Do This to Increase the Value of Your First Income Property
Let’s say you’ve purchased your first income property, renovated the essentials, and now you’re looking for the next step. Before you close the renovations project, it’s a good idea to look for ways you can increase the value of the property without spending a lot of money. There are always ways you can give the property a boost by doing simple fixes or adding cool features that don’t require an enormous investment. Here are a few examples of what you can do to increase the value of your first income property.
Add an Outdoor Entertaining Deck
One property feature that can get a lot of people’s attention without requiring too big of an investment is an outdoor entertaining deck. It doesn’t cost much to build one yet it can attract many tenants and boost the value of your property. If you’ve already got a yard or a front porch, you can use the existing space to create an entertaining deck. However, if you are open to spending a few extra bucks to add more value, consider adding a small gazebo to the backyard to create a resort-like atmosphere.
Change the Layout of the Home
Although changing the layout of the home is a big task that could completely change the course of renovations, it’s worth considering at times. If the current layout of the property has significant flaws or lacks open space, perhaps knocking a few walls down could open the place up. This is a good idea to consider in general but the outcome will depend on your property and renovation funds.
Invest in Landscaping
While not everyone has the time to tend to a garden, it’s nice to come to a home with nice landscaping features. It’s not a bad idea to do some landscaping and create a small garden if there’s enough space to do so. Just don’t do anything overly complicated as people don’t always have time to maintain gardens, especially if they’re not interested in gardening. Something small such as a few plants and pots can make a big difference too.
Adjust the Lighting
The quality of lighting at the property can easily change a potential tenant’s mind while checking the place out. You don’t want to use overly-bright lighting, especially not in rooms with mirrors where bright lights might be unflattering. Consider adding lights with dimmers so that the tenants can adjust the strength and color according to their own preferences. Although it seems like a small detail, this is the kind of feature that will make a difference in your home’s value.
Add More Storage Space
Last but not least, always look for ways to add more storage space. If there’s one thing every single tenant will look for, it’s storage space. Therefore, make sure your property offers plenty of room to store items and belongings without making the place seem cluttered and unorganized. Look for ways to integrate smart storage solutions that won’t affect the design of the place.