As a landlord, renting your property is always a little nerve-wracking. You can only do so much to keep your tenants from diminishing the value of your investment property during the course of their lease. Fortunately, there are some actions you can take to help increase the value of your property while renting it out to tenants. Read on for four ways to increase the value of your rental property, and contact Minnix Property Management for all your landlord needs in Lubbock and the surrounding areas.
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Keep Up With Preventative Maintenance
Landlords have to be comfortable with handing off their properties to tenants, but “out of sight, out of mind” should not apply when it comes to preventative maintenance. At the start of each rental period, give your tenants a schedule of the preventative maintenance appointments you will require throughout the year. You can perform maintenance on your property’s HVAC, plumbing, and other essential systems yourself, hire contractors for each project, or have your property management company take care of the entire process for you.
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Perform Upgrades
Upgrades are the most sure-fire way to boost the value of your investment property. Remodeling the kitchen, bathrooms, and living areas, installing new appliances, and adding other desirable amenities will attract more applicants and allow you to increase your monthly rental rates. Ask your trusted real estate agent or property management company which upgrades are returning the most value in your housing market.
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Keep Detailed Records
When it comes to determining the value of your investment property, the importance of detailed record keeping can’t be overstated. If you ever decide to sell your investment property, having thorough records of all of the preventative maintenance, repairs, and upgrades you’ve completed can help increase your asking price and fortify your position when negotiating with buyers.
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Market Your Rental Like a Pro
Want to increase the value of your investment property on the rental market? You need to market your property like a professional. If you don’t have the time and resources to write attention-grabbing listings, take professional photographs, and get your property posted to all of the best rental platforms, you should have a property management company take care of it for you.
Minnix Property Management can help you acheive the highest rental rates on your investment property in Lubbock and the surrounding areas. Get in touch with us today to learn more about how our services help landlords decrease stress and increase profits.