If you are planning to invest in real estate or if you are already a landlord, you probably want to increase your rental property's value in the housing market and Seattle rental market. You can always wait for an upswing in the housing market or Seattle rental market, but for a more immediate increase in the value of your property in the housing market and/or Seattle rental market, you can make physical changes to your rental property. The thing about making rental property improvements is that you have to make sure that you invest enough to increase your property's value in the housing market or Seattle rental market and attract the best tenants. At the same time, you will also want to be careful that you don't spend too much money on unnecessary things and end up with no return on your investment.
Here are some of the best tips from Seattle's premier property management company that you can follow in order to increase the value of your rental property in both the Seattle housing market and Seattle's rental market:
An excellent way to boost your rental property's value in the Seattle housing market and Seattle rental market is to put new floors throughout the property or even in certain areas. You may replace linoleum and standard grade carpet with more premium materials such as stone, tile, hardwood, or laminate. Aside from increasing your property's value in the Seattle housing market or Seattle rental market, replacing the flooring will also make it easier for you or your tenants to clean, care for, and repair the floor.
Sinks, faucets, sprayers, and other plumbing fixtures can easily get old and look out of date. To increase your property's value in the Seattle housing market or Seattle rental market, you must change out plumbing fixtures that are already about ten years old, whatever their condition is. It is a great idea to move up to standard grade finish, such as brushed nickel and oil-rubbed bronze. Whatever replacement fixtures you choose, you must make sure that they are similar to each other so that the home's décor will be unified.
The need to install new windows mostly depends on your Seattle rental property's age. Aside from providing light to the property, windows are also important in terms of dealing with heat and the cold. You should consider installing double pane windows so that your property will be better insulated and the outside sounds will be muffled. You may also consider other upgrades, such as insulated windows, or windows with blinds.
For people active in the housing market and Seattle rental market, storage is one of their top priorities. Therefore, you can easily make your Seattle rental property stand out by providing more storage options. You can boost storage by simply adding hooks to bathrooms and entryways, adding more shelves in the pantry, and installing organizers in closets. You may also do bigger storage upgrades, such as creating in-wall storage or built-in shelves, installing shelves in the garage, and building a shed on your property.
If your property's roof is 15 years old or more, then it's already time to think about replacing it. You may put your property at risk of serious damage if you neglect the roof. It will be best if you ask a roofing inspector to regularly check out the roof. Also be prepared to make arrangements if ever the inspector recommends that you have it replaced. Go for a roof that does not only look good but is also durable enough to protect the structure underneath it.
Cheap countertops, such as those made with plastic laminate, may look nice when they are brand new. However, you cannot really expect them to stay in good condition for long because they are subject to burns, stains, and discoloration from liquids. If your property currently has plastic laminates for countertops, you may want to consider replacing them with slate, granite, or quartz countertops. Some alternatives to stone are ceramic tiles, polyester/acrylic composites, and stained concrete.
Installing a washer and dryer on your property can increase its value in the Seattle housing market or Seattle rental market and hence boost revenue by as much as 15%. If washer and dryer hookups are already present on your property, you may install a washer and dryer so that your responsible tenants will be enticed to renew their lease.
When your property is pet-friendly, you can increase your income by asking for a monthly pet fee in addition to the regular rental fees. Even just an additional $20 a month will already add up to a couple of hundred dollars every year. Moreover, a lot of people are looking for pet-friendly properties. Hence, people in the housing market and Seattle rental market who own pets usually stay put.
A lot of people in the housing market and Seattle rental market nowadays are looking for properties that have "green" features. Many people are now willing to pay more for an energy-efficient and sustainable housing. It's true that it might cost a little more at first when you update your property with these appliances. But your additional rental income should eventually make up for these expenses.
One of the keys in encouraging responsible tenants to stay on your property is to make them feel really at home and give them the liberty to somehow customize the property. When your tenants ask if they can plant a garden or paint a wall, consider saying yes. You may provide them with a color palette of paints that are acceptable so that you won't have any problems should these tenants move in the future.
Whatever upgrade you choose to do to make your rental property more valuable in the housing market or Seattle rental market, make sure that you focus on the most important things first. New countertops won't do much if there are leaks in the pipes or if there is mold in the basement. Take care of the essentials before anything else and just deal with aesthetic improvements after.