Perhaps you've found a great deal on an investment property you plan to rent out but need to put in some time, love, and care to get new residents in there.
Renovations, upgrades, and modernizations are part and parcel of preparing an outdated property for new renters. Not to mention, it's worth it as it can bring in more significant returns, create a wider rental pool, and will expand the options for your new asset.
Whether upgrading, flipping, or whatever you want to call it, updating a property can be one of the best real estate investing strategies out there. In this blog, we're going to look at five key areas you can focus on to make your outdated property as attractive and high-value as possible so that you can get those residents in there ASAP.
So let's dive in.
Property managers can tell you that, in most cases, a complete rental property renovation isn't necessary to boost the appeal of a rental unit. Sometimes one or two small changes can have a big impact! Here are five areas to consider.
While the old-fashioned lock and key might be your thing, many of today's residents (especially the younger generation) appreciate smart features such as keypad locks, integrated electronic systems, and more.
Smart features, especially those that integrate with mobile applications, can help renters regulate things like heating and cooling remotely, saving unnecessary expenditures and creating a more comfortable living environment.
Under the umbrella of smart features, WiFi connectivity should be high at the top of the list. In addition, a smart smoke detector that can send notifications electronically will add a level of safety.
Smart features are about future-proofing the living space. Some forward thinking can help you decide which options are most important to your bottom line. A little investment will save time, hassle, and money in catching up with housing technology further down the line.
Energy efficiency is not only great for the environment but also brings down the cost of expenses and energy bills for potential occupants.
Today's renters are after more than superficial changes to their living spaces. Concern for the environment and a desire to reduce emissions also play on the rental criteria of many future renters.
A blind study of potential residents found that renters are much more likely to opt for a property with a high energy-efficiency rating when shown the various ratings of a pool of potential properties for rent.
Simple changes like adding LED lighting can add a significant improvement to the appeal of your property.
This is where we roll the sleeves up and get into the nitty-gritty.
With this step, you want to create an open, inviting, and modern space. Opt for timeless styles and products that will not need to be regularly updated, and you can avoid costly significant renovations.
To help get you started with the indoor space, consider property upgrades like:
Soliciting the services of an Edmonds property management company can also give critical insights into which changes are going to have the most significant impacts on the space. Local and expert knowledge is often the fast track to preparing a property for the market.
While it can be tempting to focus on the inside of the property, don't forget about the outdoors.
Conduct landscaping and gardening to clear up any brush or overgrown foliage. In addition, pressure washing driveways, decks, patios, etc., and trimming hedges can add enormous curb appeal to your space. Plus, while you're at it, you can also pressure wash the outside of the property to remove stubborn dirt and build-up of mold and other unpleasant stains that may come with an older property.
Check out these final tips to ensure your outdated property is updated to the highest standard (and looks great).
Updating a property doesn't have to be a costly or lengthy project. Connect with the right property managers to choose smart updates that pay off and attract quality renters!
Finding an outdated property can be like finding a diamond in the rough (with the right updates). By implementing the changes above, you can turn this out-of-style property into a money-making asset that's attractive to today's residents.
For additional insights and a professional eye to help you select the best updates for your property, reach out to The Joseph Group today. We offer full-service property management and can't wait to help you work on your new property together!