“Adding value” to a rental property, addresses the home features, conveniences, or extras that make a rental property more desirable. Added value really is about enhancing the appeal of your rental above other homes it will compete with. What features cause a really good prospect to want your rental property vs another one down the street?
In our experience, high quality tenants have a sense of identity that even their rental property needs to portray. Just because they don’t own the property, doesn’t meant they don’t want it to be their home! The more your property feels like a home, the more likely you will attract quality tenants to live there.
Feature appeal can be a nicely fenced back yard or more modern luxury vinyl plank flooring in main living areas. It can be low maintenance yards because they require less weekly effort to keep attractive. Or, it can be extra storage racks in the garage. Improving your rental property with lifestyle features doesn’t have to be done all at once. We recommend property owners stay aware of the features that matter most to tenants over time and incrementally make “added value” improvements as tenants commit to stay longer.
Your goal is to make a profit between your initial investment and incremental improvements for adding value to make your home lease for more money and retain tenants’ long term. The ability to attract the best potential tenants depends on how your property stands out from others. A smart investor chooses to make value-based improvements that do not over improve the property yet keeps it strategically competitive. Our expert evaluation of your property will temper this cost to benefit decision so that you gain the optimal potential income and reduce repetitive wear & tear maintenance while retaining tenants longer.
Added value is a smart ownership strategy to make sure your property stands out in the market, while achieving the highest market rent.