As a landlord or property investor, you’re always looking for ways to add value to your investment. After all, the more valuable your property is, the more money you can make when it comes time to sell or rent it out. But what are some of the best ways to add value to your property? Here are five things that can help:
1. Renovate key areas of the house.
If you’re planning on selling your property, potential buyers will be looking for a home that’s in good condition. By renovating key areas of the house — such as the kitchen or bathroom — you can make your property more appealing and increase its value.
For example, a minor kitchen renovation — which could involve something as simple as painting the walls, replacing the countertops, or installing new appliances — can cost as little as $5,000 but can add up to $20,000 to the value of your home.
In addition, if you’re planning on renting out your property, potential tenants will also be looking for a home that’s not in disarray. By renovating key areas of the house, you can make your property more appealing and ensure it stays rented.
2. Update fixtures and appliances.
Another way to add value to your property is to update the fixtures and appliances. This can be anything from installing energy-efficient windows to upgrading the furnace or water heater. Not only will this make your property more valuable, but it will also help you save money on your utility bills.
For instance, plantation shutters are a type of window treatment that can add both value and efficiency to your investment property. They can also regulate the amount of light and heat entering a room, making it more comfortable for tenants. Therefore, considering plantation shutters installation as an energy-saving measure is a smart way to add value to your investment.
Moreover, upgrading to a tankless water heater can also be a valuable addition to your property. Tankless water heaters heat water on demand, so you only pay for the hot water you use. This can save you money on your utility bills and make your property more valuable.
3. Add extra features such as a deck or patio.
Consider adding one if your property doesn’t have a deck or patio. This is a great way to add extra living space and make your property more valuable. Not only will this give you additional space to entertain guests, but it will also increase the resale value of your home.
The average cost of building a deck is $10,950, while the average cost of adding a patio is $5,600. However, the return on investment (ROI) for both decks and patios is about 80%, so this is a great way to add value to your property.
In addition, a deck or patio can also be a great selling point for potential tenants if you’re planning on renting out your property. They’ll be able to enjoy the outdoors without having to leave the comfort of their home.
4. Make sure the house is well-insulated.
Another way to add value to your property is to make sure the house is well-insulated. This will help keep your tenants comfortable and save you money on your utility bills.
There are a few different ways to insulate your homes, such as adding weatherstripping around doors and windows, installing insulation in the walls and attic, and sealing ductwork. The average cost of insulating a home is $2,500, but the ROI can be as high as 50%.
Not only will this make your property more valuable, but it will also make it more energy-efficient. This is a great selling point for potential tenants who are looking for a property that will help them save money on their utility bills.
5. Install solar panels.
Solar panels are a great way to make your property more efficient and environmentally friendly, both of which are appealing to potential tenants. In addition, solar panels can also increase the value of your property.
The average cost of installing solar panels is $16,800, but the ROI can be as high as 102%. Not only will this make your property more valuable, but it will also help you save money on your utility bills.
Solar panels are a great way to make your property more efficient and environmentally friendly, both of which are appealing to potential tenants. In addition, solar panels can also increase the value of your property.
These are just a few of the ways you can add value to your investment property. By renovating key areas, updating fixtures and appliances, and adding extra features, you’ll be able to increase the value of your property while also making it more appealing to potential tenants. And who doesn’t want that?