6 Ways to Make Your Investment Real Estate More Attractive
Do you have rental real estate properties you'd like to spruce up? Are there cracked driveways, peeling finishes, or kitchen cabinets that are falling apart?
If your properties look outdated, worn out, or deteriorating, elevate their aesthetic appeal with the following great ideas.
1. Sell Property That Isn't Worth Renovating
The first thing you should do is get rid of property that simply isn't worth renovating. For example, if you own a house or apartment building that will require major repairs before it can be rented out, perhaps it's time to remove it from your portfolio.
You can always buy another property to replace this income source. In fact, many investors get real estate licenses so they can buy new properties without having to pay a realtor's commission.
Working with your own agent allows you to keep the commission. Getting a license can save you thousands of dollars on each deal. After a few purchases, you can use your savings as a down payment for an additional property.
2. Repair Damaged Asphalt and Concrete
Nothing lasts forever, even concrete or asphalt. Over time they crack and look unappealing. If the appearance of your property matters to you, repair cracked and damaged surfaces.
Driveways, patios, walkways, and decorative edging contribute to the look of your home. When these elements are in good condition, they make your house more appealing and may even increase its value.
If the cracks are small, simply fill them. If they're more serious, organize a complete surface reconstruction. The process called 'mud jacking' can be used to repair sunken concrete by injecting a mixture underneath the surface, but it's not aesthetically perfect.
3. Hire a Professional Landscape Designer
Are your bushes growing wild? Does the property have tree branches with thick foliage hanging over the roof?
If your landscape needs attention, hire a professional maintenance company. Landscape design isn't just about trimming tree branches and shrubs, though that is part of the job.
The main reason you might need a professional landscape designer is that they can completely redesign your front yard to make your home look stunning. A landscape designer can level some areas, create borders, and plant ground covers.
You really won't go wrong with a professional landscape designer since he or she has the eye to understand how to make your property look magnificent, perhaps with plants that thrive especially well in your region.
4. Apply a New Coat of Paint (And Possibly Change the Color)
Nothing showcases a home's appeal like a fresh coat of paint. Before you grab those old cans from the garage, maybe consider painting your house a completely different color.
Certain shades lose popularity over time, and it's helpful to keep an eye on what's trending now. Even if you don't want to be trendy, you can reduce your home’s value by ignoring current trends.
Choose a fresh color that matches the rest of the neighborhood but also makes your specific house bright and new. If you live in a rural area, you could choose dark blue with light blue accents.
If you're in the city, a color scheme that already dominates your area would be more appropriate.
5. Replace Worn-Out and Old Elements
Your tenants may get by with ugly kitchen cabinets and outdated elements, but that doesn't mean they should suffer. If your rental properties need improvements to cabinets or fixtures, why not incur the expense?
People want to feel comfortable in their home, and if their cabinets look unattractive or elements are from the 1970s, they may feel less at home. Very few tenants can tolerate an unattractive appearance for a long time.
Items worth replacing (because they affect people's comfort level) include shower heads, faucets, carpets, refrigerators, kitchen cabinets, door handles, and closet doors. You don't have to spend a lot of money, but improve what you can to help tenants enjoy their living space better.
6. Get Rid of Yard Trash
Whether you've been collecting old cars, tires, or temporarily storing various items with the intention of getting rid of them later, get rid of everything as soon as possible. Trash in any form makes property look deteriorating, even if you plan to remove it later.
Appearance Is Your Best Friend
While both interior and exterior aesthetics are important, the appearance will have the greatest impact on your property's value and appeal.
When your home has a positive appearance, people feel good when driving by it, and you'll find it easier to attract tenants looking for an apartment. Ultimately, appearance can make or break the profitability of your investment.
