It’s likely that one of your main aims as a property investor is to make money. Renting properties is a great way to generate passive income and build your wealth.
To increase your income and maximize your return on investment (ROI), you will need to find ways to increase the value of your rental properties. There is a wide range of things to try to increase the values of your properties.
Below, we have covered some of the best things you can do to ensure your rental properties continue to rise in value. For expert guidance on maximizing your income and getting the most out of your rental properties, work with one of the rental property management companies in Scarborough or your chosen area of Canada.
Increase the Curb Appeal of Your Properties
Curb appeal refers to how eye-catching your property is to outsiders. You can increase the perceived and actual value of your rental property.
Increasing the curb appeal of your rental properties can be relatively easy. Mowing the lawn, planting flowers in the front garden, and maintaining the soil are some affordable ways to make each property look great.
More expensive ways to enhance your home’s curb appeal include painting the exterior, replacing the front door, and repaving the driveway. Although costly renovations can increase the rental value of your properties, enabling you to charge your tenants more per month.
Add New Amenities and Appliances
You can charge a high rental price for properties with amenities, and such properties often appeal more to renters because they won’t need to purchase their own items.
Supply each of your rental properties with all of the essential, choosing high-quality, reputable brands. Alongside the essentials, consider adding extra appliances, such as air fryers, tumble dryers, and heated towel racks.
You could also add smart technologies to your properties, such as smart thermostats, ring doorbells, and smart showers. Including advanced technologies in your rental properties can significantly increase their value and enable you to charge a higher rent, generating more passive income.
Update the Kitchens in Your Rental Homes
The kitchen is the heart of the home, and it’s often one of the first rooms in properties that renters notice. Therefore, modernizing the kitchens inside your rental properties is an effective way to increase their value.
Replace old and worn kitchen appliances with newer ones that have more features and use less energy to operate. Add a new sink, taps, kitchen cupboards (or just the cupboard doors if you’re on a budget), and countertops. Replace the flooring with fresh, modern hardwood or laminate to finish off the room.
Consider replacing the overhead lighting and placing spotlights under the cupboards to create a welcoming atmosphere. Stick with neutral-colored cupboards, walls, and flooring in the kitchens of your rental properties to appeal to a wide range of tenants.
