Investing in a rental property is a major decision and one that has the potential to generate a lot of income. But before you can start reaping the rewards, you need to check a few boxes first—like making sure your property is appealing to renters. Designing a rental property that appeals to potential tenants doesn’t have to be difficult or expensive. With a bit of planning and intelligent decision-making, you can make your investment property the most luring spot in the area without breaking the bank. Thomas Designs has listed a few tried-and-true tips to get you started:
Choose the Right Location
The location of your rental property is one of the most important factors in determining its success. You’ll want to choose an area that is safe, convenient, and desirable. Proximity to public transportation, schools, and businesses are all crucial to consider. If you’re not sure whether a particular location is worth investing in, consult with a real estate professional who can help you evaluate the area and make an informed decision.
Form an LLC
If you’re serious about renting out your investment property, then it’s time to form an LLC. This will help protect your personal assets in case of any legal issues that may arise. You might want to talk to an attorney or accountant who can help you set up your LLC and answer any questions you may have. Another option is to use an online formation service, which is less expensive and can save you a great deal of stress
Make Common Repairs
Before you start showing your property to potential renters, make sure all common repairs have been made. This includes things like fixing leaks, repairing cracks in the walls or ceiling, replacing broken door knobs or light fixtures, etc. These small repairs can make a big difference in how your property is perceived by potential tenants. Here are some other repairs to handle if
● Clogged toilets
● Broken appliances
● Rodent or insect infestation
● Faulty HVAC
● Broken water heater
Keep It Clean
Once your repairs are complete, it’s time for a deep clean. Go room to room, cleaning every surface from the ceiling to the floor. If necessary, budget for a professional cleaning service—you want your investment property to sparkle! In addition to regular cleanings, keep up with other maintenance tasks like mowing the lawn, trimming bushes and trees, and removing
leaves and debris from gutters. A well-maintained property will be more appealing to potential tenants than one that appears neglected.
Consider Design Trends and Amenities
When designing your rental property, factor in current design trends and amenities that will grab the attention of your target market. For example, many people now prefer open-concept floor plans, so if your property has smaller rooms or an outdated layout, now might be an ideal time for a renovation.
Other features to consider include in-unit laundry facilities, stainless steel appliances, hardwood floors, and granite countertops. You don’t have to implement all of these changes at once—just pick one or two that will make the biggest impact and go from there. And work with an experienced design company like Thomas Designs; we’ll transform your space without harming the environment!
By following these tips, you can make your investment property more attractive to potential renters without draining your bank account. Keep in mind that location is key when choosing where to invest. You’ll also want to set up an LLC for added legal protection, make essential repairs, maintain your property, and choose updates or renovations that align with the current design trends. You might be surprised at the difference a little planning and strategic design choices can make for your investment property and goals!
Would you like to read more helpful content or learn about our eco-friendly design services? Visit EcoThomasDesigns.com today!