Rental properties are a great way to make money. It’s important to make sure that the property looks its best to attract tenants and increase your overall return on investment (ROI). Here, Boston Demolition & Removal has compiled strategies that will help you maximize your investment property’s aesthetic appeal and draw in renters.
Determine a Reasonable Price
Pricing a rental property can be tricky. You need to make the price high enough so you can pay back your loans and then some, but not so high that potential tenants pass on your property for others. Start by using an apartment finder app to see what price similar units are renting for currently. Then, crunch your own numbers and find a happy medium that reflects your data.
Refresh the Kitchen
One of the most cost-effective ways to update your investment property is by replacing countertops. This can be done relatively inexpensively with laminate or tile countertops, depending on the look you are going for. However, if you choose to go with granite, you can find them at discounted prices from local suppliers or online.
Adding an attractive range hood can also make the kitchen a more attractive and functional space that potential buyers will appreciate. Many people leave in outdated and low-functioning hoods, but they can cause kitchen smells to linger, including smoke. A new updated range hood will keep the kitchen air clean and give the space an upgraded look.
Replacing carpets is another great way to improve the look of your investment property. If carpets are beyond repair, consider refinishing floors instead. Choose hardwoods as they tend to last longer and add value to any home. If budget allows, you can also consider luxury vinyl planks as they are waterproof and durable and has a more modern look.
Appliances often take up a lot of space in a rental property, so it’s important to make sure they are up-to-date and functional. Consider replacing outdated appliances with newer models that offer energy efficiency and better performance. Updated appliances also attract more tenants as they know that they won’t need to worry about dealing with old or broken appliances for a long time.
Spruce Up the Outside
The exterior of your investment property should always be well maintained, as this is usually one of the first things potential tenants will see. Repainting the outside is one of the easiest ways to freshen up a rental property without spending too much money, but make sure you use high-quality paint that will last long. Be sure to clean gutters regularly so that water doesn’t accumulate around windows or doors, which could lead to mold growth if left unchecked.
Homeowners who want to make the most of their outdoor space should consider upgrading their landscaping. You can find online visual guides for selecting plants that suit different climates and soil types, as well as detailed recommendations on how to care for each type. This way, you can buy the right plants that will thrive in your outdoor environment and achieve your desired aesthetics.
Install Smart Security Options
Protect your property and make your tenants feel safer with smart security technology. You can add a video doorbell so that residents can check who is at the door before opening it. And there are many DIY-friendly camera systems that you can install yourself or hire a contractor to install versus investing in an expensive contract with a security company. Plus, these systems are usually easy enough to troubleshoot yourself using online resources.
Add Extra Polish
Make your rental stand out from the crowd with unique signage that is sure to draw attention. Metal lettering cast in bronze, stainless steel, or aluminum is a fantastic way to add extra polish to the exterior of any property. With so many options available, you’re sure to find something that’s just right for you.
Promote Your Property
Promoting your rental property is essential to attract potential tenants. Utilizing social media platforms, such as Facebook and Instagram, can be effective in reaching a wider audience. Posting high-quality photos and a detailed description of your property can generate interest.
Another way to promote your rental property is by creating a brochure that includes information on the property’s features, location, and rental price. Be sure that you are also incorporating effective imagery. You can use free online templates to get started. Then, customize the content as much (or as little) as you’d like before printing. This brochure can be distributed to local businesses and real estate offices, increasing the chances of finding a suitable tenant.
Set It Up as a Business
Forming an LLC provides additional legitimacy when running an investment property business, especially when it comes time for filing taxes each year. An LLC protects personal assets from any potential liabilities, as well as provides tax advantages. Make sure you research state regulations before forming an LLC so that the formation process goes smoothly.
Create a Desirable Investment Property
Improving the aesthetic appeal of your investment property doesn’t have to break your budget. There are plenty of ROI-friendly ways, such as updating countertops and landscaping and adding extra polish to your exterior with metal letterings. Once you’ve made these key upgrades, you can simply sit back and watch the rental income roll in.
Are you in need of demolition services to get your new property updated quickly? Then contact Boston Demolition & Removal!
This article was written by Megan Cooper of reallifehome.net