Real estate is one of the most profitable and thriving markets of the current century. Strategic investments in the industry and increasing property value made many millionaires.
While selling and purchasing property is a high-income business, renting out property is another way to make money in real estate.
It can generate a steady stream of income. Investors often benefit from rented property for a long time.
However, not every property can generate handsome rent. Especially if the property is damaged or needs massive repairs, its rental value decreases.
Therefore, it is essential to provide necessary upgrades to the property to earn profits.
Through strategic upgrades, any property can become a profitable source of income. This is especially true if you live in a well-developed urban sector; renting property can be a possible way to earn extra cash.
Orlando in Central Florida is the prime example. The area is practically a goldmine for all sorts of rental properties. According to stats, nearly 70 million people visit Orlando every year.
Forbes has ranked Orlando, Florida, the 23rd best place for businesses and careers. High demand for employment and businesses make way for more migrations from other parts of the USA to Orlando.
For investors in rental properties, it is a golden opportunity. These migrations increase demand for rental properties, which upscales the profit margins.
Not everyone can afford houses, leading to people looking for rental options. While looking for a suitable rental property, people often look for a hassle-free option.
As a result, top rental property services like The Realty Medics are highly sought-after in Orlando, Florida.
You can practically make a bank if your house ranks decently in high-value rental homes by such rental property services.
However, to be considered in such a list, you must provide the necessary upgrades to your property to increase its rental value.
Below are how you can add value to your house to increase its rental value.
Sprucing Up the Property
The first impression is sometimes the last. It is true, especially for property. Your tenants will not consider your house a good option if there are stains on the glass or the floor is dirty.
The first thing you should do is spruce up your property and make it presentable for the tenants. Either hire professionals or take it upon yourself to scrub the floors and windows.
Invest in the right cleaning equipment to ensure perfection. If there are garden beds installed on your property, consider pulling out the weeds. Apply a fresh coating of paint on the walls where it is necessary.
The better your property looks in the eyes of potential tenants, the higher rental value it will secure. A house that gives a good impression will also attract good tenants.
Upgrading Plumbing Fixtures
The kitchen and bathrooms are the most used areas in any house. Nothing is more frustrating than finding ten-year-old faucets or leaking sinks in there.
Tenants will often check the condition of those areas first.
To avoid such scenarios, you should consider upgrading all the plumbing fixtures in your house. Start with the necessary repairs like loose faucets or dingy pipes.
Ensure that there is a proper seepage and pipeline system. People are often attracted to houses with a robust piping system and strong drainage.
Upgrading Bathroom and Kitchen Areas
Often, the potential renters will choose a house with clean bathrooms. Stained tiles, poor drainage systems, or broken showers can taint your property’s image.
While performing a general repair of plumbing fixtures, also consider the condition of your bathrooms.
In some cases, changing the bathroom tiles can be outright tedious. In such scenarios, it is best to coat them with tile paint. However, changing them would be the best option if they are broken or completely out of shape.
Put a new vanity and scrub away any mold on the walls. Replace the shower curtains if necessary.
Other than the bathrooms, the kitchens are the most important house areas. An attractive kitchen area will secure a worthy rent.
Contrary to popular belief, renovating your kitchen is not very expensive. Sometimes, all it takes is a new paint coating.
Another renovation that you can do without breaking the bank is applying wallpapers on slabs and walls.
Sometimes, all your kitchen needs is a simple swapping of cabinet doors. These simple yet profound renovations can do wonders in changing the outlook of your kitchen.
Do it if you can afford to place a fridge or dishwasher in the kitchen area. These appliances aren’t common in rental properties, and adding them will increase your property’s rental value.
A dirty floor doesn’t give the best impression of your property. There are many flooring styles that can enhance your property’s rental value and attract many tenants.
Carpeting seems to be a good option for the investors who don’t wish to redo the entire floor. While it can conceal some ugly spots on the floor, carpets are susceptible to wear and tear.
The other option is the hardwood floor. It increases the rental value, but its neutral design also suits all styles. However, it is quite expensive.
There are also options for laminating your floor or tiling it. Alternatively, you can also opt for selective flooring options in certain house areas. Each option has its pros and cons. Make sure to measure them all.
Many investors mistake redoing the entire property interior only by ignoring the outside appearance. A beautiful interior won’t do much good with an ugly front porch.
The outside appearance matters a lot as it is the first thing your potential tenants will notice. Invest in fixing roof leakages and repairing or changing the roof of a house if necessary.
Add a parking space, and take initiatives to improve a house’s outward appearance.
Renting a property is one of the potential ways of earning a passive income. To ensure good rental values from any property, homeowners must increase the rental value of their abodes.
The best way to do so is to invest in repairs of the bathroom, kitchen, plumbing fixtures, the floor, and renovating the outside appearance. A beautiful house with renewed interior and exterior will fetch a decent rent for the investors.