Being a landlord and owning a rental property is one of the best ways to establish a strong passive income stream. But you have to do your part to keep the tenants happy and build up your property’s reputation in the competitive market. After all, if your property doesn’t evolve with the trends and the wishes of your demographic, your potential tenants will seek other accommodation. So, if you hear that rental properties now have home offices, you better tend to some remodeling yourself!
But it’s not just about adding features, it’s also about stripping down the extraneous amenities, putting the things you don’t need in a self-storage unit for safe keeping, and focusing on what really matters to the modern tenant. This is how you can raise the real and perceived value of your property while attracting the best tenants in the process. Let’s explore the most effective ways to achieve these goals.
Let’s start with a property-wide improvement that can help you achieve your goals, while at the same time appealing to the 21st-century tenant – eco-friendliness. The modern tenant not only wants their living environment to be functional and beautiful, but they are also passionate about minimizing their carbon footprint, as well as minimizing their financial expenditures. If you can somehow combine financial savings with eco-friendliness, you will hit the proverbial bulls eye.
Start by analyzing the average energy expenditure of the property. Consider upgrading to new, energy-efficient appliances to minimize energy consumption. Next, are there any passive conservation features in place? Consider adding wall, floor, and ceiling insulation, and install double-glazed windows to maximize heat conservation during winter, and keep the interior cool during the summer. Likewise, consider recycling, upcycling, and repurposing in order to create a truly environmentally-friendly living environment.
A great way to elevate the value of your rental property, both literally and figuratively, is to upgrade the furniture around the interior. Now, there are two main reasons you want to introduce new pieces into the setting. For one, you will imbue the interior with that “new” look and feel that will add value to the whole property, and secondly, you will be able to use the new pieces to create a comfortable living environment – sort of like an intimate oasis where people can relax, de-stress, and enjoy life.
To achieve this, you will need to go room by room and analyze the “coziness” of the space. In the living room, try to combine comfort with elegance by choosing contemporary modular sofas in hues complementary to the theme and color scheme of the room. In the bedroom, choose the bed wisely, and consider modern fabric frames coupled with a quality mattress. Use the same mindset for every room, and upgrade the key pieces to bring form and function together.
Of course, one of the easiest and most effective ways to raise the perceived value of your rental property is to tend to thorough decluttering and reorganizing. Your focus should be on optimizing the living environment for the modern tenant, or tenants, if they have a roommate or are moving in as a family. To do this without renovations or having to build costly extensions, you will need to declutter mercilessly.
But that doesn’t mean that you need to throw stuff away, after all, you can use it when you buy another property. For the time being, though, start decluttering the space room by room, and put belongings into a safe self-storage unit. Once the interior is free of extraneous clutter, you can start reorganizing the rest of the décor.
Focus on flexibility and maneuverability. Can you move freely around the interior without fear of bumping your pinkie on a piece of furniture? No? Then rearrange the layout to make navigating the interior a bit easier.
Let’s circle back to the idea of comfort and its importance in modern living. Nowadays, tenants want to experience that homey vibe the moment they enter through the front door, so you need to introduce all of those finer elements that make a welcoming interior come to life. So, start with the floors.
No matter if you have hardwood floors, or a concrete floor with a marvelous finish (kudos to your contractor), you still want to make all walking surfaces warm and comfy with fluffy rugs that will not only make you feel like you’re walking on marshmallows, but also elevate the aesthetic appeal of the interior. When positioning carpets, make sure that the furniture fits properly within their borders, and don’t forget about those small round rugs you can use to create comfortable standing spots.
So, you have the comfy furniture, you have the fluffy rugs, now’s the time to bring in the finer accents that will appeal to the different senses. Use chunky-knit blankets for texture, fluffy throw pillows in warm hues, and don’t forget to “frame” the design of every room with a strategically-placed potted plant.
If you want the modern tenant to fall in love with your property, you have to dazzle and bewilder them long before they venture inside. Curb appeal is extremely important nowadays, because your property’s “storefront” can attract or completely deter a long-term tenant. With that in mind, start with the curb itself, and then slowly work your way in towards the property.
Begin by cleaning the sidewalk, and fill all the potholes on the road. Repaint the fence and replace the hardware, and check the walkway and driveway for wear and tear. Of course, the biggest change you can make that might even seal the deal is to repaint the exterior. While you’re at it, be sure to replace corroded wood, and tidy up the landscape.
To attract the people who will take care of your property as if it were their own and fall in love with their new home, you will need to make some essential changes and investments. The upgrades we’ve talked about today will make a positive impact on your entire property, and allow you to attract the best tenants while raising the rent in the process.
Guest post by: Lilly Miller
Lilly is a graphic designer and a passionate writer. Loves everything about home decor, art history and baking. Shares home with two loving dogs and a gecko named Rodney. Based in Sydney, but world is her playground.