For any property investor, it’s in your best interest to increase the property’s appeal. This means making it more attractive to renters, buyers, and appraisers.
With a brand new property or remodel, you can start fresh. You’ll have the opportunity to build in attractive features as you develop an identity for your property, making choices that will add value to the unit long-term.
Meet the needs of future residents with these 10 strategies for enhancing property appeal. Doing so is your key to a more attractive unit.
1. Prioritize Indoor Health
Innovations in building materials and design practices have elevated the ways that indoor spaces can promote health. Adding these features is a great way to increase the appeal of your property.
You might go all out with a building structure and ventilation system that promotes good air quality. But promoting indoor health can also be as simple as selecting no-VOC materials. These are materials that contain no volatile organic compounds that may be harmful to respiratory health.
With a property that promotes resident health, you’ll have an easier time attracting your ideal buyers or tenants.
2. Install Energy-Efficient Alternatives
Energy efficiency is not just a way to decrease your carbon footprint; it’s also a great way to save money. This is especially important when it comes to operating a lucrative rental unit or when selling a home to conscientious buyers.
Energy-efficient alternatives to traditional materials include LED lighting systems, solar panel roofing, and low-flow toilets. With these materials and products becoming more and more economical, it’s a great time to invest in these cost-saving alternatives for your new property.
3. Design for your Audience
Next, the improvements you make on your property should be determined by the vision you have for the unit. For example, if you’re hoping to rent out a multifamily property to college students, you’ll want features this particular demographic finds particularly valuable.
This could mean private nooks for studying or remote work or built-in bike racks and individualized storage spaces. Know your target audience and design for them, incorporating their needs into the infrastructure of the unit.
4. Back it up
Then, you’ll want your property’s design to be resistant to storms, power outages, pests, and more. You’ll need a plan in place for mitigating as much potential damage as possible.
First, take into account your location. Different parts of the nation are affected by different weather patterns. You’ll want paint, siding, roofing, and internal materials that can resist the elements you’ll face the most and keep necessary maintenance at a minimum.
From roller shutters on windows to backup generators, having protections to rely on makes any home feel safer.
5. Focus on Space Flexibility
In the modern era, we are using our space differently. Work and school increasingly take place online, making it necessary for flexible room functionality within the home. If you can integrate a home office in your new property, all the better.
If not, you’ll want every room of the home to be able to function as needed by your target tenants. Right now, closed floor plans are coming back into popularity precisely because they offer the kind of privacy and flexibility families need. With private spaces, rooms can become offices, schools, craft spaces, or even gyms.
6. Add a Gym
A home gym is a hot feature on the housing market. During the COVID-19 shutdowns, renters and homeowners alike had to make use of the space they had in which to exercise. This led many to place new value on dedicated home gyms.
A home gym can take many forms, but you’ll need one that works with the type of property you own. Adding a fitness center to your multifamily property can be a huge draw for renters. Meanwhile, added space in a garage or spare room can be advertised for its home gym potential in a single-family home listing.
7. Add Outdoor Features
The pandemic also emphasized the value of outdoor space for renters and homeowners. Just about everyone wants an opportunity to step outside, get some fresh air, and gather together with friends and family. However, some units have little to offer in the way of an outdoor escape.
This is where property owners can get innovative in their designs and renovations. From adding a deck or terrace to fencing in the existing yard, you can do your part to create a more attractive and functional outdoor area of the property. This will be a great selling point for any prospective resident of the unit.
8. Consider an Attached Garage
Additionally, an attached garage can be a valuable investment for any single or multifamily unit that does not already have one. Especially for multifamily properties, these amenities can be a big positive, offering unmatched convenience for all residents who drive.
However, building an attached garage can be a big expense, especially if the property lines don’t give you much room to work with one. Assess the space you have to work with as well as your budget to determine if an attached garage might be for you.
9. Upgrade the Kitchen
Another upgrade sure to add value is in the kitchen area of the home. In fact, just about any upgrade to a kitchen can represent a good investment.
Renters and homeowners want their kitchens to feel modern and excel when it comes to functionality. This means having plenty of counter space, kitchen islands, and even outdoor kitchen spaces.
Determine feasible and targeted upgrades for your property’s kitchen to make the most out of your attractive new home.
10. Make Sustainability a Selling Point
Last but not least, sustainability is a big selling point for a much broader range of buyers. With 57% of consumers in an IBM survey reporting that they are willing to change their purchasing habits to reduce environmental impact, real estate investors shouldn’t neglect the power of green materials and building practices.
If you can incorporate sustainable features like clean energy, recycled flooring, or geothermal heating, then your home will be much more attractive to more people. Find ways to incorporate sustainability and highlight these features in your listings.
In Conclusion
Every property can be made more attractive for its ideal residents. Whether the steps you take include prioritizing indoor health or focusing on sustainability, these upgrades all offer value that can help draw in buyers and renters.
Consider these upgrades as you go about purchasing or renovating your own investment property. There’s always something you can do to make a unit better than it was before and, in turn, maximize your own revenue potential.
For more information on real estate investment, renovations, and remodels, contact 208.properties or find us on social media.