Would you like to rent your buy and hold rental property for the best price possible? It is entirely possible if you make your property better than other properties in your neighborhood. Sometimes that may mean investing in items such as quality fixtures or flooring. However, since you will get your money back in a higher rent, they can be a good investment.
Here are other steps to ensure your renters are happy to pay top dollar to live in your properties.
Select Attractive Paint
Select attractive paint colors and use the same colors in all your properties. A warm, neutral color for the walls and white trim often work well together. Not only do these colors look attractive but they can make touch-ups quick and easy.
Choose a Satin Finish
Instead of selecting a flat finish, choose satin paint finishes. Since they are washable, they will look better down the road.
Carpet not only looks grimy more quickly, but it can also hold odors and become unsanitary over time. Instead, choose flooring such as tiles, hardwood, or engineered wood. Not only does it look better in the long run, but it is also the flooring of choice for most buy and hold renters.
Select Quality Appliances
Some properties, do not come with appliances. However, if you want your fix and hold properties to rent for top dollar, equip them with nice dishwashers, refrigerators, washers and dryers. Renters will pay more if your property has them.
Include Central Heat and Air
Most tenants prefer homes with central heat and air because they are more comfortable than other types of heating and cooling systems. Not only are renters happy to pay for the comfort and convenience of having them, but they can save you money since they are more reliable in the long run.
Create a Beautiful Kitchen and Bath
In the past, buy and hold landlords did not create kitchen and bath designs with quality items like granite or stainless steel appliances because it was too expensive. Today, kitchen and bath products are far more affordable than they were in the past. Plus, according to The Balance, renters are also willing to pay higher rents for homes that have them so they are an investment that pays off.
If you would like to know more about buy and hold rental opportunities, please contact Express Capital Financing. We are available to help you get the most out of all your investments.