December 11th, 2013
Whether your investment property is a small rental unit, an apartment complex, or a home you want to flip, your goal is one in the same: to grow your capital. So how do you convince renters or buyers (and the right kind) to choose your property? It’s simple—you ensure your property sells itself, which means it needs to make great a first, and lasting, impression.
Remember, in a matter of minutes (or less), prospective renters or buyers will size up the quality of your property maintenance and the standard of your property management. Either way, they will quickly decide if they will rent/buy.
Here are 3 upgrades that will boost the perceived value of your Tujunga property, allowing you to demand a competitive price and ensure that your investment property never stands vacant:
One of the first things you notice when you enter a home is the quality of the surfaces. Dirty, damaged walls and chipped, scuffed floors will quickly put anybody off the idea of living in your investment property. On the flipside, several coats of fresh paint and some new, attractive flooring will make your property feel “move-in ready”. Plus, it will you’re your tenants feel better about what to expect when it comes into ongoing property management.
Tip: When it comes to rental units, choose a semi-gloss paint for durability and easy clean up. Also, hard-wood, high-quality laminate, or tile flooring will create a better impression than carpet, which is harder to clean, stains easily, and retains odors.
The kitchen and bathroom are hands-down the most important rooms in the home when it comes to making an strong impression. Nobody wants to get in a shower that reminds them it has been used by countless other people, nor do they want to prepare food in a dingy kitchen with rusted appliances from the 70s.
Modernize these rooms with quality materials and you will never have a shortage of tenants. Besides, you want to rent your property to people who are house-proud and will take care of your investment. You need to market to this type of person by upgrading your property and making it a place your tenant will look forward to calling home.
Tip: Granite countertops are a huge selling point, even in rentals. Tenants will boast about this feature to friends and relatives. Granite countertops also speak volumes about the quality of property maintenance. No matter what, don’t upgrade these rooms with cheap materials; use products that not only look good, but also have great mileage—it will save you money down the line!
People are drawn to bright, open living spaces. As such, “dark” and “poky” are not adjectives that should be associated with your investment property. Furthermore, mismatched or old light-fixtures will quickly make your property look cheap—another adjective you don’t want to spring into the minds of prospective tenants.
If there are small, cramped spaces in your investment property, you may want to consider the possibility of removing walls and changing the floor plan. At the very least, make sure the lighting is more than adequate in rooms that do not receive direct sunlight or do not have any windows, like the pantry or bathroom.
Tip: Exchange harsh, fluorescent kitchen lights (and their insect-trapping box covers) with recessed or track lighting.