By Guest Contributor Emmie Heath
Investment properties can be a great way to earn a passive income, but if you want to maximize your earning potential, it's important to keep the property in good condition and make it as attractive as possible to potential tenants - here are a few upgrade suggestions to improve your property’s appearances and generate ROI.
Flooring
New flooring can make a surprisingly big difference to the overall appearance of a property. Hardwood, tile, and laminate flooring are all popular options that are relatively affordable and easy to install. These flooring types are also durable and easy to maintain, which is a benefit both to you and your tenants.
Storage
Although storage may not immediately improve the appearance of a property, it can help with decluttering, thereby freeing up more space. Installing shelves, closet organizing systems, or even a storage shed can be effective. Alternatively, you could try using more inventive storage solutions using existing or repurposed furniture.
Repainting
Amongst the most cost-efficient suggestions on this list - a fresh coat of paint can make a property feel brand new. This is an easy and affordable way to give a property a new look, and it can also help to hide any wear and tear from previous tenants. Take some time to look at colors and see if you can apply one that you think will improve the ambiance of the home.
Kitchen Remodels
The kitchen is often the most-used room in a property, so updating it can be a great way to see returns on your investment. Consider bringing in new cabinets and countertops, replacing faucets and handles or installing entirely new cooking appliances. New appliances make a property feel more modern and functional. Upgrading to energy-efficient appliances can also save tenants money on their utility bills.
Smart Home Features
Smart thermostats and smart locks can make a property feel more modern and high-tech whilst giving you more insight into energy usage. These types of features can also make it easier for tenants to control their home's environment and lock/unlock the property remotely. Often, you’ll find upgrading is less expensive than you’d first thought.
Signage
If you want to improve the curb appeal of your property and advertise it to prospective tenants, you could do a lot worse than an outdoor metal sign displaying the home’s address. With the right provider, a cut metal sign can be made available in a range of materials, including aluminum, stainless steel, copper, brass, and bronze. Consider this option if you have external wall surfaces made of brick, stone, metal siding, or stucco.
Landscaping
If you want cost efficiency and curb appeal, try introducing some landscaping to your front yard. There are plenty of online resources, such as Home Garden Hero, featuring expert gardening and plant advice that can help you to pick out the right plants or correctly design a layout.
Added Tips
As a landlord, you could stand to benefit from certain business structures. Establishing a Limited Liability Company (LLC) for your investment property business, for example, could help protect you and your assets from litigation whilst also benefiting you tax-wise. A formation service can help you with this and save you cash on lawyers - just be sure to understand your state regulations before you proceed.
Improving the look of an investment property can be a great way to increase ROI and spur interest among renters. By considering options such as new flooring, adding storage, repainting, improving energy efficiency, upgrading landscaping, or even changing your business structure, you can get the most out of your property with minimal effort.
As your Buyer's Representative, we take the stress and hassle out of your search for the perfect home. We can also help you secure financing, find great neighborhoods, figure out how much you can afford, and find what you really want or need in a home. Learn more at: www.realtytopia.com
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