrades to Consider
You could make tons of property upgrades to increase the amount of money you bring in each month, and we've listed a few above. The exterior of the home matters and is the first thing people see, and it's helpful to save tenants some extra finds by providing a washer and dryer for them to use while living there.
For more property management resources, contact Dallas Property Management today.