Whether you’re looking to sell your property or you just want to spruce everything up to attract new renters, adding value to your property improve your investment no matter what your endgame is. Some improvements are low-cost and quick, others can require more investment, both in time and money. The right improvement for your property will naturally vary depending on what type of property it is and what updates have already been applied. To get your brainstorming started, we’ve compiled some great ways to take your property to the next level for under $200. One really easy way is to get a property manager, and for that, there’s no one better in all of Arkansas than Real Property Management of Central Arkansas.
-Talk With a Pro
Speaking with a realtor or interior designer can help you find specific opportunities for improvement, directly from an expert. A lot of realtors will do this as a courtesy, but you may have to pay a consultation fee to a designer. Check the designers in your area and ask friends and family if they have anyone they can recommend. A designer’s hourly fee is typically around $100, if not less, and one hour will give them plenty of time to provide feedback and improvement ideas.
Property improvement isn’t always glamorous. A roof that’s on its last legs, termites, bad or outdated electrical systems — it all needs to be addressed at some point. When you have a home inspector come check everything out, they will be able to check for problems lurking where you may not notice them. Think of this like a physical for your property, as it will catalog the health of the building, identify problem areas, and point you in the right direction for repairs that will help you avoid possible disaster in the future. It’s much easier to fix a small leak than a flooded house!
-Find Your Inner Van Gogh
Painting is one of the easiest and most cost-effective improvements you can perform on any property. With a fresh coat of paint, you can make an old room look fresh and vibrant — the value is instantly increased. It’s important to bear in mind that neutral colors appeal to far more people than something bright, bold, or flashy. You want to make your property as appealing as possible to as many people as possible. A gallon of paint is typically no more than $25, which means you can pick up a few along with some rollers, brushes, and painter’s tape — all while keeping your overhead low.
There’s a veritable cornucopia of magazines, TV shows, and websites all dedicated to interior design. If you’re looking for an alternative to speaking with an interior designer, these are all great places to gather information and ideas for improvements you can make. When going this route, it’s imperative you remember to keep it simple. You’re going to see a lot of elaborate and extensive remodels, but those all had TV budgets coming out of studio wallets. If you’re going the do-it-yourself way, don’t bite off more than you can chew. It’s pretty hard to convince someone to move into the middle of your half-finished project.
Improving the energy efficiency and consumption of a property not only reduces costs but makes it more desirable to rent. While the actual improvements needed to see this take effect may get expensive, many local utility companies can perform a free energy audit on a home or property. This will give you information about how to maximize the energy efficiency of your property. Improvements to energy-efficiency begin to save you money right away and are a huge selling point for renters and buyers. This audit can help you create a to-do list of future updates you can make over time to continually increase the property’s value.
-Add a Tree or Two
When you’re planning for a long-term improvement, adding a tree creates value that matures over years to come. Shade trees are particularly of use, as proper placement can help cut down costs to cool the property by up to 40 percent, which is especially important in a hot and humid area like Little Rock. A nice tree can also add valuable curb appeal to your property, making it desirable to buyers and renters alike. Plus, who doesn’t like waking up to see beautiful birds singing their morning song?
-Consider Low-maintenance Landscaping
While shrubs and colorful plants are another easy way to increase curb appeal, buying plants native to Arkansas or ones that are drought-tolerant will require far less water and maintenance to keep looking great. While precipitation isn’t rare here, it will still help cut down on utility costs while retaining the attractiveness of a lush green garden. Having foliage that is native to the area will also ensure it can stand up to our humid climate.
-Add Something That Saves Money
Installing something like a water filtration system instantly adds value, both for you as a property owner, as well as renters or future buyers. It purifies the water making it safer to consume while having the added bonus of cutting down on the necessity of disposable water bottles. The prospect of an appliance that saves people money is an attractive proposition, as is the stylish nature of many of these systems. This will set your property apart from others in your area.
-Improve Air Quality
Have you ever stepped into an older home and it smelled like it was from another decade? Much of that can come from contaminants and allergens embedded in old carpet. This makes the entire house smell musty and old; definitely not the pleasant environment you want to present. Bring in a professional company to test the indoor air quality of your property. This will let you know if the carpet needs to be replaced to improve air quality. If that’s the case, consider an environmentally friendly replacement like tile or wood. Flooring with a hard surface is much easier to keep clean, doesn’t retain odors, and gives your property a very desirable and appealing feature.
-No More Popcorn
In buildings constructed from the 50’s up to the early 2000’s, popcorn ceilings were all the rage. However, the look has since gone out of style and can instantly date an interior. Additionally, up until the 80s, popcorn ceilings were produced using asbestos, making them a health risk. If you own an older property with popcorn ceilings, first get a sample tested for asbestos. Even if it comes back negative, this is a great time to update the location by removing the popcorn ceilings. This also adds value by addressing an issue for a buyer ahead of time, making the property safer and more attractive all at once.
This wraps up our list of low-cost improvements to add value to your property. Next, we’ll be looking at options that will cost a bit more but can have an even greater impact on both your property value and tenant happiness. While you’re looking for ways to improve your property, why not give Real Property Management a call. We’re your go-to source for all of your property management needs here in Central Arkansas.
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