There are several clever strategies to increase the value and marketability of your Las Vegas rental without it having to be expensive. The best part is that it makes no difference where a property is, how the local market is performing, or what the average rent is because even the stalest rental property can be enhanced with a few easy modifications. If you are wondering what they are, make sure to continue reading. We researched, consulted property management experts, and selected six simple ways to help you add value to your rental property.
How to add value to your Las Vegas rental property?
As a landlord, your main goal is to make the most of your investment. If you do it right, you can yield massive financial rewards for many years to come. To ensure this happens, you need to be prepared to invest in certain renovations that will add value to your Las Vegas rental.
But don’t worry, this is not as difficult as buying a Las Vegas property from out of state. There are many simple, quick, and relatively cheap things you can invest in and boost the value of your rental property.
#1 Make your rental as green as possible
Making your rental more energy efficient is one of the best ways to boost its value. Imagine how happy your tenants will be to receive reduced cooling bills during scorching Las Vegas summers.
Thus, think about simple, energy-focused upgrades such as additional insulation, energy-efficient showerheads, and LED light bulbs. Also, consider installing new windows if the current ones aren’t performing well.
You can even consider investing in energy-efficient appliances. If you do so, be mindful of how you transfer them. It would be best to hire appliance movers to do the heavy lifting for you. The last thing you want is to risk damage, so it’s essential to leave them in safe hands. Professionals have the right tools and know the necessary techniques to carry heavy, bulky, and sensitive items.
#2 Give your rental a fresh paint job
Sometimes, a fresh coat of paint can do wonders in making your rental look and feel brand new. Consider choosing bold colors that will give your rental personality and warmth. After all, white can sometimes be too dull. By painting, you’ll not only make your Las Vegas rental more appealing, but you’ll also be able to cover up any traces past tenants potentially left behind.
#3 Boost your kitchen
There’s a distinction between the type of kitchen makeover a homeowner would do for themselves and the lower-cost steps a landlord can take to update a rental property’s kitchen. Simple and practical methods to make a kitchen pop include painting the cabinets, changing the light fixtures, swapping out the doorknobs, and even upgrading the worktops to granite. Those are precisely the features that renters will notice while looking for a new place to live.
#4 Don’t forget your bathroom
Aside from the kitchen, most renters will pay the most attention to the bathroom. First of all, it’s essential to make sure the bathroom in your rental is always clean and fresh.
If you have an old bathroom, you might have noticed that no matter how much you clean, it still doesn’t look that way. That’s probably due to flaking paint, old fixtures, and stains. So it would be best if you considered giving your bathroom a minor makeover, so it feels new and modern again. Simple changes such as replacing the hardware, painting the walls and cabinetry, or updating the light fixtures can really make the difference.
#5 Refresh your rental property with new flooring
Almost nothing can put off potential tenants as much as worn-out flooring. This is especially true if you have carpets in your rental. Replacing them with new ones can make a big difference in how Las Vegas renters view your property. However, make sure to invest in durable and easy-to-clean carpets.
On the other hand, if you plan to replace your entire flooring, be mindful of what type of materials you choose. For instance, if you’re renting a high-end property, you probably want to add hardwood floors. On the other hand, if your tenants are students, laminate floors will do just fine. In case you allow pets, consider that, too.
#6 Repair what needs repairing
Even if you are not looking for ways to boost the value of your rental property, before you start looking for new tenants, it’s essential to make sure everything is in working order. No one will choose a tired and over-used-looking property over a clean, fresh, and bright one.
Make sure to inspect every aspect of the property thoroughly. In case you find any issues, no matter how minor, make sure to address them as quickly as possible. This way, you will add value to your rental property and ensure you prevent more extensive and more expensive problems down the road. Most importantly, you’ll avoid having to deal with unhappy tenants.
And how will you add value to your rental property?
On top of everything we’ve listed, there are plenty more ways to add value to your rental property and ensure you attract long-term tenants. Remember that even the most minor adjustments can make a big difference and pay off in many ways. Once you finish getting your property market-ready, get a free quote for Las Vegas property management services and make sure your rental and tenants are always taken care of in the best way.