As a landlord and property owner in Cumberland County, PA, it is always essential to maintain your property (or properties), but also boost property value. Increasing property value will get both a higher rental rate and a higher resale value when you are ready to sell that property. Follow these budget-friendly tips for boosting the value of your Cumberland County rental home.
Budget-Friendly Tips to Boost Rental Value in Cumberland County PA
These tips range from inexpensive to higher costs. However, below we also provide some tips to manage these projects and still be friendly to your budget. Also, these are little fixes that go away. Even the more expensive tips are better than a total remodel.
#1 – Curb Appeal
There are many DIY tips for boosting curb appeal! Keep up with the exterior of the property. Keep multi-family hallways clean and well-kept. Repaint doors and hallways as needed. For single-family homes, powerwash the exterior as needed and keep up with painting. Make exterior repairs need from storm and water damage. Adding inexpensive, but hearty landscaping improves the overall look and appeal of the rental home.
#2 – Bathroom and Kitchen a “Mini Makeover”
We are talking budget-friendly makeovers! Replace knobs on cabinets, repaint where is needed, or with a new color to freshen things up and replace any broken or old appliances. The bathroom(s) and kitchen are two of the highest-ranked things people look at when moving into a new place. These are arguably the most important to keep updated and well-maintained in order to boost property value.
#3 – Fresh Paint for Your Rental Property
A fresh coat of paint goes a long way and can be affordable! A new color can brighten up the place, fix any old dings on the walls, and create a “new” looking space.
#4 – Deep Clean
A deep clean also goes a long way! Keeping up with these monthly or bi-monthly will keep the property fresh, clean, and looking new at all times. A clean and well-kept property always rents quicker and for more than one that hasn’t been taken care of.
#5 – Add Storage
Adding another closet or expanding the current one(s) can be costly, but when possible, adding this can increase the home value substantially. If adding a new closet is not feasible or in the budget, find ways to a lot more storage space throughout the property. Tenants are often willing to pay a little more for extra storage and closets, as this prevents having to rent additional storage elsewhere.
#6 – Hire a Home Inspector
Most people would assume to hire a home inspector only when selling a property, but that isn’t the case. Hiring a home inspector and fixing any items that come up (even slowly overtime) can increase the overall value and allow the landlord to charge more. Keep documentation of the inspection as well as fixes and get warranties on the new/fixed items when possible.
Tips for Managing Upgrade Expenses
Does all this sound a little stressful? Understandable. These three tips can help you manage the process for home upgrades that overtime will help boost your property value.
- One Room at a Time No need to rush! Take the upgrades one room at a time. This will save some money and decrease mistakes by not rushing to get things done.
- Worry about Now and Profits Later Try not to focus on the profits solely this will make in the future. Focus on fixing the place up and boosting property value over time (not all at once). The profits will come in eventually, trust us.
- Focus on Budgeting and Finances Be sure to have a budget allotted for these boosts before going into it. A schedule of when each item can be taken care of is useful as well. Consider how much value it will add in the future when planning what is most important for your property.
The fixes went well, and you are ready to move on! Here are the next steps to getting the most out of your upgrades. Ideally, the next step is to get the investment property rented quickly and avoid vacancy!
- Competitor Research and Pricing – Find updated homes in the same area and compare pricing. You don’t want to be the most expensive rental property on the block, but of course, with the upgrades you made, being the cheapest isn’t ideal either. Rental rates should reflect the comps in the area as well as amenities in the home: the more research, the better. Check rental listing sites for current rates for your area.
- Marketing – Market the property digitally, by word-of-mouth and also with physical signage. If possible, have pictures of the interior of the unit on the signage to show the upgrades. Use listing sites, social media, email marketing, paid advertisements, and any other digital marketing that is within your budget to drive traffic to tour the property. Word-of-mouth is essential too! Networking is vital and can help rent the property quicker.
- Showings – Maximize showings! Show the property a few times a day if/when possible. The more views, the more quickly you will rent your property. Highlight the amenities and show the property’s worth to prospective renters.
Need help boosting the value of your rental property in Cumberland, PA? Learn more about how Bay Property Management Company Cumberland can assist with all your property management needs, including tips to boost your property value!