How to Increase the Value of Your Rental Property
Owning a rental property in Anne Arundel County and/or Queen Anne's County can be a good source of investment income. One of the most important metrics to watch as a real estate investor is Return on Investment (ROI). Landlords of properties in Anne Arundel County and/or Queen Anne's County should always be working to increase their net ROI to ensure that their investment is profitable. The question becomes, which expenses help increase ROI and do not merely cost money with no resulting benefit? As a skilled Property Management company, we have experience in this area and have compiled a list of repairs that will give you the biggest bang for your buck.
Nothing has as much of an impact with such a small out lie of money as painting. When a prospective tenant walks in your new painted Anne Arundel County and/or Queen Anne's County home, they will not only see the impact of nice clean walls, but they will smell the clean in the air. New paint smell sells!
The next item with a large impact for a relatively low cost is new carpet. When prospective new tenants walk into a home for the first time, they instinctively look down to see the condition of the carpet. If your Anne Arundel County and/or Queen Anne's County home’s carpet is full of stains, has highly visible traffic areas, or smells like pets, it will turn them off and will result in you attracting a lower quality tenant. Sure, you can rent it to the lower quality tenant who will merely deal with the carpet as is and this might save the $1,200 that you would have spent on replacing the carpet, however when they miss that next $1,500 rent payment, you’ve already lost more that you saved. Not to mention that if they have low standards for the carpet, then they may also have low standards for cleanliness in general.
New fixtures can make the house pop. You always hear people referring to fashion as not only being about the clothes, but the accessories. Well, the fixtures in your home are the accessories. Nice hardware on the cabinets, upgraded doorknobs, higher end lighting fixtures and ceiling fans all lend to a rent home demanding higher rent.
The appliances in your Anne Arundel County and/or Queen Anne's County rental home play a large part in renting your home fast and to good tenants. Kitchen appliances especially make a big impact. Upgrade those old, white appliances to black or stainless. Glass top stoves are always more desirable over standard coil burners. If you have a hood vent above the stove that can accommodate a built-in microwave instead, put one in. Tenants are also frequently concerned about the age of the air conditioner, furnace, and hot water heater. Older appliances result in higher electric and gas bills. If your Anne Arundel County and/or Queen Anne's County tenants are going to be responsible for paying these utilities, the age of the appliances will be one of their concerns.
A good question to ask your self is, “Would I want to live here?” Look at your Anne Arundel County and/or Queen Anne's County property objectively and see if it brings you pride. You want your tenants to have pride in the property they rent from you because that will result in them taking better care of it. This in turn results in lower vacancy times since they will be less apt to want to leave a house they are prideful of, and lower repair costs when they vacate.