Property investors are well aware that the value of a property has a substantial impact on the amount of rent that can be charged. Knowing how to enhance property values is a critical aspect of succeeding as a property investor. A building with a low overall property value will normally attract a lower rental price than a building with a high property value.
While certain areas of property value, such as location, neighborhood, and market conditions, are beyond your control, there are strategies to boost residential property value. Using property maintenance services for rental properties is one way to increase (or at least maintain) property values.
Here are some short recommendations for using property maintenance services to boost the value of a house or apartment building:
How to Increase Property Value: Conducting Renovations
Regular wear and tear will have an influence on a property over time and can lower its value. Furthermore, some of the building’s infrastructure may become obsolete—plumbing and electrical systems that were up to standard 40 years ago may no longer be adequate by today’s standards.
As a result, one option to increase the value of an older home is to renovate it extensively to upgrade its infrastructure. Property maintenance experts like plumbers, electricians, and general contractors can frequently assist with these renovations. Using a property maintenance solution to schedule changes to a home’s interior structure might be a good approach to ensure that they are completed.
When contemplating renovations to increase property value, prioritize those aspects of the building’s infrastructure that are either:
- Most out of date with current building regulations; or
- Will have the greatest impact on property value for the least amount of time and money.
How to Increase Property Value: Installing “Smart Home” Upgrades
Repairs and renovations aren’t the only things that property maintenance services can cover. Modifications to a home’s technology, such as “smart home” upgrades that allow for voice control or remote control, can be a big selling point for single-family homes as well as a way to boost property value.
The following are some examples of smart home modifications that can be installed with the help of a property maintenance solution:
Voice/Remote Controlled Thermostats. Thermostats with voice commands allow tenants to easily modify the temperature in their homes at any time. Tenants can use a mobile app to turn off their HVAC when they don’t need it (for example, when they’re at work) and turn it back on shortly before they leave. This saves money while also ensuring that the tenant’s home is kept at a suitable temperature.
Wi-Fi Lights. Smart LED lights with Wi-Fi connectivity can be connected to a home’s wireless network and controlled by a range of devices, including phone apps and voice control systems. Many of these lights include built-in dimming and auto-off functions, as well as being extremely energy-efficient, making them an excellent choice for environmentally conscious tenants.
Smart Locks. Many tenants are concerned about their home’s security. Smart locks serve to improve house security while also giving tenants with keyless entrance. Guest access, tamper alarms, touchpad controls, and email or phone app notifications for events like lock failure or door opens are all common features of these locks that may be operated by web apps or voice commands.
Internet Protocol Cameras. IP cameras connected to the building’s Wi-Fi network can provide tenants with peace of mind while also increasing the value of their house. Tenants can see the video stream remotely using connected security apps on their smartphones to see who is approaching the door and, if required, summon the authorities.
How to Increase Property Value: Performing Regular Property Maintenance
While normal wear and tear are unavoidable, there’s no reason to let a home deteriorate. Regular property maintenance services can help maintain a rental property’s value while also avoiding tenants from breaking their leases.
Preventative maintenance keeps a rental home in good shape, ensuring that it is as appealing as possible—which helps with property appraisals later on. Using property maintenance services can also make the property safer for tenants, reducing the risk of injuries and litigation.
Routine property maintenance services can help prevent any code violations in addition to increasing home values. This helps to keep the property management industry running smoothly.
Property investors and landlords should consult a qualified, experienced estate agent or Property Management company for advice on how to keep improving their property value. Fitzanne Estates specialises in guiding property owners in their real estate journey and are ready to assist you during this exciting yet confusing time.
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More about Fitzanne Estates
Fitzanne Estates (Pty) Ltd is a Property Management Company who can sufficiently administer your property investment to the benefit of the Landlord, the Body Corporate and the NPC – Non-Profit Company. Services include Letting, Sectional Title Management, Full Title Management (NPC – Non-Profit Company) and Sales.
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