5 Ways to Increase Your Investment Property’s Value
At Joseph Thomas Real Estate, we're committed to helping investment property owners get the most out of their investments. One of the best ways to do that is by increasing the value of your property. Here are five proven strategies to help you do just that:
#1 Renovate and Upgrade
To increase your property's value, consider upgrading it with modern features such as stainless steel appliances, granite countertops, and hardwood floors. LVP (luxury vinyl planks) flooring has quickly become a low-cost alternative to hardwood floors that really improves the aesthetic over carpet. Appearance and durability have continued to improve over the last decade as LVP has increased in popularity. These upgrades can attract more renters or buyers and ultimately increase your property's value.
Don't forget to update the bathrooms and kitchen, and give the interior and exterior a fresh coat of paint. These changes may also justify a rent increase and make your property more competitive in the market.
Smart Home Features
As technology advances, more and more tenants are looking for smart home features in their rental properties. Adding features like smart thermostats, door locks, and lighting can make your property more desirable and increase its overall value.
Improve Curb Appeal
First impressions are everything, so it's important to focus on improving your investment property's curb appeal. Keep the landscaping tidy, add a fresh coat of paint to the front door, replace old light fixtures, and maybe update the mailbox. A well-maintained property can attract more renters or buyers and ultimately increase its value.
Increase Energy Efficiency
Investing in energy-efficient features for your property can save you and your renters money on utility bills and increase the property’s value. By installing energy-efficient windows, insulation, and appliances, you also make your property more appealing to eco-conscious renters or buyers.
Add Additional Amenities
Adding additional amenities can make your investment property stand out and increase its value. Consider features such as a swimming pool, gym, or outdoor entertainment area. These amenities can attract renters or buyers who are willing to pay a premium for the added benefits.
As experienced investment property owners ourselves, we have seen the effect a nice add-on can have in the way a property is perceived.
Increase Rental Income
Boosting rental income is one of the most effective ways to increase your property's value. If you are going to sell to another investment owner, they’ll be more motivated to close on a property proven to make money.
You may be able to increase rental income by simply adjusting rental rates to better match your market’s value, adding additional rental units such as a duplex or triplex, or offering extra services like laundry facilities or storage units. Our team of pros can help you evaluate your property's rental income potential and find ways to increase it over time.
Partner With Us For Utah Rental Property Management
Increasing your investment property's value requires strategic planning, investment, and execution. At Joseph Thomas, we offer a wide range of services to help you achieve your investment goals. From property maintenance to tenant screening, we're here to help you get the most out of your investment property. Contact us today to learn more!