Landlords in Detroit are always looking for ways to increase their revenue from their rental properties.
The more money you make from your rental property, the faster you can pay off your mortgage and the more money you get to save.
With our experience in managing properties, we were able to come up with ways to maximize the rental income you can get from your investment property.
1. Enhance your curb appeal
Increasing the curb appeal of your rental property can help you earn more. They say it only takes a few seconds to make a great first impression: don’t waste this chance! Make it rental love at first sight.
It pays to have a rental property with a well-manicured and spacious front and back yard. If you do have a yard, beautify it by removing weeds and planting flowers.
After updating the interior of your home, you can also focus on the exterior. A few cosmetic upgrades can increase your property’s value and also make you feel better about the property.
You don’t need to spend a lot of money either! Instead, you can opt for practical and cost-effective solutions, like painting the front door and the fence. Consider updating your landscaping by incorporating fresh plants and shrubs.
2. Upgrade your appliances
Upgrading your appliances can help make your rental property more attractive to potential tenants. It may be a good time to replace old appliances with new, quality, durable, and stylish appliances.
3. Refresh your kitchen
Another way to make your property stand out is to ensure you have an attractive kitchen and bathroom. It is a wise investment to choose to devote a large part of your budget to overhauling the kitchen area.
Think about installing newer countertops and tiles. Replace outdated cabinets with new ones, or simply refresh the old ones with updated knobs and pulls to enhance the modern appeal of the cooking area.
The kitchen is often called the heart of the house, and there is something very special about this room. Owners will want to update this space with a personal touch and turn it into a familiar space.
4. Remodel your bathroom
Though it can be a bit pricey, remodeling your bathroom should pay off considerably in the long run, especially if your bathroom hasn’t been renovated in a long time.
Tenants are always on the lookout for comfortable and convenient amenities that will improve the quality of the time they spend there.
You can look at replacing your leaky faucets or moldy shower head. Update the bathroom fixtures and look into replacing the handles with modern ones. Consider replacing mirrors, fixtures, and even the tub, in order to enhance your bathroom’s appeal and subsequently increase the property’s value.
5. Increase and improve closet space
Another home update that will impress prospective tenants is increasing the closet space. Storage is a much-coveted amenity in a rental, and tenants look for as much storage area for their clothes and footwear as they can.
Try upgrading your closets by removing doors and going for an open shelving plan or by taking out a sidewall and transforming the entire space into a walk-in closet. Another way to increase closet space is to provide more shelving and racks, giving your tenants ample room for their possessions.
6. DIY what you can
When it comes to your basic repairs, do as much of it as you can yourself. Maintenance shops might cost you $50+ per hour (and often runs over $100 per hour). Even if you have a preferred list of trusted vendors, doing some of the minor repairs yourself will help you keep costs down.
By doing it yourself, you get to keep more of the monthly rent that you collect, rather than spending it on contracting out these repairs. This will help you save money annually.
Another cost-effective way to upgrade your property is with a fresh coat of paint. A new coat will cover up any blemishes that cleaning won’t remove and will provide the space with a refreshed look. A light color—like white, light yellow, or pale pink—can make everything seem cleaner and brighter.
7. Allow for Pets
It is a constant challenge for pet owners to find pet-friendly properties. Pets can be a handful, and most landlords are very wary of the damages they might bring.
A smart landlord, however, knows that by allowing pets, they stand to make more from their rental and have happy tenants. By adding a pet deposit and rental fee increase, you will open up the tenant pool to people with pets, which makes up a bulk of possible tenants.
As a landlord, always upgrade and update your property to be at par with your competitors. There are many cost-effective ways to refresh your property and add amenities. You may want to consider installing a second-hand washer and dryer for your tenant’s convenience. Give your space a new feel by installing a new carpet or applying a fresh coat of paint.
All these minor upgrades will only add to the face value of your property and will make it more appealing which will, in turn, allow you to increase the rent of the place.
The bottom line
There you have it! Seven tips to get more out of your Detroit property. A rental property can be a rewarding long-term investment if done right. Always remember that the small amount you pay for the upgrading of your property is minimal compared to the return on investment you will be getting.
If any of this seems daunting to you, don’t hesitate to contact us at (313) 254 – 4184.