Since 2004, the number of people who own their own homes has dropped by over 9%. There are many reasons for this. Not only have the price of properties in the US increased considerably, making them less affordable, but many younger Americans like the idea of renting as it gives them more flexibility.
Thanks to this, it’s now the perfect time to invest in rental property. However, while this may be true, owning a rental property is not as easy as it sounds. Not only do you have to ensure you have enough capital to buy the property and cover any months when your property is empty, but you also need to make the property appealing and safe for potential tenants.
The good news is that you can do many simple things to ensure your rental property is appealing to prospective tenants. Here are some of our top tips to help you:
1. Clean it To a Commercial Standard
One of the best tips we can give you is to clean your rental property to a commercial standard. A good clean and polish will always help make your property look its best. As well as this, it’s also a good idea to make the property smell as lovely as possible. Ozone generators can help you to do this as they remove any nasty odors from the property.
2. Give It a Fresh Coat of Paint
A fresh coat of paint can do wonders for your property. Not only can it help to revive tired walls, but it can also help to brighten up a space too. However, if you really want to make the property more attractive to potential tenants, then it’s essential to stick to neutral colors, such as grey, cream, and white.
3. Make Sure You Fix Any Broken Items
While this point is evident to most, it can be easy to overlook. Before inviting potential tenants to view your property, make sure you walk around it to ensure everything is in working order. This doesn’t just include any appliances like cookers or freezers, it also includes things like door handles and light switches.
4. Upgrade the Kitchen and Bathroom
Evidence has shown that kitchens and bathrooms sell homes. As well as this, nicely finished kitchens and bathrooms can make a property more attractive to prospective renters. So, if you want to make any upgrades on your property, focus on these two rooms. The good news is that you don’t have to spend a fortune to improve the look of your kitchen and bathroom.
5. Let the Light In
Natural light can make any property look cleaner, larger, and more attractive. As well as this, it can also help people to feel happier too. So, before any potential renters turn up, make sure you open up your blinds, remove any heavy curtains and let the light in.
Many of us have considered venturing into the world of real estate investment and love the idea of owning a rental property. However, owning a rental property isn’t always as easy as it sounds. Not only do you have to ensure that you keep up with the maintenance of the property, but you also need to ensure your property is appealing to prospective tenants too. The good news for people who do decide to take the leap and own a rental property is that attracting tenants is easier than you’d think. Simply follow our tips above to make your property appealing to prospective tenants.