Regardless of whether you are renting traditionally or via digital platforms like Airbnb, maintaining your rental property is paramount.
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There is no other feasible way to maximize the property’s capital potential and accomplish expected returns.
Any day of the week, the benefits outweigh potential risks, such as overspending. Just remember that you must do your homework, see what you are working with, and always keep the fingers on the pulse of what tenants want and need.
It goes without saying that, as a landlord, you need to plan ahead. From the get-go, create a budget to avoid overspending. Identify what you can repair and what must be replaced. Know where to save money and what to splurge on. Be aware that rental property is not your home, so you must not get ahead of yourself.
The most money should be spent on features and elements that will be used the most and over a long period of time. Think in terms of quality appliances or Energy Star rated refrigerators, as well as key systems: plumbing, electrical installations, flooring, and vanities. You should also consider efficient ventilation to do away with moisture and household smells.
Bear in mind that kitchen and bathroom renovations are the kings of home improvement right now. More and more people want to use them as new hubs of domestic life and personal sanctuaries of relaxation.
On the other hand, outdated, moldy bathrooms and worn-out kitchens are potential red flags and deal breakers. Hence, you have a chance not only to attract but also blow tenants away.
There is no need to break the bank, though. You can achieve a lot with small adjustments like new shower heads, toilet seats, back-splashes, etc.
When figuring out materials, stick to paragons in the league of timber that are durable and beautiful. Installing some space-saving barn doors made out of the finest wood can bring warmth to your rental space.
Natural stone is highly popular, but there are also more affordable materials that mimic its look nicely. So, granite and marble may be overkill for a rental (unlike a laminate counter-top).
Hardwood is a solid flooring option because it’s cost-effective and easy to clean. Just do not go too cheap as that will do more harm than good.
Furthermore, pay close attention to dominant colors, textures, and patterns. There is no way to satisfy everyone’s taste. What you can do is achieve a coherent look, one that is in tune with existing architecture and fixtures. Start with the choice of new paint that will spruce up your rental space.
Try to create a soothing, neutral background to leave space for tenants to add their personality to the environment. Sometimes, it pays off to adhere to current trends, but timeless style is always a safe bet. Of course, this aspect depends on your target market, whether you are catering to millennials or older couples.
Also, note that you can rely on visual features that make a difference and are still easy to remove if need be. Wallpapers fit these criteria because they are excellent in terms of maintenance, especially if they are washable and scrubbable.
In the best light
Speaking of maintenance, rest assured that most tenants will factor it in. Thus, it might be a good idea to steer away from heavy and coarse textures, such as long piled carpets. This is not to say you should avoid all carpets because they are great insulators and noise absorbers.
Likewise, functionality is high on the list of priorities. To ramp it up, provide ample, accessible storage. Built-in and custom solutions work miracles for small and awkward spaces. They keep the clutter at bay and enable a free flow of traffic.
Finally, do not overlook the lighting. It complements your design and décor choices and makes the space more functional. Adding extra overhead lights or other sources goes a long way in making the property more inviting. So, highlight the attention-grabbing features and put the best face forward.
Right off the bat, come up with a game plan and a budget. Focus on making a property more functional and visually appealing. Fix before you replace and measure twice before you cut. Keep it simple and cost-effective.
Know how to present your property and showcase its strong points and advantages. Make a striking first impression and foster a lasting relationship with the tenants. Following the practical tips above, you should be able to get the most bang for your buck.