Every day, dozens of homes are placed on the market, offering something unique from the rest. Even though every home is different, each one possesses unique features that attract potential buyers. If you’re looking to purchase an investment home, you’ll find five important features in the curated list below.
1. Low Maintenance
Before purchasing a new home, you need to investigate the potential maintenance costs. If you can’t make the assessment accurately, be sure to hire a building inspector. These professionals manage major residential repairs and other large projects like roof installations. These large projects significantly change the amount of profit you stand to gain from selling or renting your home out.
If you’re looking to attract and retain quality tenants, you’ll need to constantly keep up with maintenance. Low-maintenance homes are those with little to no need for repair or renovation. A few minor changes like the installation of a fireplace from sites like Stonewoods.co.uk might suffice. However, it’s always best to purchase an investment home that requires minimal upkeep or renovation.
2. The Right Location
As a property investor, it helps to choose an investment home from a logical stand. First, consider the type of property in question. Next, think about the location. The location directly affects your capital growth and rental income. Also, get to know your neighborhood. Study its accessibility to the central business district, its access to public transport, and the availability of schools (and other lifestyle offerings like retail centers and parks).
3. Rental Returns
Many investors look for a positive income when dealing with rental properties. For maximum profit, your rental return should be high enough to offset all the initial costs. These costs often include ongoing maintenance, agent fees, loan repayments, landlord insurance, and council rates. Thinking about your rental return helps you choose an investment home with a higher chance of profit.
4. Outstanding Siding
The siding is one of the most notable features of a house. It tells you more about the house’s current condition. The cleaner and more updated the siding, the well maintained the house. This is why your investment home should have updated siding.
If it currently needs some work done, you can consider investing in steel house siding, which is more long-lasting than other materials. Besides its longevity, steel helps keep moisture at bay and prevents insect infestation.
5. Modern Touches
If your investment home uses modern technology to reduce utility usage, that’s a huge plus for you and potential tenants. Lower utility usage means lower monthly bills, and this reduces overall expenditure. Other modern ways to reduce utility usage include using stormproof windows that keep serious weather out, smart home systems that allow you regular home devices remotely at all times, and much more.
Whether you’re trying to create more high-value housing units for rent, or this is your first investment property, these above-listed features are essential. Try to keep your eye out for them if you’re looking to set yourself up for success.