The goal of any investor is to earn consistent rental income while the value of their investment rises. If you’re looking for ways to increase what your Orlando rental property is worth, we have some ideas for you. These tips will not only increase what you earn in rent, they’ll also help you attract and retain highly qualified tenants, which leads to better ROI.
Make Some Cost-Effective Renovations
A well-maintained property is already going to be worth a lot of money in both the rental and sales markets. Making some minor upgrades and updates can help you earn even more.
This doesn’t mean you need to undertake a huge project that will cost tens of thousands of dollars. Instead, focus on the areas that are easy to accomplish during turnover periods. These suggestions won’t cost too much, and they’ll increase the value of your property. Consider:
- Fresh paint in neutral shades. Instead of touching up, paint entire walls.
- Hard surface flooring instead of carpets, especially in living areas.
- New appliances that are attractive and energy efficient.
- Better lighting in the kitchen, bathrooms, and outside.
- Smart home technology that allows tenants to sync their Alexa or Siri devices with things like lights, appliances.
- Video doorbells, which allow tenants to see who is at the door even when they’re not home.
- New fixtures such as faucets, sinks, and hardware on drawers and cabinets.
Improving your property will add to its value and help you earn more rent while attracting better tenants.
Pay Attention to Landscaping and Curb Appeal
Curb appeal plays a bit part in what people are willing to pay for your Orlando property. Spend some time and resources making the outside of your home or your unit look great. If you’re renting out a single-family home, it’s important to mow and water the grass regularly. Trim back hedges and bushes and make sure there aren’t any tree limbs in danger of falling. If there’s outdoor space, make sure it’s inviting and attractive.
In multi-family properties, you want to make sure the outside of the building is free of debris, well-lit, and welcoming. Have a landscaping or lawn care company make regular visits to ensure everything continues looking great.
If you have a pool or a deck, make sure the fencing is intact and all safety precautions have been taken. You’ll want to seal wood decks and ensure handrails are safe and sturdy.
The outside of the property can have just as much influence on your property value as the inside. Take special care to help it look good.
Orlando Rental Property Maintenance
Staying on top of maintenance will prevent expensive emergency repairs and surprises. You’ll also protect the condition of your investment, which preserves its value. You don’t want your home looking neglected – that’s a fast way to diminish its value.
Have the HVAC system inspected and serviced once or twice a year. That air conditioning works hard in Florida rental homes. Schedule plumbing and electric check-ups and make sure you’re on top of the pest control. Have your roof checked as well, especially during tropical storm season.
Every property is different, and your Orlando rental home may have unique needs when you’re trying to increase its value. We’d be happy to tell you what we think. Contact us at Park Avenue Property Management.