Cosmetic Upgrades and Design Tricks to Improve Your Investment Property
Investing in real estate can be a great way to build wealth and generate passive income, but it's important to ensure your investments are as profitable as possible. One of the most effective ways to increase the return on investment (ROI) of a short-term rental property is to improve its appearance and functionality. When it comes to home improvement projects, it can be difficult to know where to start, especially if you're working with a tight budget. Fortunately, there are many ways to boost a property's value without breaking the bank.
In this article, NuWatt will explore some of the best ROI-friendly ways to get your investment property in top shape!
Hire a Professional Stager
One of the most effective ways to improve the look of an investment property is to hire a professional stager. Staging can also help you land high-quality renters who will take good care of your property while staying there. A professional will know how to best prepare your home for sale by making it look as appealing as possible to short-term renters.
Consider Forming an LLC
Forming an LLC for your investment property business can be an effective way to protect yourself from personal liability, especially if you'll be renting out your home short-term. Liability is important when it comes to short-term rentals, as there is a higher risk of accidents or injuries occurring on the property.
By forming an LLC, you’ll also be able to take tax deductions for business expenses, like the cost of the property purchase, renovations, and rental management. You can hire a lawyer to help you form an LLC or learn how to start an LLC yourself to save some money. Just make sure you understand your state’s specific LLC rules and regulations!
Be Strategic About Your Upgrades
When you are making upgrades on a budget, it’s best to have a plan to get the best ROI for your time, effort, and money. Start by looking at homes for sale and rent nearby and note the amenities that are most common in the higher-end homes. Once you determine what local residents want, then you’ll know where to put your effort.
Do Some Landscaping
A well-maintained lawn, garden, and exterior can make a big difference in how attractive your property appears to potential renters. Simple things like mowing the lawn, planting flowers, and trimming bushes can go a long way in making your property stand out. Increasing your property’s curb appeal is always a good investment.
Additionally, landscaping can also help to increase privacy and security for your guests, making it more likely that they’ll stay at your property in the future. If you’re planning on adding new plants to your yard, consult online resources for expert gardening advice to ensure your plants thrive. And if you want to add motion sensitive flood lights for additional security, contact Nuwatt for a beautiful and cost-effective solution!
Add Home Security Features
Smart home technology has made it easy to make your property safe and secure without calling in expensive security companies. Take advantage of these DIY solutions by installing a few security cameras around the property and even adding a video doorbell
Hang Metal House Numbers
Make sure short-term renters can find your property easily by hanging metal house numbers outside the home. Modern Aspect explains that personalized address plaques and house numbers can provide insight into your home’s style and give renters a positive first impression. Metal house numbers are durable, easy to read, and can add a touch of elegance to the exterior of a property. Plus, outdoor cut letters come in various metals and are easy to install on a wide variety of exterior surfaces.
Refresh the Bathroom and Kitchen
If you’re looking for cosmetic improvements that will keep your rental guests happy and boost your overall property value for a future home sale, consider upgrading the bathroom and kitchen. These improvements add the most value to a home! And, in listing photos of your rental, an attractive bedroom, and bathroom design could mean the difference between a guest booking with you or staying somewhere else.
To get the best overall ROI, make sure that your renovations are both aesthetically pleasing and functional. For instance, you can upgrade an outdated and ugly range hood with an under the counter style that will look great and also keep smoke and cooking smells from damaging the kitchen area.
Promote Your Property
Once you have completed your upgrades, you’ll want to secure reliable tenants as quickly as possible. Highlight your updates in text and pictures, and ask local businesses if you can leave a few brochures in their stores for better exposure.
Make Your Rental a Must-See
If you’re looking for ways to get more short-term renters to your investment property, focus on high-ROI aesthetic improvements. Add metal lettering to the exterior, plant some new shrubs in the yard, and form an LLC for tax savings. These simple upgrades can ultimately lead to more bookings, higher rental income, and a better return on investment!
Nuwatt offers beautiful lighting solutions for your home’s interior and exterior. Let us help you add functionality and aesthetics to your rental property for a great price!