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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 Friendly



 

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