Making the Most of Your Investment Property

Written by: Megan Cooper

Purchasing an investment property can be quite rewarding. But when it comes to improving the look and feel of your property, it’s important to consider your return on investment (ROI). Here are some tips from The Luxe List Atlanta editor Megan Cooper on how best to maximize your ROI when renovating an investment property.

Use Neutral Tones for Wall Painting

Painting the walls of an investment property is one of the most cost-effective ways to make a space look brand-new. Choose neutral tones like whites, grays, or beiges which appeal to a wide range of people. This will help attract potential tenants who may be interested in renting out the space.

Invest in Window Coverings

Window treatments such as curtains or blinds can make all the difference in a space. Not only do they add an extra layer of privacy and security, but window treatments can also make any room appear larger and more inviting. Consider investing in light-colored or sheer fabrics for windows that allow for plenty of natural light during the day.

Maximize Sunlight 

Natural light has a powerful impact on mood and productivity, so optimizing it is essential for investment properties. Replace curtains with lighter alternatives such as sheers or shades for the best results. Skylights and solar tubes are also great ways to increase the brightness of any space.

Protect Yourself With an LLC

Forming an LLC for a rental property can offer several benefits worth considering. One of the biggest advantages is the personal asset protection it provides, which separates your personal assets from your rental property assets. This means that if any legal issues arise, your personal assets are not at risk of being seized as a result. Additionally, having an LLC can help create a professional image, which can be especially important for landlords seeking to build trust and credibility with potential renters.

Add Smart Tech Upgrades

Smart technology is the perfect addition to any rental property. It provides convenience, ease of use, and added value for prospective tenants that other properties may not offer. Installing thermostats, lights, door locks, and other automated devices can make processes simpler than ever before. Investing in these features now can be a great way to make a rental property stand out from the rest.

Upgrade Doors and Windows

Windows and doors are prone to wear and tear over time, making them drafty and inefficient when it comes to energy conservation. Upgrading these features now can provide great long-term savings on energy bills, plus improved aesthetics for the property, as well as better insulation from outdoor elements. Investing in new windows/doors now will bring a plethora of benefits!

Enhance Your Landscaping

Landscaping is one area no rental property owner should overlook when it comes time for renovations. Adding attractive plants helps increase curb appeal while also creating more inviting outdoor areas perfect for entertaining guests. Consult online plant and gardening resources to learn more before making any decisions regarding landscaping design. This way you can ensure that all plants chosen will thrive within their environment while also providing maximum ROI potential over time.

Boost Storage With Creative Solutions

Creative storage solutions provide aesthetics and practicality. Tenants can efficiently store items without sacrificing any floor space. Consider adding shelves, closets, or cubbies to common areas to ensure everyone stays organized while maintaining a stylish look.

Compare Prices of Other Rentals

Investing in rental properties is a great way to become financially independent. Looking at other rentals online helps investors like yourself get an idea of what prices may be reasonable depending on the amenities offered by local landlords. By doing your research and understanding the market, you can set competitive prices that are both tenant-friendly and profitable.

Improving the look and feel of your investment property doesn't have to be difficult, just remember that ROI matters above all else. Utilizing these tips will help ensure maximum returns come renovation time which makes it easier than ever before to achieve success with your rental property.