Turning Your Investment Property Into a Renter’s Dream Home
Guest post by Natalie Jones
With investment properties, ensuring the home is appealing to renters is essential. By doing so, you’ll have an easier time finding tenants and getting top dollar.
Whether you currently own one or hope to in the future, here are some tips from Krispin Watson for turning your investment property into a renter’s dream home.
Must-Tackle Repairs for Investment Properties
Before renting out an investment property, you need to make sure it’s structurally sound, and that key systems work correctly. If you’ve recently purchased the soon-to-be rental, use the inspection results as a guide.
If there are issues with the roof, foundation, exterior walls, or other critical structural elements, fix those first. Also, make the electrical, plumbing, and HVAC priorities. That way, the basics are handled right away.
After that, you can focus on aesthetics. G3 Management notes that new flooring and paint give any rental a fresh look, which could be good places to start. Additionally, many prospective tenants focus on the kitchen and master bath, so consider improvements there if you want to rent it out quickly.
Features and Amenities That Appeal to Renters
Today, renters have different priorities due to lessons learned during the pandemic. By providing what they’re looking for now, you’ll have an easier time securing a tenant. Here are some features and amenities that renters want:
· Outdoor living space
· Designated parking
· Home office
· In-unit washers and dryers
· Natural light
· Keyless doors
· Smart tech (programmable thermostats, smart appliances, etc.)
· Pet friendliness
· Ample storage
Also keep in mind that kitchen and bathroom remodels will make your home more appealing to renters. In fact, they’re among the best things to update in terms of return on investment. Call on Choice Kitchen And Bath to get the job done right!
Protecting Yourself (and Your Assets) with an LLC
Before you find tenants, it’s wise to take steps to protect yourself and your assets. One simple option is turning your investment property into an official business and forming an LLC. That way, you reduce liability and get other benefits.
Forming an LLC can be relatively straightforward. If you prefer some assistance, you do have the option of hiring a lawyer. However, if you go with a formation service instead, you can get everything handled for far less money.
Handling the Management of Your Property
Generally speaking, you have two options for managing your investment property. First, you can step into the role of landlord. If you go that route, essentially everything is on your plate, including screening tenants, collecting rent, coordinating repairs, addressing complaints, and more.