What should you look for in an investment property when buying a long-term or short-term rental home? Besides looking for a location that will be a great investment, here are 6 popular features that will make your home and business stand out.
Every home is different, yet there are some features that every buyer and renter is looking for. These range from innovative materials that can last longer and protect the home better to characteristics that make living there a pleasure.
These are some of the top trending features buyers should keep an eye out for, and you should consider adding them if you’re selling your property.
1. Gorgeous Siding That Stands Out
When you're pulling up to a potential income property, you'll notice the home's siding before nearly anything else. Of course, this tells you the house's color, but it also conveys a message about the quality of the house and what condition it's in.
A well-maintained home should have updated and clean siding. If you buy a property with an older exterior that needs to be updated, consider going for steel house siding to ensure the property is built to hold up against any weather while also looking fantastic and lasting for years on end. Your main goals should be something that keeps moisture, insect life, and temperature at bay- while also looking fantastic and lasting as long as possible so that you don't have to replace it often.
2. A Location That Sparks Envy
Your home's location matters! Besides what neighborhood or school district it's in and the average cost of the homes around it, the desirability of a property's location is also rooted in what shops and services are around it.
For an investment property, look for something in an area that's drivable or within walking distance of shops or restaurants. This is more important for properties you plan to rent out, as this means that job options will also be nearby if the renter needs them.
If you’re hoping to sell your property, you obviously can’t change its location, but there are ways to capitalize on the perks of where the house is located.
3. Beautiful Flooring That Catches the Eye
The type of flooring in a property makes a huge impact on how often it needs to be updated, replaced, or deep cleaned. In any property you plan to rent out, it's generally a good idea to go for something that will last. The best flooring for a rental property is vinyl or laminate that looks as close to natural wood as possible. Make sure the color or hue of the wood works well with the cabinetry and other parts of the property.
It's a good idea to avoid light-colored carpets, hardwood floors, and certain tiles since these often have the shortest lifespan among the different types of flooring. Although most tile is fine, some classes are prone to cracking or breaking - and if you have new tenants moving in every year or so, you don't want to risk them cracking this tile while moving furniture in or out of a property. Removing and replacing tile also comes at an extra expense when compared to something like luxury vinyl planks.
Here are more ways to turn a house into a rental property paradise.
4. Modern Touches That Lower Bills
Many homebuyers and renters care more about their monthly bills than anything else. Because of this, consider homes that have features that allow for lower utility usage even when serving as a winter rental during the harshest months.
Stormproof windows are one way to keep the effects of serious weather out. Smart thermostats allow people to control their home's temperature regardless of where they are in the world and make sure that the monthly bill won't be a surprise. No more wasting that full-blast A/C during hot Virginia Beach summers! Most also allow you to set a schedule, which guarantees you'll never forget to turn off the heat or cooling before you go to work.
5. Fantastic Touches of Luxury
Luxury is something everyone could use more of in their daily lives. It makes us feel fancier and adds a little indulgence even to the most simple tasks. Look for a little luxury when you're buying an investment property as great selling points to buyers or renters!
Some ways to add a touch of luxury are radiant floor heating so you can enjoy the most comfort possible on chilly mornings and heated towel bars to keep your towels cozy while you're bathing or showering. Updated kitchen appliances and features are a huge selling point. When you're updating, make sure that you sprinkle some deluxe updates throughout so that the entire property feels fresh and new.
Here are 4 simple ways to keep your property looking fresh and add value to your home.
6. A Roof That Will Last and Look Great
The average roof can last between twenty to fifty years: but why not go for a roof that's been known to last over a hundred years in the right conditions?
A slate roof is not only gorgeous to look at, but it also holds up against time and weather better than most roofing. If you're buying a property, make sure to ask what type of roof it has and how old it is: if it's older and there is time to replace it, this might be a great update to take on.
Pro-Tip: Make sure you avoid the common DIY mistake of taking on a roofing task on your own.
The Bottom Line:
Whether this is your first investment property or you’re trying to up your game and create more high-value housing, these features are things you should keep an eye out for. Look for a property with any of these items, and you’ll set yourself up for success!
Ryan Shure is an editor for the Innovative Building Materials blog and a content writer for the building materials industry. He is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that save money, improve energy efficiency, and increase property value.