Want to increase the value and cash flow from your Investment Property in 2020? If so, you’ve come to the right place! In this article, we will share with you several tips you can use for accomplishing these goals in the coming year.
Tip #1 – Invest in A Smart Thermostat
Smart Thermostats are absolutely one of the top investments that landlords should invest in during the coming year because they not only will help tenants to save money on energy costs, a smart thermostat will also lure renters who want to live in a rental property that is energy efficient.
Tip #2 – Add A Washer and Dryer
Since everyone has to do their laundry, it makes sense to add a washer and dryer in your investment property if it doesn’t currently have one. Your tenants are going to have to do their laundry somewhere and adding a washer and dryer can add an additional $150-$300 per month to your rental income.
Tip #3 – Create an Outdoor Space
Does your Waltham Investment Property have a yard but no real outdoor space? If so, consider adding a patio, garden or dog run to the property. Doing this will help your tenants to see that you actually care about their business and want to create “home” for them instead of just a place to live.
Tip #4 – Add Onsite Storage to Your Investment Property
Last of all, but most important, another great way to increase your rental income is to add onsite storage to your investment property. This is a smart move to make because most tenants will be paying an average of $55 per month for offsite storage when they would rather be storing their items onsite at their rental property.
Contact Martin Property Management
To learn more tips for adding value to your investment property, or to learn more about the property management services we can offer you, contact us today by calling (617) 957-0166 or click here to connect with us online.
