Once you’ve bought a rental property, you want to earn the highest possible return on your investment, or ROI. Today, we’re sharing some tips with Vancouver investors on how to make sure you’re getting the highest possible rent and increasing the value of your asset.
The first thing you must do is keep your property in good condition. You must maintain it. This starts from the curb and reaches all the way into the house. Keep everything in good condition so your Vancouver rental property is worth more. You want to keep the paint fresh and the siding in good shape. This will lead to the property looking more attractive to new tenants. It will also increase your value, and provide you with a higher ROI.
Fix or replace anything at the home that is broken or in need of repairs. Deferred maintenance means not doing what’s needed to keep everything functional and operational. This is a huge detriment to landlords. If you allow deferred maintenance, your property will decrease in value, your ROI will plummet, and you’ll find you’re only able to charge lower rents.
Replace carpet and flooring when needed. Replace old window coverings, dated curtains, and old and outmoded light fixtures. People want an updated unit. Any worn out items need to be replaced, and you don’t want your carpet looking stained and worn or your blinds looking bent and dusty. Pay attention to these details and keep the property up. If your cabinets are falling apart, replace them. If you can’t replace them, at least fix and repaint them. That will look nice and lead to a higher ROI.
Vancouver investors looking for additional tips on how to earn more money on rental properties can contact us at SunWorld Group Property Management. We’d be happy to help you with any of your Vancouver property management needs.