There is no doubt that you want the best features and living conditions for your family home. But, criteria often changes when a person is searching for an investment property. If you are ready to buy another home to rent or flip, then you might be looking for a different type of home than what you purchased for your family.
Rental properties can be a great investment because they provide steady cash flow to help you grow your assets. When you are renting multiple apartment units or single-family homes, you need to consider the property features and finishes that will create a comfortable living space for your renters. At the same time, you also need to consider the cost of upgrades and remodeling, because these extra costs can cut into your profit margins.
Attracting the Right Tenants
One thing to consider is that the location and quality of your rental property will affect the type of tenants that you attract. If the outside of the property is run-down, then high-quality tenants might not be interested in living there. As a result, you might have fewer options for tenants, making it harder to find trustworthy people who will take care of the property and pay their rent on time each month.
So, you need to make sure that the curb appeal attracts the type of people that you want to rent to. Responsible people demand a certain level of cleanliness and upkeep, and a little bit of work can go a long way to creating the space that they are interested in renting.
Sprucing Up the Curb Appeal of Your Rental Property
If your rental property is looking old and run down, what is the best way to spend your money to get the best return on your investment? Here are a few things that you might consider:
- Upgrade the doors and windows, or consider renovating them. Make sure that the front door is appealing and well-maintained. It is amazing to see how much a fresh coat of paint can transform your front porch!
- Landscaping matters, because it is one of the first things that people will notice when they come to visit. Cut the grass regularly, plant a few flowers, and trim back the bushes and trees that are overgrown.
- Lighting outside can be a factor that could attract people to your rental property. If the home looks dark and uninviting, then it might leave the wrong impression when people come to visit. Make sure that all of the light bulbs are working on the front and back porches.
Finding the Right Rental Property
Before you buy an investment home, it is essential that you choose a real estate team who will help you pick a property to maximize your investment. Here at DUFFY Realty, we know the Atlanta real estate market. Talk to us for more information about picking the right property for your investment money: (678) 318-1700