In 2021, a popular topic of discussion seems to be sustainability and becoming more eco-friendly. More and more people are looking to live in homes that are energy-saving and eco-friendly. However, this could be good news for property owners. Not only does this save tenants money, but it also increases the property’s value.
Although renters don’t necessarily have control over the property’s sustainability, they do have control over what home they choose to live in. These days, people are searching for sustainable homes. If you want to attract more quality tenants and potentially boost your ROI, it’s time to make some design changes to your rental property.
At first, it may seem like implementing sustainable designs to your property can be a huge task and quite a large investment. However, making these upgrades can raise the value of your home and attract tenants that are willing to pay for a great quality, energy-efficient living place.
Design Upgrades That Boost ROI
Not only can sustainable design upgrades attract better tenants, but they can also increase the value of your property as well. Limiting artificial lighting in the home, applying a fresh coat of paint, installing energy-efficient appliances, and investing in durable flooring are all great options for upgrades to boost your ROI.
ROI, or return on investment, is the ratio between net income and total investment. These calculations are used to evaluate your rental property’s value performance. The end goal or result is to make a profit off your original investment. To calculate your ROI, you need to find your total net income and divide that by the total cost of investment. Don’t worry, there are tons of resources to help you, so chances are you won’t have to do this math in your head.
Large Windows, Less Lighting
Natural light is the best light you can ask for in a home. Especially these days, people are looking for homes with larger windows and less warm lighting fixtures. Of course, additional light sources may be necessary if large windows are not widely spread throughout the home.
When choosing light fixtures, try and go for energy-efficient options. Newer lighting with LED bulbs or modern-looking fixtures is highly desired by tenants and more energy-efficient, saving both you and your rental property occupant money.
In 2021, it’s all about energy efficiency. Older appliances like dishwashers and stoves are immediately noticed by prospective tenants. As a property owner, it’s time to think about investing in energy-saving appliances. Luckily, there are many options, such as:
- Solar panels
- Low-flow toilets
- Water-saving showerheads
- LED lightbulbs
Although investments like solar panels may seem like a lot of time and money, they are a great way to implement energy-saving amenities and attract great tenants.
When choosing paint colors for each room in your rental property, it would be wise to keep it quite neutral. After all, you want to make the home feel comfortable for any tenant that may potentially live there. Not only is a fresh coat of paint a great way to make the home look nicer, but it’s also a great way to boost your return on investment.
When deciding on which colors to choose for each room in the home, you should make it a goal to create an inviting, welcoming space for everyone. Bright, light colors like white, cream and beige are great options for a home’s living room and dining areas. The neutral colors can then allow for fun pops of color in furniture or home decor, which can be left up to the tenant.
If you want to make upgrades that will last more than a few years, make sure you invest in quality products. For example, if you want flooring that’s going to last, you should invest in something durable like tile. This is a reliable flooring option that’s easy to clean. Of course, there are other flooring options as well, such as hardwood and carpeting. However, as opposed to tile, these options are more prone to stains or water damage.
Installing new flooring throughout the home may initially be a large investment. However, you’ll find that the investment pays off when your flooring is durable and lasts for years without major wear and tear. Not only that, potential tenants will be much more attracted to a floor that is free of cracks, stains, and areas of water damage.
Reach Out To Local Property Managers
As a property owner, taking the time to carefully go over your upgrade options can leave you with greater ROI. However, keep in mind that you are not the one living there. To attract quality tenants, it’s important to make smart, sustainable, and neutral investments in your rental property.
If you have questions or concerns with just about anything when it comes to your rental property, your local property managers are always there to help you.