Property values have a significant impact on the rent that can be charged. A building with a low overall property value will typically command a lower rental price than a building with a high property value— so knowing how to increase property values is a key part of being a successful property manager.
While some aspects of property value, such as location, neighborhood, and market conditions are outside of a property manager’s control, there are ways to increase property value for residential properties. One means of increasing property values (or at least maintaining them) is to use property maintenance services for rental properties.
How can property maintenance impact property values? Here are some quick tips for how to increase property value for a house or apartment building using property maintenance services:
How to Increase Property Value: Conducting Renovations
Over time, regular wear and tear will have a noticeable impact on a property and can reduce its value. Additionally, some of the building’s infrastructure may become obsolete—plumbing and electrical setups that were up to code 40 years ago may not be sufficient under modern standards.
So, one way to increase the property value of an older home is to conduct thorough renovations to modernize its infrastructure. Property maintenance specialists such as plumbers, electricians, and general contractors can often help with these renovations. Using a property maintenance solution to schedule renovations to a home’s interior structure can be an effective way to ensure those renovations get done.
When considering renovations as a means of increasing property value, be sure to prioritize those portions of the building’s infrastructure that are either:
- Most out of date with current building code requirements; or
- Will have the largest impact on property value for the smallest investment of time and money.
How to Increase Property Value: Installing “Smart Home” Upgrades
Property maintenance services can include more than just repairs and renovations. Technology upgrades for a residence—such as “smart home” upgrades that provide voice control or remote control over a home can be a major selling factor for single-family homes as well as a means to increase property value.
Some examples of smart home upgrades that can be installed using a property maintenance solution include:
- Voice/Remote Controlled Thermostats. Voice controls for thermostats allow renters to adjust the temperature in the home with ease at any time. By adding remote control via a mobile app, renters can turn off their HVAC when they don’t need it (such as when they’re at work) and turn it back on just before heading home. This saves money while helping ensure that the home is at a comfortable temperature whenever the renter is there.
- Wi-Fi Lights. Smart LED lights with Wi-Fi connectivity can be tied into a home’s wireless network and controlled via a variety of other devices, such as phone apps or voice control systems. Many of these lights have built-in dimming and auto-off features in addition to being highly energy-efficient—making them an ideal draw for eco-conscious renters.
- Smart Locks. Many renters take home security seriously. Smart locks help to enhance home security while providing keyless entry to renters. These locks are often controlled via web apps or voice commands and may provide features such as guest access, tamper alarms, touchpad controls, and email or phone app notifications for events such as lock failure or door openings.
- Internet Protocol Cameras., IP cameras with a connection to the building’s Wi-Fi network can provide peace of mind to renters and enhance a home’s value. With connected security apps for smartphones, renters can view the camera feed remotely to see who is approaching the doorstep and, if necessary, summon the authorities.
How to Increase Property Value: Performing Regular Property Maintenance
While regular wear and tear is inevitable, there’s no reason to let a property slide into decrepitude. Regular property maintenance services can play a key role in preserving the value of a rental property—and to preventing renters from cancelling their leases.
Keeping a rental property in top shape with preventative maintenance helps to ensure that the property is as attractive as possible—which helps with property valuations later on. Also, by using property maintenance services, the property can be made safer for renters, preventing injuries and lawsuits.
On top of helping to increase property values for homes, routine property maintenance services can help prevent potential code violations. This helps to prevent disruptions to the property management business as a whole.
What if I Can’t Increase My Property’s Value?
Alongside asking “How to increase property value for a house,” many people wonder what to do if a property’s value cannot be raised. As mentioned before, not all aspects of a property’s value are controllable by the property manager. In some cases, market factors such as business closures or the largest employer in the area moving their headquarters elsewhere can devastate local property values.
In such cases, it may be better to turn the property (or properties) in that area—selling them so they are not a drain on the company’s bottom line. Even in this case, using property maintenance services can be invaluable for moving the property as quickly as possible and getting the best return on investment.
Need help finding the right property maintenance services to renovate and upgrade your rental homes to increase their value? Try the Homee On Demand property maintenance platform and get instant access to thousands of maintenance and home improvement pros that can be at your property and ready to work in 30 minutes.