Boost the Appeal of Your Investment Property With These Changes
Boosting the appeal of an investment property achieves several things, from bringing in new renters to raising the value of the property itself, so it’s crucial to make solid decisions from the get-go. Whether you want to make small, aesthetic changes or go bigger with a kitchen remodel, it’s important to do some research, set a budget, and find out exactly what renters in your area are looking for.
Property owners often find repairs that need to be taken care of when they start making these changes, so you’ll also need to prepare for the possibility that a few things will need to be fixed. Not only will this affect your budget, it will require you to consider whether you can tackle the repairs yourself or hire a pro.
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Here are a few tips on how to boost the appeal of your investment property:
Protect yourself with an LLC
If you’re new to property ownership, it might be a good idea to form an LLC in order to protect your assets in the event of litigation. As you take on renovation projects and repairs–and later, renters–it will be important to ensure that you’re covered should a legal issue arise. Limited Liability Companies (LLCs) provide protection for your personal assets in the case of a lawsuit, and they also come with tax benefits that you’ll appreciate as you grow your business. You don’t have to file the paperwork for an LLC yourself; instead, hire a formation service to take care of everything, which will also save you money.
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Start small with your property changes
Once you have the legalities taken care of, you can assess what needs to be done in your investment property. To avoid becoming overwhelmed, start small; make note of repairs and take care of the most pressing ones first. If they include structural issues or plumbing or electrical problems, do some research first to find out the average cost for a contractor in your area, as these issues need to be addressed by a professional.
With repairs done, you can focus on things like boosting curb appeal, which might include:
Painting the front door
Replacing the mailbox
Planting flowers or adding hanging baskets
Replacing the house address numbers
Adding new lighting
While these are relatively small changes, they can have a big impact when it comes to finding renters.
Find out what renters are looking for
Before you can make big changes to your investment property–such as a renovation in the bathroom or kitchen–it’s essential to do some research and find out what renters are looking for. If your property is primarily used for vacationers, they might want security features such as outdoor smart surveillance cameras or amenities like a pool or hot tub. Long-term renters might be more interested in a good-sized kitchen with updated appliances or new, accessible bathroom features. Look online to find out more about what renters will be searching for so you can cater to those needs and showcase them in your marketing strategy.
Market your investment property the right way
Finding renters is made much easier with the right marketing strategy, which should include setting up a stellar website and creating a plan for showcasing your property. While adding engaging photos of the home to your site is great, you should also include a video that highlights all the best features of the property so that potential renters can see what they’re getting. Better yet, combine images and video using a merge video tool, which allows you to edit until you’ve found exactly which frame you want to share.
You can also create social media ads with brief but eye-catching copy, as well as do some homework on your competitors. It’s essential to make sure your prices are competitive without going too far under, so you’ll need to stay on top of other rental properties in the area.
Consider, as well, how you’ll manage the property once you do find tenants. Staying on top of their needs, collecting payments, and taking care of bookings are all time-consuming tasks, but you can simplify things for yourself by hiring a property manager.
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Making changes to your investment property can certainly help to boost your profile, and it can also help you attain loyal customers. With a thoughtful budget, a marketing plan that includes key elements like videos of the home, and the protection of an LLC, you can make your investment a lasting success.
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