Adding value to your rental property is not necessarily a task to directly increase income, although generally, this is a benefit. By adding value in this sense, we are discussing ways to make your unit more attractive to existing tenants and more marketable to potential ones. Below we have a few ideas on how to add value for both single-family and small multifamily rental properties that won’t break the bank.
Many of these options may seem obvious, but you’d be surprised how many landlords overlook them. The nice part of these suggestions is that many of them are ones most anyone can handle and DIY.
Update Landscaping and Curb Appeal
We cannot stress enough that first impressions are key. So, when you advertise your unit, do yourself a favor and include photos of the front of the home or building. For more tips on how best to do this, check out our blog, Tips For Taking Great Rental Property Photos.
You can keep this simple or go all out. Remember that whoever lives in your rental property needs to keep it up, so be mindful about maintenance. For example, add some pretty flowers, trim bushes, and put down some bark or ground cover in flower beds.
As property managers for our family members, we had one home where we took a tired-looking area and spruced it up. We used wood chips that our city provided for free and transplanted some day lilies and purple coneflowers from our yard. We had planned on pulling these flowers out anyway as they were too overgrown for our yard. This update cost us nothing but a few hours of labor.
If you want to go all out, consider converting the front yard into a low-water, low-maintenance garden using large rocks, gravel pathways, and plants that do not require a lot of water or pruning. It helps the new tenant and looks great all year round.
Consider adding path lighting to decrease the chances of your tenant or a guest tripping and falling. These lights are a great solar option we added to our multifamily pathways.
For the house’s exterior, clean the windows and touch up any paint that may be peeling or chipped. Next, change out worn light fixtures with LED, efficient lighting. Or, if the lighting is still good but needs a touchup, buy a $3 can of spray paint, tape off the glass, and paint away.