6 Design Upgrades to Attract Renters to Your Investment Property
In nearly every community across the country, opportunities abound to generate passive income as a landlord. But you must know how to attract renters and keep them happy. Modern tenants want different things than they used to. More and more renters are becoming cognizant of how their home life impacts the environment, and they’re increasingly into smart home tech that makes life safer and more convenient.
If you want your investment property to draw in your target tenants, you must consider market trends and put time, energy, and money into making the necessary upgrades. Today, Rose Building Contractors shares some practical advice for maintaining your rental property, including six design ideas to add major appeal!
Before diving too deep into design upgrades, it’s essential to ensure your investment property is structurally sound and that all of its components are working properly. Take time to list any necessary repairs and replacements so that you can address them immediately. Here are some systems and issues to look out for:
- HVAC systems
- Water heaters
- Drywall damage
- Water leaks
- Pest damage
- Smoke detectors
- Roof damage
For landlords, one of the most important things to do between tenants is to clean the rental property from top to bottom. This not only helps to keep the property in good condition but also helps to ensure that new tenants have a clean and healthy environment to move into. While landlords can certainly do the cleaning themselves, many choose to hire a professional cleaning service. This can be a wise investment, as professional cleaners will have the experience and equipment necessary to do a thorough job. However, it is important to research any cleaning service before hiring them, as you want to be sure that you are getting your money's worth.
In addition to hiring a professional cleaner, there are also some other steps that landlords can take to keep their rental property clean. For example, investing in a quality vacuum cleaner can be helpful, as this will make it easier to remove dust and dirt from carpets and floors (just make sure you visit review sites like Safe Smart Family to check reviews before buying anything). Additionally, landlords should also consider changing out air filters on a regular basis, as this can help to improve indoor air quality. By taking these simple steps, landlords can help to keep their rental property clean and comfortable for tenants.
6 Design Upgrades to Attract Renters
Now, let’s discuss six design upgrades that can make your investment property the talk of the town!
Painting is perhaps the easiest way to transform your rental home. Painting the interior can yield some serious ROI, not to mention make the entire home look cleaner and more luxurious.
Neutral colors like gray, beige, and greige, tend to be ideal for investment properties because they appeal to a wide range of tenants and serve as an excellent background for bolder decor. Be sure to go with non-toxic, low-VOC paint for all of your rooms!
2. New Windows
One way to boost the aesthetic appeal of your investment property is to replace the old windows with new ones. Consequently, this can also make the home more energy-efficient, benefiting the planet, and reducing the electric bill.
Worn-out, ineffective windows can allow cold drafts inside the home and heat to exit the home during colder months. Likewise, they make your HVAC work harder to keep your home cool during hotter months. Go with double-pane windows, which can also insulate the property from external noise. This is a significant upgrade that won’t go unnoticed by tenants!
3. Upgraded Lighting
You might be shocked by how adequate lighting can transform your investment property. The right light bulb and fixture can convert a depressing room into a vibrant and happy space.
You can also liven up the exterior by incorporating landscape lighting. Upgrading the lighting is a cost-effective method of boosting property value and attracting renters. You have plenty of options as well—from ambient lighting to accent lighting to task lighting and more. Moreover, you can use energy-efficient LED bulbs to cut down on your electric bill and install dimmers to give your tenants more control of a room’s lighting.
4. New Flooring
Some people find carpet to be a comfortable flooring material, but it can stain easily and prove impossible to maintain. In other words, it isn’t ideal for a rental home.
The better option is to go with reclaimed wood flooring. If you can invest the money upfront, install hardwoods in the entranceway, living room, and hallways. Bamboo and linoleum floors are less expensive alternatives that are also durable and surprisingly resistant to hard objects and moisture damage. These are some of the most sustainable flooring materials, and there are many attractive options on the market.
5. Kitchen Cabinets
If your renters plan to cook or spend a lot of time in the kitchen, they will likely want attractive and functional cabinets in place. If your rental has worn-out or outdated cabinets, consider installing new ones to add serious property value and attract tenants.
With a bit of research, you may be able to find some great deals from local wholesalers, and as long as you can budget for labor, putting in new kitchen cabinets can yield ROI in no time.
6. Countertop Upgrades
Another kitchen upgrade to consider is replacing the countertops. A beautiful granite or quartz countertop can do wonders for boosting the appeal of a kitchen. It can also allow you to raise your rental rate because it is such a desirable feature among tenants.
With that said, there are some decent Formica products out there that imitate the look of granite and other natural stone. These products are also durable, heat resistant, and long-lasting.
Managing the Property
If you decide you want to manage the property yourself, it might be a good idea to reach out to a formation company so that the experts there can help you set up a limited liability company for your new venture. An LLC is a good idea because it provides you with certain tax benefits and legal protections, and best of all, a formation service that’s already familiar with local and state regulations can help you get set up in minutes.
That being said, managing an investment property can consume a lot of time and energy. It involves keeping up with repairs and maintenance, collecting rent payments, marketing the property, and navigating tenant relations. Whether or not you should manage your own property will depend on your skill set, personality, and available resources.
Many landlords choose to hire a property manager to avoid the time and hassle of managing the property themselves. Hiring a professional can require a significant investment, but it can prove well worth it and allow you more time to pursue other investment opportunities. If possible, find a reputable property manager to relieve your stress and keep your property in pristine condition.
Marketing Your Rental
Finally, you must be able to effectively promote your rental to minimize the amount of time it sits vacant. Your property manager might assume most marketing responsibilities depending on who you hire. But this is also something you can do yourself with a bit of time and the right tools.
For example, to promote your listing on social media, you can share photos of your property on Facebook. With this, you could even use an online PDF editor to create a PDF filled with rental information and high quality photos to help spread the word. And best of all, it’s free!
Owning an investment property can be an excellent avenue for generating passive income. But to be successful in the long run, you must maintain the property and keep it appealing to potential tenants. The six design upgrades above are a great place to start, but keep researching what renters are looking for in properties to ensure you’re making the necessary changes. And remember to use the right services and tools for managing and marketing your rental home!