Owning a Dallas rental can be very profitable, but it can also become a costly investment if the property isn’t taken care of properly. There are a lot of investors who purchase a few rentals, find tenants and just let them sit for years without touching them. This is when investment properties begin to cost owners money instead of making it for them.
The key to owning a Dallas rental property is to continue to increase its value over time.
When you are able to increase the value, you will be able to increase the amount of rent you charge and you won’t have to go through long vacancies between renters as it will rent quickly. So, how do you increase the value of your investment property? Below are a few tips.
New Paint and Carpet
Renters don’t want to walk into a place that isn’t move-in ready. One of the most common complaints prospective renters have as they look at various rentals is that the units appear to be outdated and “fixer-uppers.” Now, there may not be a thing wrong with your property and it may in the perfect location, but if the carpet is old and the paint hasn’t been touched in years, you’re going to have a hard time renting it. New paint and carpet are inexpensive fixes that will add instant value to your income property.
Modern Fixtures are a Must
If all of the fixtures (ceiling fans, light fixtures, faucets, etc.) are outdated then replace them! You don’t have to spend a lot on new fixtures. As long as they’re new and look modern, potential renters will be happy. They’ll also be willing to pay more per month too.
Energy Efficient Windows, Doors and Appliances
If you are not covering any of the utilities for your tenants, then the more efficient the windows and doors are on your rental, the better off you’ll be. Additionally, if you are providing some of the appliances (washer and dryer, for example), renters will be excited to see energy-efficient appliances as well. Not only do these things add value to the property, but you can also get a tax credit for them too.
As an investor and a property owner, you should be on the lookout for ways to add value to the rental(s) you own. By following the three tips above, you will add both rental value and resale value to your property. What are you waiting for?