When you’re entering the world of rental properties, the ultimate goal is to get potential renters to rent from you, right? Of course. But in order to do that, you have to give them something to give in to, you know? It’s a business first and foremost and people aren’t going to just hand you money without it being something in it for them too. As far as potential renters are concerned, the thing that’s in it for them is a nice rental property with the amenities that they want… for you, you get a profit off of them.
Now, in order for this process to even happen, you have to first get a rental property. You could rent out your own home if you want but them where would you and your family go? You could ive with family but you don’t want to be a burden to them… you could live out of a hotel but that’s just not a sustainable way of life, so what’s the best option? You could always get a rental loan for your rental property.
A rental loan is really your best option, especially when you don’t have the funds for a decent downpayment. You have to think of it like this. Yes, you’ll be repaying the loan back but you’re also renting the property out to your tenant and they’ll be paying you every month the amount you owe for the loan repayment plus a little extra for you to make a profit on their payments. Again, this is a business… you have to make a profit meaning you have to charge a little more. After all, you’re the one who had to get a rental loan, not your tenants so, business is business.
Now, aside from the financial aspect of your rental, let’s get into the design and attractiveness of it. What exactly is it about rental properties that make people want to rent? Well, the answer to that question could be a variety of things… it varies for different people. The aspect that sells people on rentals could be the size of a back yard, it could be its distance to downtown, or it could be the neighborhood it’s located in… people have different must-haves on their rental property list; it all depends on the renter. Let’s take a look at some of the different ways to make your rental property more attractive to potential renters.
Curb Appeal That Sparks Curiosity
You how they say first impressions are everything? Well, that statement couldn’t be truer in the world of real estate. Improving your rental property’s curb appeal isn’t necessarily going to improve the property structurally but it is going to impress passers-by and people browsing online to a point that they’ll want to see if the inside of the property looks just as nice as the outside does.
Investing in things like lawn care and gardening, fixing anything that appears to be broken, and even adding a fresh coat of paint to the property are all things that will grab the attention of potential renters. So make sure that the rental property’s curb appeal is on point to bring people in… essentially, it’s the face of the rental property.
An Inviting Bedroom
When decorating your rental home’s bedrooms, the goal is to decorate each bedroom to look like a renter will get peaceful sleep every time they close their eyes in the bedroom. So what does that mean as far as your design scheme for each bedroom? Well, Better Homes and Gardens states that there are calming color palettes that are ideal for peaceful and tranquil rest. If you incorporate those colors in the bedrooms, people on a tour of the rental property will immediately feel the tranquility upon entering the room. Light neutral colors typically do the trick.
A Kitchen With All the Amenities
So it’s a well-known fact that the kitchen is the most popular common area of a home aside from the living room and because the kitchen is such a high traffic area, it’s essential that your rental property’s kitchen is designed to be accommodating to any and everyone. The appliances in the kitchen are probably the biggest selling point. Most people like stainless steel appliances but if that’s not what’s in your rental property, that’s okay; the main thing to make sure of is that the appliances are the same in color. If your stove is black, then the refrigerator and dishwasher needs to be black as well.
It can be hard to meet all of the expectations of potential renters but if you can at least meet a lot of those expectations then your property will get rented out pretty quickly. Just place yourself inside the shoes of a renter and think of all the things you’d like to see in a rental property, and based on that, make it happen for potential renters!