6 Ways to Increase the Value of Your Burbank Rental Property
Finding tenants is no easy task. It can take a lot of time, during which your rental remains empty. We all know that a vacant property can drive a lot of costs, which are tricky to recoup. Increasing the value of your Burbank, California rental property serves two main purposes.
First, it’s the safest and quickest way to find tenants who will want to stay long-term in your property. Making your Burbank rental as inviting and appealing as possible will help keep your tenants for longer. Second, if you are planning to sell your rental property, improving its value will ensure you can get the best price for it.
Below, we’ve compiled a list of the top home improvement projects that add value to your Burbank rental property.
1. Update Your Kitchen
The kitchen is one of the first rooms to show signs of wear and tear in a home. A tired kitchen makes your rental appear unappealing. While kitchen renovation can be an expensive project, you can achieve similar results without breaking the bank. Replacing old appliances can be all you need to bring the room to life again.
An old fridge or an old oven, for instance, can drain energy consumption and quickly become outdated and unreliable. You can find plenty of energy-effective appliances that tick all the boxes for you and your tenants.
If you want to change the color theme, you can also consider cupboard refacing. This is a cost-effective and stylish addition. Combined with a fresh coat of paint and new countertops, the kitchen can feel like a completely different room!
2. Invest in a Tankless Water Heater
Why would you want a tankless water heater? Ultimately, water heaters are the pet peeves of your tenants, and can be a pain for landlords to respond to breakdowns. Nobody wants to finish their warm shower under cold water before the water tank is empty.
That’s precisely why it can pay off to get advice from a professional. A water heater company in Burbank that specializes in all types of water heaters recommends tankless water heaters to solve your problems. Hot water tanks are not only space-demanding but also a source of rental property problems.
Tanks are more likely to generate high energy cost than a tankless option. Additionally, a tankless solution would ensure you can create additional storage space, making the most of your square footage.
3. Add a Washer and Dryer
Your tenants are looking for a convenient rental. While location plays a significant role in their choice, utilities can seal the deal. Nobody enjoys walking to the nearest self-service laundry with bags full of dirty clothes, towels, and bedsheets.
Ultimately, we all crave the comfort of an at-home washer and dryer system. Self-service laundry is inconvenient and expensive. And it can be a big pain, especially if you happen to lose some of your items at the back of the washer.
4. Update the Light Fixtures
Bright rooms are essential. Did you know that poor lighting can cause eye fatigue, headaches, and even depression? Inadequate light fixtures in the room can enhance symptoms of depressive or anxious disorders for your tenants. Besides, bad fixtures can also make your property feel smaller and colder than it is. It could be a deal-breaker for tenants seeking their next home.
5. Add Central Air Conditioning
As more and more people are working from home, households have been facing huge increases in energy costs. Keeping your Burbank property energy-friendly means introducing smart heating and cooling solutions that are both manageable and cost-effective.
Central air conditioning drives lower energy costs. Additionally, it is a much cleaner way of managing the home temperature, contributing to better air circulation. As a rule of thumb, central AC properties generally don’t struggle with mold issues and structural integrity as a result of health air movements.
6. Improve the Yard With Simple Landscaping
People love having a garden. However, nobody likes garden maintenance. As a landlord, you can’t afford to let your tenants fall behind lawn and vegetation maintenance as an overgrown garden can reduce the value of your Burbank property.
Besides, high and dry lawns can increase flooding risks as the soil can’t absorb rainwater any longer. You can make things manageable for them with a clean and straightforward landscaping design that makes the yard accessible, appealing, and easy to maintain.
For landlords, making your rental property in Burbank manageable, convenient, and cost-effective is the key to build a long-lasting relationship with your tenants. We all want tenants who look after our real estate investments as if it were their own. So make them feel at home with value-increasing improvements that make a difference!