6 Design Tricks Every Property Investor Should Know
Design is important when you are looking to invest in property. Whether you are working with a housing developer to build a brand new investment property or you are looking to renovate an existing property, design is about more than just aesthetics. Quality architecture can improve the value of a property by as much as 20 percent, while making the extra effort in design will also help improve rental yield. Here are 6 design tricks you should include in any property investment.
1. Add Technology to Your Kitchen
You can use your kitchen to impress prospective tenants. Here, you want to offer impressive features to persuade them to spend more. It’s one thing to have a modern kitchen, but let’s be honest, most homes have a modern kitchen already. It’s the technology that wows tenants.
Some great connected technologies can make the kitchen a convenient wonderland. You can find smart stoves and ovens, smart refrigerators, smart lights, and more.
New kitchens have a potential return of 68-120 percent. Even if you can’t completely renovate it, smart technology, good lighting, smart kitchen cabinets, and neutral colors will refresh it and impress potential renters or buyers.
2. How The Right Landscaping Decisions Will Create Appeal
A landscaped home offers more value, but you must consider both the front yard, which creates curb appeal, and the backyard, which is often used more by your prospective tenants or buyers, and where you should spend the most money. The following are some dos and don’ts to keep in mind:
- Avoid sprawling lawns as they can be high maintenance, and that can put some people off
- Patios or entertainment spaces help blend the indoor spaces with the outdoors, which is highly desirable
- Water features like fountains and ponds can create serene places where people can relax
- Solar-powered outdoor lighting will create security and ambiance while also appealing to those looking for green options
- Be wary of swimming pools as they cost a lot in maintenance which negates the increase in property value
- Avoid big-ticket items like basketball or tennis courts as there will be limited tenants and buyers that are looking for those kinds of features
- For decks, patios, gazebos, and all outdoor spaces choose timber over concrete because it looks more appealing and will last longer
- Energy and water-efficient irrigation and sprinkler systems are highly appealing to tenants and buyers
3. Ensure The Bathroom is Modern And Functional
The bathroom is an important part of a tenant’s daily routine, so it’s crucial to give them a functional, attractive space.
One of the most sought-after things in a rental property is a modern bathroom. Unfortunately, your outdated bathrooms could be costing you rent.
Consider how to modernize your bathroom and come up with a plan. It is often possible to do this without breaking the bank by changing a few small things. For example, bathrooms can be greatly improved by updating their fixtures and tilings.
It may be necessary to update your bathroom if it’s a few decades old. However, if you are building a new property, ensure the bathroom has the right blend of style, functionality, and modern conveniences.
Getting this right could recoup as much as 80 percent of the design and construction costs while adding to the rental yield of your investment property.
4. Consider Furnishing
You may be able to charge a higher rent on a furnished property. It is also possible to market a furnished property to companies. Many large companies have seasonal workers flying in for a few months from other states or overseas, so they need to have a place to put their workers on hold.
Companies often pay a lot to do this. Having a home with stylish furniture also opens up the opportunity for short-term rental services like AIRBNB.
5. Include Solar Panels and Other Green Innovations
Sustainability is a high priority for many people in the modern world, and cheaper electricity bills will attract even those not into sustainability.
Solar panels are almost essential in modern homes, and you can also include battery solutions to hold power for a rainy day or an outage.
There are other green innovations you can consider like energy-efficient LED lighting, water-saving devices, and recycled water solutions for your toilets. People are looking for these green solutions today, and you can charge increased rent by offering it – with the carrot, that extra rent will be offset by power and water savings.
6. Window treatments like curtains or blinds
Often, curtains and blinds are forgotten in favor of major changes. However, a great set of curtains or blinds can make a huge difference. If you want to attract good tenants, you must replace damaged blinds or curtains.
Taking care of the property will show tenants that you care about it. Smart blinds can add a touch of class. They can be set to automatically raise and lower themselves or controlled by voice command.
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