If you have recently purchased an investment property, you may be wondering which steps come next. To turn that investment property into a steady stream of profit, you need to make sure it’s ready to “wow” potential tenants. That may involve connecting with an experienced property manager to market and manage your home, but before you take this step, you may need to tweak a few design elements in and around your property.
To help you get started, here are a few common design questions — and answers! — that many new landlords face, courtesy of Kingship Properties.
What Type of Flooring Is Best for Rental Properties?
As we focus on desirable design features for investment properties, it makes sense to begin at the bottom. So, let’s start with the flooring in your new rental home. If you are looking for the perfect combination of durability and warmth, then hardwood floors may be your best bet for attracting top-notch tenants. Many people love the style that hardwood floors bring to a potential living space; plus, the upkeep for hardwood floors can be pretty easy for budget-minded landlords.
If you are trying to keep costs low when preparing your investment property for tenants, you can also look to alternate flooring materials; Bob Vila suggests laminate or vinyl planks. Both of these options can look just as beautiful as hardwood and can be perfect for rental properties.
Should Landlords Update Kitchens and Bathrooms?
When you are preparing to sell a home, the general advice is to remodel or spruce up bathrooms and kitchens first. These areas tend to attract the most potential buyers and can also help add value to your property. But does the same hold true for rental properties?
When it comes to potential rental homes, The Balance notes most tenants look for the same treatment they would expect if they were purchasing a property. So, yes, remodeling your kitchen and bathrooms can definitely pay off when it comes to attracting tenants. However, you just need to make sure that the materials you use in your kitchen and bathrooms are as durable as they are attractive.
As an example, you want your bathroom counters to be able to withstand years of wear and tears, so choosing materials that are inexpensive to maintain and easy to clean is best. While granite may be the most durable choice for countertops, keep in mind that you will need to have your counters sealed every six to 12 months; solid-surface materials may be better.
How Important is Curb Appeal to Potential Tenants?
Curb appeal is another catchphrase you will hear when buying or selling real estate, and that is for one very good reason: adding curb appeal helps your home make a good first impression. While curb appeal can be important for attracting offers when you are selling a home, it can also be essential for attracting tenants. Some simple ideas for updating the curb appeal on any real estate property include investing in a fresh coat of paint for all exterior surfaces and adding enough lighting to keep your home out of the dark at night.
Bringing Your Business Idea To Life
If you have always wanted to start a rental property empire, you’ll want to pay attention to these crucial couple of steps! Registering your business as a South Carolina LLC is one of the smartest decisions you can make for you and your business. Not only will an LLC provide you with personal liability protection but it will also provide flexible tax options as well.
Additionally, you’ll want to create a network of real estate professionals that you can rely on for more rental property leads. When the right property does come through, those same connections will help you make informed decisions about pricing, decor and curb appeal, to keep your property booked solid!
Design can make or break an investment property, so if you want to see the most ROI on your rental home, make sure you focus on creating an environment that potential tenants can see themselves living and relaxing in each day. Doing so can really help your investment stand out.
Turn to Kingship Properties for help with all your real estate needs!
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