You did it! You bought a rental property in Seattle, Washington. Now, what can you do to make money on that property? If you are looking for ways to maximize property value, here are several tips for rental owners.
Renovate Important Areas
A renovation is one of the most obvious ways to increase property value, but it is easy to go overboard. This is a rental property, it will not be your tenant’s permanent home, and they won’t treat it like a permanent home. Instead, you want to only renovate the most important areas. The kitchen and the bathroom are the places where renovations give you the best return. These will greatly improve the resale value of your rental and allow you to charge more for rent. It is unnecessary to make sure that every room has perfect baseboards and lighting fixtures. Just make sure that you create an inviting space. Do not feel the need to repaint every room and replace all of the carpets with every tenant turn-over. Most of the walls and floors will be salvageable with some cleaning.
Stage the Space
Staging the space will also improve your rental value. If you place nice furniture in a space, it can help a potential tenant to imagine living in your rental property. This can increase tenant interest in your property and thereby allow you to raise the rent and keep your rental property occupied. As vacancies and tenant turnovers are expensive, this is beneficial.
Keep it Clean
Keeping your rental property clean is essential to maximizing property value. Some experienced landlords suggest that it is worth it to spend money on a professional cleaning service in order to ensure space will be adequately clean. A dirty space implies that you do not care about maintaining the quality of your rental property and a tenant will be unlikely to move in. A dark, dingy space will not make as much money as a sparkling, bright one.
Install Solar Panels
Solar panels can increase the value of your rental property and save money on energy costs in the long run. Although this is a large expense upfront, it can make you more appealing to environmentally conscious renters and save money on utility costs later. This is a great long-term investment to maximize property value.
Offer Additional Services
Offering cleaning services or landscape maintenance services to your tenants can allow you to charge more money. This additional income is nothing to scoff at even though it does require more work on your end. If you have time to spare, this could be a good way to make more money off of your rental property and ensure that it is in excellent condition.
Maximize Property Value with Keyrenter
Once you have gotten your Seattle rental into excellent condition, Keyrenter Seattle Property Management can help you get more money out of your property. If you need help finding tenants for your rental or drafting lease agreements, Keyrenter is here for all of your property management needs. Give us a call today!