Owning real estate is a wonderful and exciting investment. With real estate, you’re physically able to touch, see, and feel your investment. While this can be satisfying, you can also experience a wonderful return when the location, design, expenses, and income are just right.
Some of the most important factors renters consider when renting out a property — either for a long-term or short-term rental — are design, technology, and curb appeal. Therefore, you will get the best return on your income when you put some focus on your property’s appeal. While you may not be planning on renting out your property during these uncertain times, you can work on sprucing it up now so that you’re ready to rent it out when the timing is right for you.
First Steps to Take in Starting Your Business
Starting with a limited liability corporation can provide you with the security of knowing your personal assets are safe. Once you form an LLC, you’ll get some flexibility when tax time comes, and you’ll be forced to keep personal and business finances separated. Another important step is ensuring you understand the demand of the market you want to buy a rental in. Researching demand on social media and discussing your options with a qualified realtor can go a long way. An experienced real estate agent from The Curtis Team can help guide you on pricing your rental appropriately and ensuring it is tastefully designed.
As long as your house has good bones, all the rest is purely cosmetic. Key areas that will boost the value of your home and attract the best renters are a modern kitchen and a spa-like experience in the bathrooms. Don’t skimp on quality appliances and materials. Updated kitchens and bathrooms will increase the value of your home and attract the right tenants.
Minor upgrades and updates to your home can prove to be just as valuable as major remodels. Whether you’re replacing hardware, installing new showerheads, or changing out light fixtures, these little touches can make a big difference. As beneficial as minor updates can be, don’t neglect making upgrades like repainting the rental and adding new carpeting. Such projects are actually necessary before renters can move in.
Today, more renters value smart home amenities above other traditional amenities. A smart home not only makes your tenants feel safe, eco-friendly, and modern, but it also allows you to instantly boost the rent due to the extra value you’re providing. A home security system that not only prevents illegal activity but also senses fires and carbon monoxide will give all your tenants the peace of mind they crave from a property.
Keyless entries afford you the opportunity to change the lock code easily between each tenant while providing extra convenience for renters. Smart thermostats allow you to check in on the heating and A/C and allow your tenants to remotely control their thermostat without having to be in the house. Adding more technology to your home can put you light years ahead of your competition, enable you to charge higher rent, and result in more profit.
The first impression you have to make to renters when they pull up to your home is the exterior. Whether you’re renting to vacationers or looking for long-term tenants, the moment prospective tenants pull into the driveway, they should be wowed — or at the very least, they should be impressed enough to view the rest of the property. Upgrading the exterior can be as simple as removing weeds or upgrading the paint. If your grass is needing a little TLC, it might be time to install some sprinklers or invest in new grass. Another easy upgrade to the exterior is to add pops of color with planters, flowers, trees and/or bushes.
Furthermore, a good power wash of the exterior can make a world of difference in creating the refreshed look your home needs. Put some extra focus on a clean and inviting door and sparkling windows. The first opinion your renters have upon coming to your home can make a huge impact on how they view the entire house.
Hiring a Property Manager
Keeping up with managing your property can become stressful, to say the least, which is why it’s a good idea to hire a property manager, who will work to increase the rental’s appeal, inside and out. An experienced and reliable property management company can also respond to emergencies, screen tenants, and much more.
Real estate investment can be a satisfying process and yield profitable returns. In order to maximize your investment, sprucing up your property’s appeal should be a top priority. Don’t shy away from putting the time, money, and energy into the design, technology, and curb appeal, as it will increase your chances of attracting the right tenants and upping your income. And reduce the stress of handling the day-to-day needs of your tenants by hiring a reliable and experienced property manager.
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