How To Increase Property Rental Value Using New Technology
You had some property that you started renting out, and it’s going well. The tenants are good people, the neighborhood is nice, and everyone is getting along. But still, you have a need to make it better. You want to take your property to the next level of desirability. You want to maintain your competitive edge by continuous improvement, and, you wouldn’t mind learning something along the way. The time has come to look into technological improvements and advances that can help your cause. In addition to typical useful tips for landlords, three basic topics will get you moving in the right direction.
Taking a cue from off the grid living, a great place to start putting technology to work when it comes to your rental property is with energy efficiency. Replace those light bulbs! New LED lighting systems are not only brilliant and beautiful, they use a fraction of the amount of electricity as old ones. Change out that furnace and that water heater! New units have incredible analysis circuits that prevent any kind of wasted energy at all. The same goes with refrigerators and air conditioners. If they are more than a few years old, replace them and see the immediate savings.
There are two main considerations with insulation – floors and windows. And to their credit, new technological advances in materials use and intelligent design are making climate control easier and more affordable. In addition, better insulation from weather also usually means better insulation from sound. This means that with a few improvements to your rental property infrastructure, you’ll have a quiet, controlled environment that is completely up to date with all of the latest trends in interior design. These improvements will begin paying themselves off immediately in terms of energy loss and repair work.
Another great way to improve the value of your rental property is by paying attention to its presentation from the street view. Yes, there is such a thing as landscape technology, and yes, you can use it to you advantage. By purchasing packages of certain types of lawn, plants, fertilizers, mulch, and sprinkler systems, you can have an amazing-looking environment around your property. This is a great way to add value quickly to a unit, without putting a whole lot of money in. The appearance of value is not much different than value itself, so keep that in mind when deciding both exterior elements of a house and the landscaping nearby. Even something as small as a garden, or something as simple as a park bench, can help you show potential tenants that you care about their environment, which makes your property that much more attractive, before anyone has even gone inside!