Having a residential property or commercial space in Philadelphia can provide you with passive income that can be your primary source of revenue or extra profit that you can add to your monthly budget. One of the best ways to earn from your real estate investment is to rent it out to tenants or increase its value for future sale.
To generate more money out of your rental property, here are ways to increase its rent and value:
- Perform Regular Maintenance Checks
You must understand how essential consistent maintenance is when running a rental place before investing property and becoming a landlord. You want your tenants to continue leasing with you so you should keep your end of the bargain by providing them with a space that’s clean and well-kept. You can do this by conducting regular maintenance checks and between-tenancy cleaning.
These are property maintenance tasks you should do every month:
- Call the Exterminators – While there may not be any apparent signs of a rodent or insect problem in your property, squash their growth before it starts. Prevent this type of issue from happening by contacting professionals to inspect every part of your building.
- Check for Leakage – Assess the current state of your apartment’s pipes and tubes if there are signs of damage or leakage. Look for soft spots on the walls, roofs, and ceilings as well as signs of water entry around windows, toilets, and showers.
- Inspect Tile Caulking and Grout – Caulk and grout between tiles and tubs can crack as well as loosen over time. This can lead to water leakage which can damage the floor and walls in the bathroom area. Check the caulking and grout in any place that has tiles regularly.
- Test Smoke Detectors – To ensure the safety of your tenants, you should check your smoke and carbon monoxide detectors frequently. Test them once a month to guarantee that they are in working order.
- Clean Your Gutters – Clogged gutters caused by leaves and other debris can result in water seeping in your property through the roof, siding, and windows. Make sure that you clean the gutters of your building often.
- Make the Exterior Outstanding
One of the top ways to add value to your rental property is to improve how it looks on the outside. People won’t want to rent your home or commercial space if it looks dirty and unkempt with a lawn that hasn’t seen a mower for five years as well as chipped paint on the walls. Clean up the grass outside and cut off any tree branches that may be covering the beauty of your property.
- Do a Kitchen Makeover
Kitchens are a significant section of any home. Aside from being a place where you prepare food to feast on, it’s also where most cherished memories are made. As a landlord, you want to give your tenants a comfortable space, but you may be worried about the cost of remodeling your property. You don’t need to demolish and reconstruct the room, though.
You can increase the appeal of your kitchen without breaking the bank by:
- Painting the Cupboards – Give the kitchen a fresh look by painting over laminated doors and outdated splash back tiles.
- Change the Hardware – Cabinet handles and taps easily get dirty and rusty. Buy new ones for doors and drawers as well as taps for an instant upgrade that won’t break the bank.
- Replace the Oven – You can’t demand higher rent if the equipment in your rental home, particularly the oven, has been there for over ten years. Buy a new one to improve the look of the kitchen.
- Add More Storage
Lots of storage space is a huge selling factor for renters, especially for small areas. Cater to their needs by adding cabinets or making use of vertical space in your rental property. Even subtle additions such as adding hooks near entryways and bathrooms can increase the appeal of your apartment.
- Replace Old Carpets or Remove them
Old carpets can be a breeding ground for bacteria and mold so you should replace them regularly. A small unit can be easily re-carpeted for about 1,000 USD. For larger spaces, you can focus on changing the carpet on critical areas such as the walkway, lounge, and bedrooms so the cost won’t be a burden.
Property investment allows you to generate income while being your own boss. You get to control all aspects of the business from what property to place money in, who you will rent it out to, and how much you should charge. Also, the value of real estate always goes up, so you don’t need to worry about selling your space in the future.