Buying an investment property is an excellent way to help you gain income now or in the future, so it’s essential to purchase one that will be appealing to as many people as possible.
Whether purchasing to flip or buying investment properties to keep as rentals, the first look is detrimental for anyone who wants to live there. Let’s check out a few spots where design is essential and what you can do to increase your investment property’s appeal.
What Kinds of Things Impact the Appeal of a Building?
The term “curb appeal” has been thrown around for years, but the majority of people base their first opinion of a building on the exterior condition, so it’s important to see your building through their eyes.
In this article, we’ll talk about a few things you can do to change the instant appeal of a building you have purchased, how to add touches to a home you are building, and how to improve the interior of investment properties to bring in a wider range of potential buyers.
Whether you’re investing in a large apartment building on a sidewalk or a multi-family property with a large yard, you will need to start your improvements outside. If your building has a large yard or trees in the front, hire a landscaper to come in and neaten everything up so that the entryway can be easily seen.
You want them to clear out anything that looks like it has been there for too long, like overhanging branches, weeds, and any debris, so that the first thing a potential tenant sees is an attractive home that’s been well taken care of that they can be proud to show off to friends and family.
If your building is located in a less residential area, then you should take a good look at what the exterior of your building looks like from every angle. You might need to paint the building or do some minor repairs to the front of the building to make sure it looks clean and fresh. Fix up any broken awnings, cracked windows, or bad siding that stands out before you start to entertain new people at the property.
Stick With a Simple Theme
Whether you’re putting up a new house to use as an investment property or redesigning an existing home, choosing one design scheme and sticking with it is much better than bouncing all over the place.
An investment property should be built or designed for the broadest range of people possible, so you don’t need to get too fancy with your design ideas. Building a turret or replacing your bathroom with stained glass windows sounds fun, but wild touches can throw off minimalist folks.
Choose a neutral (such as beige, white, or light grey) and a metal colour (for hardware) to use throughout the space or the home. A new buyer/renter wants to see the home as a blank canvas they can personalize with their own items, so the simpler the space looks, the more people it will attract.
Bring in Modern Touches
If you have purchased a mid-century building in great condition, then you don’t need to worry about changing too much on the outside to attract people, but the inside is a great place to add some modern touches. You want to make improvements that won’t change too much as far as the original design, so look for things that might help the new owners in their daily life.
Consider replacing older pipes, bad heating/air conditioning systems, or out-of-date electrical wiring if you want to increase the selling price of your investment property. If you are looking for renters, install a security system and outdoor lighting or upgrade the common areas to show how well the building has improved since new ownership took over.
Talk to a Professional
A home builder or contractor will be able to let you know what parts of your building can be improved from an aesthetic eye instead of a practical eye, and this is great for attracting a wide pool of potential new owners. They follow the exterior home trends, and they’re the best place to go if you want your home design to look like it’s ready for the front page of a catalogue. Choosing a home builder holds immense importance, making it a critical decision. Explore this guide to help you in the process of selecting a home builder.
People are drawn to a home that looks clean, cared for, and recently improved over a home that has been stuck collecting dust for years. A home contractor will be able to provide you with spaces in your home that are functional for everyone, and they can show you how to utilize the home’s space to appeal to more people. If you are redesigning an existing space, they can help you figure out what improvements you can do to bring in the “wow factor.”
These are just a few things to consider when it comes to designing your home or redesigning an existing home. You want the space to be enjoyable for as many people as possible, so make sure you design it with others in mind. Appeal is important to make sure you have a large number of potential buyers, so stick to a simple design scheme for the best results.