If you own a rental home, you may have the opportunity to add value to your property without much work and few expenses. Here are 5 ways to increase the value of your rental property over time.
Consider splitting your rental property in to 2 or more units so that they will be easier to rent. The monthly cost per tenant will be much lower and your gross scheduled income will increase.
Increase the Rentable Square Footage
If your property features a common area, you may want to add the space directly to one of the units to increase the square footage of personal area. This will allow you to raise your total rent income.
Give Expenses to Tenants
Since gas, water, and electricity bills all vary from tenant to tenant, consider having your tenants to pay for these expenses themselves, or at least a portion of the bill. Sub meter your building to allocate expenses to your tenants fairly.
Improve and Make Repairs to Your Property
Giving your property a paint job or replacing old appliances could revitalize an outdated home. Consider the expense an investment that will help you increase rent prices.
Charge for Added Amenities
Look for additional sources of income for things such as premium parking or furnished rentals to make some extra money off your rental property.
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AZ Insurance Team