As an investment property owner, you want to make your property as attractive as possible to potential renters. But how do you boost appeal without breaking the bank? The good news is that there are many ROI-friendly strategies for enhancing your investment property’s appearance that won’t cost a fortune.
Form an LLC for Your Business
If you haven’t already, consider forming an LLC for your investment property business. This type of legal structure provides limited liability protection and separates your personal assets from those of your business. As such, you get an extra layer of protection for your investment property while improving your property’s overall appeal to potential renters.
Some real estate investors use attorneys to form their LLCs, but you can save significant money by going through a formation service. A reputable service can handle all the paperwork and requirements while ensuring your LLC complies with your state’s rules and regulations.
View Online Listings for Renovation Ideas
If you’re looking for renovation ideas, browsing online is a great place to start. A wealth of websites offer plenty of inspiration for decorating and renovating on a budget. You can also view online real estate listings for similar properties in your area to see which improvements other property owners are making.
You’ll need to decide at this point whether you plan to flip the home or rent it. Both options can be lucrative, but flipping will likely lead to a bigger lump sum of money whereas renting brings in cash every month. However, renting means you’ll also have tenants and long-term repairs to manage.
Once you decide whether to flip or rent, finish your list of potential upgrades. Then you can start planning for renovations that tenants will love. And remember to regularly evaluate listings so you’re always up to date on design and home improvement trends!
Add Smart Home Features
Smart home features can make your investment property more appealing and potentially increase its overall value. From smart thermostats to lighting to security systems, you have plenty of options to choose from. Start small with a few key features (e.g., a smart thermostat, smart locks, a doorbell camera, etc.), and add more as your budget allows.
Give the Landscaping a Boost
Upgrading your investment property’s landscaping can significantly boost its curb appeal and attract more potential tenants or buyers. But if you’re not experienced in landscaping, it can be quite a daunting project!
Repaint the Interior
A fresh coat of paint can make a massive difference in your investment property’s appearance. Stick to neutral colors like beige, gray, or white to appeal to a wider range of renters. Repainting can also cover up any scuffs or scratches on the walls.
Put in New Floors
Installing new flooring in your investment property can be a cost-effective upgrade when you consider the return on your investment. Old, outdated, or damaged flooring can make a property look less attractive, not to mention a safety hazard!
With so many flooring options available (e.g., hardwood, vinyl, tile, etc.), you can easily find one that fits your budget and aesthetic preferences. Putting in new floors can be a quick upgrade that pays off big in the long run.
Add Some Fun Decor
If you decide to rent your unit furnished or as a vacation rental, you’ll need to consider the decor. Adding a fun flair can add appeal, especially for vacation homes, so check out ways to accentuate the home and the area with furnishings and decoration!
Install New Storage Systems
Adding storage solutions to your investment property can make your interior look better while also providing tenants with more space to keep their belongings. Consider installing closet organizers, adding built-in shelves, or even putting a few decorative storage bins in the space. Doing so will make your property feel more organized and spacious, which is a major selling point for potential renters!
Get Your Property Ready!
Improving your property’s appearance doesn’t have to drain your savings. First, you’ll need to decide whether you are flipping or renting. Then, research renovation ideas, add some fun decor, and implement the other tips above to make your rental property into a dream home for potential buyers or tenants. Remember that even small improvements can go a long way in improving your property’s overall appeal, so get creative and start planning your projects today!