If you’re a homeowner that is planning to rent out part or all of your property, you may be wondering how to get the most out of your home when it comes time to assess its value and decide on what a fair monthly rent will be. Upgrades, renovations, and cosmetic projects come in various sizes and price points, but all of them contribute to increasing your ROI. As experts when it comes to rental properties and rental property management, the Iron Eagle team has compiled this list of some of the best ways to maximize the value of your real estate investment!
Curb Appeal
As the popular saying goes, “you never get a second chance to make a first impression”, and your home’s curb appeal will be potential tenants’ first impression of your rental. This is why it’s important to invest some capital in the way your home looks from the street. If the property has a front yard or porch area, renovating the landscaping to add some color, sanding and refinishing the porch, and redoing the whole exterior of the home are all great ways to catch the eye of potential renters and increase the home’s value.
Open Floor Plan
One of the most desirable features of a home is an open floor plan. Open-concept living makes the main rooms of the house feel bigger than they actually are and allows for more socialization and entertainment opportunities. If adding more square footage is too costly or not possible for your property, knocking down a few walls is a great alternative.
Energy Efficiency
Lowering your rental’s energy costs will ultimately save you money if you will be the one paying the utility bills or make the home more appealing to potential renters if they are handling the utilities, so this one is a win-win. There are many options when it comes to making a home energy efficient, and some of the best (but more expensive) are installing solar panels and high-efficiency windows. If you’re looking for a cheaper alternative, switching to all-LED light bulbs or replacing the seals around windows and doors can make a huge difference in the energy usage of your home over time.
Staying Up-to-Date On Maintenance and Repairs
Every house comes with its own maintenance problems that arise, some more often than others. When these problems are not addressed immediately, they can progressively get worse and cause more costly damages throughout the property. However, if you stay on top of maintenance and repairs, you will not only save money and your home from damage, but you will also build a strong and trusting relationship with your tenants that will make them want to keep renting with you.
How Iron Eagle Can Help
If you have a real estate investment in Boise or the surrounding Treasure Valley, property management companies like Iron Eagle will handle all of the day to day activities that come with renting out a property, including maintenance and repairs. We create customized property management solutions that are focused on maximizing your ROI while concurrently exceeding tenant expectations. If you want to learn more about what we do and how we can help you with your rental property, don’t hesitate to reach out to us!