Rental vacancies and tenant turnovers cost investment property owners a lot of money. To ensure your investment is a success, you need to take steps to appeal to renters and keep them happy. One simple way to maximize the income potential of your rental home is to make some design upgrades. Here are some simple ways to appeal to your renters.
Hire a Property Manager
Before you start making changes to your home, consider hiring a property manager. These professionals can reduce a lot of the stress that comes with being a landlord. A good property manager will know what to do to make your home more attractive to the tenants you want living there. A strong property manager will also screen your tenants, collect rent, and coordinate maintenance to protect your investment.
Protect Your Investment
You already know that diving into the world of investment property is a great way to generate income, but you want to make sure to protect your investment. This starts with securing landlord insurance, which will cover the entire property in the event that something happens. In addition to insurance, it’s wise to formalize yourself as a business with the state and apply for LLC (limited liability company) registration. An LLC offers you personal asset protection in the event of a dispute with a tenant or neighbor, as well as tax advantages
Brighten Up with Paint
Paint is the cheapest way to quickly transform the appearance of a home. Take advantage of certain paint colors and finishes to make your rooms appear brighter. Choose paint with an eggshell or satin finish — these reflect light back into the room instead of absorbing it. Use paint to highlight special features of the home inside and out, such as trim, paneling, or built-in bookcases. When it comes to color, opt for something neutral that will please anyone. Cream, beige, and gray are always safe options. This neutral style should translate to other décor features of your home, like window dressings and countertops.
Invest in Minor Landscaping
The exterior of your property is the first thing that potential renters see when they come for a visit. If the front yard appears neglected, tenants may think that the rest of the home has been neglected as well. Tackle some light landscaping yourself or hire a professional to get your yard in shape. Some important tasks to take care of include mowing and edging the lawn, spreading fresh mulch on flowerbeds, and trimming overgrown shrubs. If your property doesn’t have a yard, you can still update the front entrance with new lighting and a few potted plants.
Replace Carpet with Low-Maintenance Floors
Carpets can hold onto stains and odors forever. Instead, consider installing some low-maintenance floors. Hard floors stand up to wear and tear much better than carpets, so you won’t have to replace them as often. Plus, tenants will appreciate that they’re much easier to clean. Luxury vinyl is another excellent option for rentals because it’s highly resistant to damage from foot traffic and moisture.
Update the Kitchen and Bathrooms
If your rental’s kitchen and bathroom appear outdated or unclean, it’s time for an upgrade. Fortunately, updating these rooms doesn’t have to cost you an arm and a leg. In the kitchen, replacing the faucet, cabinet hardware, and light fixtures may be all you need. Both rooms will also benefit from a fresh coat of paint. If you need to replace your countertops, go with granite or laminate. Granite countertops are both appealing and extremely durable, and they’re much more affordable than they used to be.
Add Extra Amenities
Special amenities like air conditioning, in-suite laundry, and extra on-site storage are always appreciated by tenants. For some tenants, these features are a bonus; for others, like families with young children, they’re a necessity. Make sure you know what kind of tenants you intend to attract to your rental before investing in amenities. If you have a three-bedroom house near a school, you’ll need to invest in some family-friendly home features.
Owning a rental property requires a lot of hard work. Some investors may be lucky enough to put their property on the market and find great tenants right away, but most will have to make a few changes to attract renters. As you’re planning your upgrades, think about the features you would want to see. This can help you design a house that’s inviting to your ideal tenants.