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Budget-Friendly
Tips to Make Your Investment Property More Appealing
EDR Consulting Services
can help you locate a Realtor in the area of your choice. Contact us
today to learn more! 201-280-2884
Investing in
rental properties can be a great way to make some additional income. But
if you want to attract the best tenants and maximize your return, it’s
important to make sure that your property is as appealing as possible.
The good news is you can highlight aesthetic features by staging the
home for viewers, and these don't have to cost an arm and a leg.
Shared by
EDR
Consulting Services, here are more tips for investment
property owners on how to make rentals more attractive and desirable to
potential tenants.
What Goes
Into an Investment Property
Think about everything that comes with running an investment property.
Who will manage the daily operations? How much will you charge for rent?
Doing thorough research on different neighborhoods during your search
will inform the answer to that question. FortuneBuilders notes that
you'll also need to think about
what kind of expenses you'll incur,
such as cleaning or making major repairs.
Choose a
Great Location
If you've just started your search for an investment property, know that
there are factors every investor should consider. Location is key — you
want to look for properties in areas with good access to public
transportation, local businesses, and amenities like parks and schools.
Further,
research the neighborhood’s crime rate
and ask about the previous tenant turnover rate; these factors will help
you determine whether or not the property is worth investing in.
Set the Stage
A key factor when making your rental property more appealing is curb
appeal. You don't have to make costly changes — just add a few simple
touches like
painting the front door, sprucing up
the home number, or planting colorful flowers around the entranceway.
Another
feature outside the house is adding a fence. A beautiful fence is a boon
to your investment property's appeal, plus it can add security and
privacy. To avoid snags, make sure you have a survey completed
prior to installation. Small changes
like these can go a long way toward making your rental more desirable.
Modernize It
Making modern modifications will attract potential tenants. If you can
afford it, update elements like light fixtures or appliances as you
begin the staging process. Adding these touches can really elevate a
space and make it more appealing. Additionally, investing in
energy-efficient features like solar panels or LED lighting can reduce
monthly utility costs for tenants — and
save you money, too!
Take Care of
the Floors
Updating the floors in your rental property can be a wise investment
when looking to attract new tenants and increase the value of your
property. Whether your property is outdated or worn-out floors need to
be replaced, updating them can make your rental more appealing to
potential tenants. It can also elevate the overall aesthetic of your
rental and make it feel more modern and inviting.
Clean, Clean,
Clean
Once you’ve purchased a rental property, White Fence Homes points out
that it’s important to give it a
deep clean before listing it for rent
(or even for sale). Hire a professional cleaning service or do the job
yourself — either way, make sure surfaces are scrubbed down and carpets
are vacuumed thoroughly. This way, potential tenants feel comfortable in
their new home right away.
Invest in
Home Security
Investing in home security is another great way to boost curb appeal and
attract potential tenants. Installing surveillance cameras or
motion-activated lights outside of your rental gives prospective tenants
peace of mind that their future home is safe and secure. They will also
feel more comfortable once they move in,
reducing tenants turnover so you can
keep bringing in steady income. Installation is usually a breeze these
days, too, but there are
online resources to help if you hit any
hiccups.
Run It as a
Business
It’s important to register your investment property as a business.
Getting an LLC or limited liability company is preferred. This will
protect you from liability issues related to any legal action taken
against your business. Additionally, the LLC structure provides benefits
like tax deductions and easier access to financing since lenders view
them as low-risk investments.
Investing in
a rental property comes with a lot to think about, but with the right
moves, you can ensure success. Do your research on neighborhoods and
find out what renters are looking for and form an LLC to gain protection
for your assets. It will take hard work, but owning rental property can
be extremely lucrative if you make the right decisions.
Article Submitted (September 2023) By:
Sharon Wagner of Senior
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