There are many moving parts that need to come together in order for your rental unit to pay off. An ideal location and price range help a great deal. But, they are just a fraction of what it takes to really tap into a steady stream of revenue.
You have to grasp who you can rent to and what these people want. Moreover, you need to invest in projects that make a real difference in terms of increasing property value and appeal. So, do not let your residential unit(s) just sit and collect dust. Here is how to attract tenants who are not just going to sign the lease, but also settle for a long while.
Get the Priorities Straight
Residential rental properties differ from commercial properties in a few significant ways. Most of them were converted from owner-occupant single-family residences into rental units. Some have been redone only to the bare minimum, to appear liveable. Well, if you really mean business, merely liveable does not cut it. You have to take additional projects to make the property as comfortable as possible. Namely, what you need for every unit to be is a complete, self-contained living space.
The key step is figuring out what tenants actually want. The answers vary wildly depending on your target market. So, do your research to uncover them. You should also scope out the competition and see if you can include some of the selling points that apartment complexes boast. It is safe to say that there are some common threads across population segments, such as living in a nice neighborhood, getting the most space/value for their money, and being able to personalize the space.
Put the Best Face Forward
There are certain aspects of the home you do not want to skimp on. Start the makeover by enhancing the curb appeal. That way, you can arrest attention right off the bat. Repaint the front door and do the same with the mailbox. Take on landscaping tasks to breathe new life into the front yard. Deal with overgrown, shrubs, messy bushes, bare patches of grass, and weeds. Mow the lawn and add potted plants.
Furthermore, consider giving your garage a facelift. A functional space for parking is a highly-desirable feature and it can also boost the price tag. So, inspect the floor surface and clean it thoroughly, and then apply concrete floor sealers designed for high traffic to blow your potential tenets away. In case you want some extra usable square footage, ponder building an outdoor living room or sprucing up the patio. Allow renters to embrace the spoils of an outdoor lifestyle.
Making an Impact Indoors
It goes without saying that everything inside needs to be sparkly clean. This is one of the chief commandments of staging the home. Beyond that, you can add nice touches to boost the visual appeal. A fresh coat of wall paint always does the trick, as long as you do not go for something too bold and wacky. In fact, set personal preferences aside and go for a classic, timeless look. Do not go overboard with décor.
Assemble a kitchen that can serve for eating, preparing food, relaxing, and hanging out— as a hub of domestic life. Kitchen remodels bring some of the highest ROI rates of all projects. Still, there is no need to break the bank. There are various small updates you can make, such as replacing the hardware of the cabinets. If you do want to splurge a bit, focus on staples of utility like countertops and energy-efficient appliances.
Finally, note that bathroom renovations are a close second when it comes to returns. Offer renters a personal oasis with all the modern conveniences. Replace old and tired tiles. Add splashes of colour in the form of new mat and shower curtains. Install new lighting fitting to improve functionality and aesthetics. Rest assured that these investments can pay dividends. You should be able not only to acquire long-term tenants, but also increase the asking price without fear of turning them away.
Get The Most Bang For Your Buck
Take a look at your property through the eyes of the renters. Recognize the potential for improvement and make it more desirable to the target market. Your main goal is to provide unparalleled comfort and livability. Thus, highlight the best features and fix faults. Present a clean and tidy space that allows people to envision themselves living there for years to come. Enable them to put a personal stamp on it. Try not to blow the budget and allocate your resources where they matter the most.
Author Bio: Lillian Connors can’t resist the urge to embark on a myriad of green living/home improvement projects and spread the word about them.
She cherishes the notion that sustainable housing and gardening will not only make us far less dependent on others regarding the dwellings we inhabit but also contribute to our planet being a better place to live on. You can check her out on Twitter and LinkedIn.
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