The benefits of investing in real estate include passive income, stable cash flow, tax advantages, and more. If you own a rental property, you’ll want to minimize vacancy losses and attract high-quality tenants. The ideal tenant is one that never fails to pay the rent on time and keeps the property safe and habitable.
To make your rental property stand out and increase your chances of securing reputable tenants, your rental home should include these five features:
Adding a security system not only provides peace of mind, but it can also make the difference when prospective tenants are weighing their options. Remember that tenants are looking for a safe place to live, first and foremost. Make installing a security system a priority and confirm existing features are up to snuff.
Energy-efficient systems and appliances are particularly appealing to many renters and buyers who are willing to pay a little bit extra on rent or the sale price if it means that they will save on electricity later on and help the environment by decreasing power plant emissions.
Providing regular maintenance ensures that your rental property is safe and has curb appeal, so it continues to provide an income stream throughout its useful life. But renovations are key to keeping up with changing trends and bring many benefits that you may not have thought about, including the possibility to charge higher rent on the property and to deduct the cost of improvements from your rental income to reduce your tax liability.
A home with plenty of storage space is something most tenants look for. While building in new cabinets or closets can be pricey, you could opt to invest in more affordable shelving units for your rental property. Additionally, be sure to add new hangers, rods, hooks, and baskets to allow tenants to store sundries. Outdoor storage buildings such as sheds may also be worth considering so tenants have access to increased storage capacity.
As many people have shifted from in-office to remote work due to the pandemic, access to a backyard or a balcony is at a premium. Consider investing in a small patio or deck, outdoor furniture sets or even a fire pit. Done right, these investments can pay off big!
Would you like to speak with a member of the RLG team to discuss the value of your current investment property portfolio and determine areas for improvement? Give us a call today! We would love to help you with the properties you currently have and multiply your investment portfolio.