8 Ways to Increase the Value of your Rental Property in Zambia!
Updated: Oct 29, 2021
Boost your rental property value by manifold through these practical upgrades. Keep reading as we shortlist the best rental property improvement ideas.
Do you own rental properties in Zambia but can’t get the best value out of them? Don’t worry! You’ve landed on the right page. Like every real estate investor, you want your rental properties to go up in value. But that won’t happen by itself. You will have to take charge of the situation and come up with rental property improvement ideas, which will eventually help increase rent and your properties’ bottom line. To help you on your quest, we have shortlisted some of the most practical and easy upgrades for rental properties to increase their value. Let’s discuss them in detail, shall we?
1. Go for energy-efficient home features
The real estate market is going green, i.e., eco-friendly. Therefore, it is crucial that you place a greater emphasis on introducing eco-friendly upgrades across your rental properties. It will speak volumes about how much you care about the environment and your properties as an owner. Double down on energy-efficient solutions that help tenants save money on their utility bills. Install appliances that consume less energy, upgrade to a smart thermostat, install solar panels to make your properties more energy-efficient.
2. Invest in aesthetic improvements
Let’s talk about the ‘curb appeal’ as most real estate agents in Zambia do. To put it in simple terms, the first impressions of your properties play a significant role in determining their sales value. So, how can you improve how your properties look? Begin with landscaping. Invest in affordable landscaping to give your exterior a major upgrade. Besides that, you can install window shutters, mailboxes, house addresses, paint the doors, hedge bushes, plant flowers, and more. Such minor upgrades can help you get the top dollar for your properties.
3. Make the unit well lit and more welcoming
Are you showing the units to potential customers? Make sure you have prepared the properties well. First, ensure that the units are well lit. Turn on all the lights inside the property and open all the blinds to get more than enough light when prospects step in. As a rule of thumb, dark rooms look small. You can also spray some air fresheners to make the unit smell delightful. Bake some cookies inside if you can! It will give your units a signature smell, and prospects will always remember your properties for that. It is a simple yet powerful way to stand out.
4. Adopt the idea of preventative maintenance
One of the simplest ways to make your rental properties in Zambia more profitable is to invest in preventative maintenance. There are several expenses for which you should not rely on tenants. For example, replacing furnace filters, fixing leaks, A/C compressor cleaning, gutter cleaning, smoke alarm batteries, and other small tasks should be taken care of by you. Inspect the properties regularly to ensure good maintenance. After all, it is key to tenant retention.
5. Price the rental property intelligently
Apartment pricing depends entirely on occupancy. Ideally, you should raise your rent when you have an occupancy of around 90-95 percent. However, pricing gets tricky when it comes to renting a house. So, how do you price your rental property? You should conduct research. You can consult with the neighbors, search for similar properties on property , Multiple listing services and other real estate platforms, or follow a simple pricing strategy, which is to price the property high initially. Why? You can always fix a property priced too high. This will keep you from under-renting a house.
6. Screen your tenants carefully
We hope you never come across tenants that don’t pay. What if we tell you that you can eliminate the guesswork altogether? Follow a simple tenant screening strategy. Contact the tenants’ previous landlords, check their credit reports, and do your due diligence. It will take an hour or so but will keep you from months of headache. Remember, an eviction in Zambia might cost you a fortune in legal fees! So, do your due diligence to avoid situations where tenants refuse to pay the rent. Screen them, and then screen some more!
7. Allow tenants to bring in pets
Renters with pets have a hard time finding a nice place to live. Make the most of this opportunity by allowing tenants to bring in pets. It will help you make more profit. How? Charge a nonrefundable pet deposit! Besides that, you can charge pet rent as well. The deposit alone will help you offset any additional costs. Increase the charges if the tenant wants to bring in more pets. This simple strategy will keep your units profitable.
8. Upgrade plumbing, floor, windows, and storage
Try deploying some simple upgrades as well. You can upgrade the plumbing fixtures like faucets, sinks, sprayers, etc. Replace them with the ones that have a shiny chrome finish or ones with oil-rubbed bronze. Install countertops as well, especially ones that are made of granite, slate, quartz, or other material. You can also boost property value by putting in a new floor in certain areas. However, make sure you use higher-end material only. Install windows that provide better insulation and light. If possible, upgrade to double pane windows.
Besides the upgrades mentioned above, there’s one tip that we want you to always remember - get creative with rental property improvement ideas. Think of what your target group might need in the properties and deliver the improvements. This simple strategy can help boost your properties’ value by manifold. Did you find this post helpful? Let us know in the comments. Also, don’t forget to check out other informative posts on the blog!