There are some landlords that do not see the benefits of investing more money into their rental properties other than the money they have paid out to own them. This is not necessarily the best attitude to have. Investing in your rental property will not only keep it in a sound condition for years to come, but you will also see a rise in income and demand for your property.
Nobody, including you, wants to live in a rundown uncared-for building, so you should not expect your tenants to either.
#1 Designer kitchen
Installing a new kitchen into the property may not cost the earth. Using cheap cupboard housing and then attaching attractive door fronts and drawer fronts will undoubtedly give you a more modern look. The addition of a decent worktop and some white goods and quality fixtures will lift the overall quality of the kitchen that you are providing.
Little luxury items such as a hot water dispenser faucet will be seen as an up-market addition. Those tenants looking for new homes will indeed find this addition alluring, and it may be the overall look of the kitchen and the quality fixtures that seal the deal faster than it would have happened without it.
#2 Off-road parking facilities
Most households now have multiple cars regardless of whether or not there are teenage (or older) kids still living at home. It stands to reason that those properties that boast off-road parking can not only demand a higher price but do get it.
Although most homes in the countryside either have their own drives or parking facilities due to the space that they have, city homes tend to have a rather short supply. If your rental property does not have the frontage to have converted into a parking space, the next best thing is to have designated parking in a nearby parking lot.
#3 Home office
Modern-day working methods mean that most tenants will be looking for a property where they will be able to work from home. This means that they will be looking for a property with an extra bedroom, a spare reception room, or a designated office space.
Creating a designated office space in your rental property, whether it is in a spare corner around the home, in the basement, or even as a purpose-built office in the yard, will make your property more desirable.
#4 Low-maintenance garden
Not many renters are interested in maintaining a meandering garden, although they may like the idea of sitting in it during nice weather. With this in mind, you have two options. You can pay for a team of gardeners to maintain it for you on a monthly basis, therefore, keeping it professionally trimmed and looking glorious all year round, or you can design a low-maintenance affair that can be enjoyed with no effort from anyone whatsoever.
Although it may cost more upfront, going for the low-maintenance garden for a rental property is probably the best option, as this will require no more additional expense on your part.