As a landlord renting out a home in Charleston, the opportunities to increase the value of your rental property are likely always on your mind. You know that by making investments in improvements and upgrades, you can reap the rewards through higher rents and happier tenants – not just now but in the long run as well.
But, where do you start?
How do you know which changes will result in maximum return on your investment?
As experienced Charleston property managers, we have seen what can make a difference in the value of investment properties. Here’s what we recommend.
Invest in Charleston Rental Property Upgrades
One of the most reliable ways to increase the value of your property is to keep up with renovations, updates, and upgrades. Constantly improving your property will increase your rental value and your long-term appreciation. Here are some of the most cost-effective improvements you can make.
Fresh paint can make any rental home look new. If you’re preparing your homes for the rental market or turning it over between tenants, give it a fresh coat of paint. Use a neutral color, but don’t feel bound to the off-white shades that show up in every rental home. Light gray can work and so can different taupe or beige hues.
Tenants are looking for well-lit kitchens and bathrooms, so that’s where you should focus your efforts when it comes to interior lighting. Incandescent bulbs are inexpensive, but they’re not very efficient. Try halogen or LED lights. You’ll have to spend a bit more, but the lighting will be more appealing.
Outside, consider a motion light on the garage or on the side of the house. If you’re renting out a multi-family property, make sure it’s easy for tenants to walk from the parking area to the house. The lighting should make tenants feel secure and safe.
Stainless steel appliances are lovely, but not required. If you’re going to upgrade your appliances, look for matching pieces that are energy-efficient. New appliances will immediately increase your rental value. If you’re not already providing washers and dryers, consider installing those as well. In-unit laundry is a big seller for tenants.
Inexpensive carpet is typically found in rental properties, and if you want to set your home apart and increase its value, consider pulling up that carpet and installing hard surface floors. Hardwood is a great idea, but will also require a sizable investment, so look for laminate floors, tile, or even faux hardwoods.
- Landscaping and Curb Appeal
The first impression you set for your prospective tenants will help them decide whether they’re willing to pay the rent you’re asking. Attention to curb appeal and landscaping will increase your rental value by setting a welcoming and attractive entry into their new home. Mow any grass and trim any trees and bushes. Put out a few pots of colorful flowers. Sweep the cobwebs and debris away from the front door. Set an inviting exterior so you can earn as much as possible on your Roseville rental home.
Increase Value by Allowing Pets
Pets can be a huge question for landlords in Charleston. Some are sure they want to allow them and others are sure that they don’t want to allow them. Many owners wonder what the best course of action is for their investment. We understand that it can feel risky to allow pets into your property, especially if you’ve just replaced the carpet or installed some shiny new floors.
However, pets make more money for rental property owners. They increase the value of your property on the rental market.
More than half of the renters in Charleston and the surrounding areas have at least one pet. So, if you don’t allow pets, you’re cutting out half of your potential tenant pool. Pet owners also tend to stay in their rental homes longer, so when you have a tenant with pets, you can cut down on turnover costs as well as vacancies. That’s a significant money saver.
There’s also the financial rewards of pets. When you allow pets, you can charge a pet fee. You can also charge pet rent. This immediately increases the rental value of your property.
A strong pet policy will protect you against the potential damage and liability that comes with pets. You can restrict breeds, sizes, and numbers of pets. But, it’s always a mistake to unilaterally disallow pets in your rental property.
Invest in Charleston Property Management
Increasing the value of your investment property requires experience, resources, and a network of professionals who can help with maintenance, accounting, leasing, marketing, and legal logistics. This is why it’s so important to partner with a Charleston property manager. Professional property management leads to fewer expenses and higher income.
Property managers can reduce vacancy loss. We can market your property more efficiently, screen for tenants that are better qualified, and respond to maintenance when it’s needed. We have systems in place that address everything from lease enforcement to renewals to pets and security deposits. There’s less risk and there’s more opportunity.
Successful investors will tell you that professional property management is crucial to the income they earn on their rental properties. Not only is rent more consistent coming in, it’s usually higher. Property managers know where to price your property and how to enforce on-time payments. We also improve the overall condition of your investment, making it worth more on the rental market. We’ll preserve the condition and value of your asset.
If you have questions about how to increase what you’re earning now and in the long term, we would love to help you strategize. These are some tips and suggestions we have for all property investors. We can also take a look at your specific rental property in Charleston and share some ideas on how to increase its value. Please contact us at Meridian Residential Group.
Meridian Residential Group in North Charleston provides both single-family and multi-family property management in the Charleston, SC area, including in North Charleston, Summerville, Goose Creek, and Moncks Corner, among other cities.