Purchasing a home with the goal of renting it for extra income requires taking a hard look at the property. Appealing to renters is essential for your success — an investment property provides no return if it sits empty. Chances are, you face stiff competition for renters. If the supply outpaces the demand, you must devote time, energy, and money in order to secure a consistent return on the investment. A little paint and new bathroom fixtures can go a long way to show a renter that you care about the property.

Location, Location, Location

Purchasing an investment property and the odds of renting it greatly depend on the location. For example, a rental property near a college may attract students during fall and spring semesters, but it could remain empty during the summer. A vacation rental home located at a popular beach can sit unused during the winter.

There are several factors for consideration when it comes to the location of a rental property, including:

The neighborhood
Schools
Nearby stores, parks, and attractions
Crime statistics
Property taxes

Whether you will ever use the space, like that of a vacation home, can help determine where you buy. If the investment is simply to obtain a financial return, then the location must offer the amenities renters demand.

Green Initiatives and Smart Home Technology

According to the National Multifamily Housing Council, a recent study shows that 78 percent of renters have an interest in recycling options. An additional 65 percent have an interest in sustainability and green initiatives.

Among the most compelling smart home technology for renters is:

Start-up costs for some smart home technologies may limit you to only those features you can afford. It is also important to keep in mind that not all renters will understand how smart home technologies work. Balancing the demands of renters against your budget is most definitely a challenge. It requires researching the best technologies and green initiatives for your specific property. Incorporating a few technologies and initiatives is better than none when it comes to competition for renters. You just might find that you like them enough to incorporate them into your own home!

Spruce, Stage, and Secure

It is important to get your property in great shape by painting, sprucing up curb appeal, and staging it for potential renters. Consider replacing carpet with laminate flooring for a more durable and stain-resistant floor. Replace faucets tarnished with mineral deposits with new, more modern looking ones. In the kitchen, upgrade cabinet knobs and toss any that show wear from years of use.

Once you’ve painted, planted new shrubbery, and staged the home with decorative items, take some photographs. High-quality photography of clean, clutter-free rooms can help you to market the property, while poor-quality photography may do just the opposite, and turn potential renters away.

It might also help to have a home security system installed to help tenants feel more at ease in a new neighborhood. This shows them that you care about your tenants’ safety and that you’ve taken an extra step to ensure they feel safe at home. Some vacation rental management companies will even install digital locks if you partner with them. A property manager may also add an extra layer of security by screening your tenants to prevent fraud and damage to your property.

Investing in the Future

Purchasing a home to convert into a rental property can provide you with a financial nest egg for your future. At the same time, a renovated or upgraded home can do wonders for a neighborhood and create a safe place for a family to call home.

From a complete remodel to simply upgrading fixtures, turning a vacant home into a place for creating memories is a great way to attract renters. By showing the house some love, renters will take note that you value their needs and care about the property. Both are important factors that can result in you soaring above any competition.

Written by guest blogger Suzie Wilson from Happier Home. Suzie is an Interior Designer and author.

Attract renters to your Investment Property

Home staging is key to creating an investment property that attracts renters, whether is is a vacation rental or other rental property. Stage the property to get great photos or try virtual staging to show the possibilities for properties that will be rented without furniture. Learn more about how home staging works and what it costs in this video.

Planning to make your new property a vacation rental or Bed and Breakfast? Try a Vacation Rental Staging Consultation. As a successful Bed and Breakfast owner over the last 18 years, I doubled my income and bookings and attract my ideal customer with home staging, Interior Design and website branding. Learn More.

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Helpful Tips for Buying an Investment Property That Attracts Renters. Invest in location, staging, green initiatives, security and smart home technology.

Consider Small Renovations

There are definitely several simple ways to get your home ready to sell, but there are a few more extensive renovation projects you can take on first to really add the wow factor, all without spending a ton. For example, you can remodel your kitchen on a small, budget-friendly scale by painting cabinets, adding new hardware, or updating appliances. Another area of your home to look into is something you use every single day – the floor. Many buyers have hardwood floors on their list of things they are looking for in a home, but if your budget isn’t flexible, replace the floors in public areas such as the kitchen and living room. Many major retailers like Home Depot have seasonal sales and promotions that can make flooring installation a definite possibility without your wallet taking a hit. Alternatively, you can seek out niche flooring distributors that offer daily specials and a more customized shopping experience.

Make It Clean and Clutter-Free

When a buyer views your home, they’ll be looking at everything, so it might be hard for them to imagine the space for what it truly is if the coffee table is covered in trinkets and closets are packed full. De-clutter the home to create the illusion of space and give buyers a chance to picture their life there, not yours. It won’t cost a thing, and it can speed up the sale. You’ll also get a head start on packing.

Once you’ve de-cluttered, you’ll need to complete a thorough house cleaning. That even means getting down to the nitty gritty like wiping down baseboards and giving your blinds a solid dusting. You’ll also want to make vacuuming a daily chore, preferably with a HEPA-filtered vacuum so you’re picking up pet dander and allergens. If you’re in the market for a new vacuum, look for deals on easily stored cordless models to help make this chore a breeze.

Stage on a Smaller Level

Hiring a professional to stage your home can be pricey, but there’s no need to dish out the dough when you can stage on a smaller level. Simple changes, such as adding a ceiling fan, updating window treatments, placing cheap throw pillows on furniture, or replacing your decorative bath towels with ones that are crisp white, can make a huge difference. The best part is that many of the changes can be made for under $100 if you shop around for deals at retailers like Bed Bath & Beyond. Just use Bed Bath & Beyond coupons and promo codes to find discounts online.

If you choose to do the staging yourself, every home can benefit from a home staging consultation with a pro to give you a great checklist of everything you can do yourself to get your home ready for the market.

Welcome Them In

The front door doesn’t seem too important at first glance, but it’s the first thing the buyer will see. Plus, painting the front door is a cheap way to give your home a polished look, and you can do it without the help of a professional painter by following along with a tutorial. Before you go out and buy a gallon of candy apple red paint, take note that the current trends are leaning more toward darker hues of gray and blue, or even black. According to MarketWatch, black doors are becoming popular and can add up to $6,000 in home value. And to save money on paint, make note of sales and coupons from companies like Sherwin Williams.

Channel Your Green Thumb

You’ve seen plenty of homes with beautiful landscaping, and perhaps your thumb even turned green with envy. However, if you live in a climate where the temperature is scorching hot, you might feel as if your landscaping options are limited. The key is to adapt to your climate, and this means using flowers and plants that are drought-tolerant, such as purple coneflower, autumn joy, manzanita, or coyote brush. Rather than revamp your entire yard, add color and greenery in areas that are sparse to save both time and money. Look for sales at nearby nurseries or home improvement stores to help stretch your dollar.

Selling your home doesn’t have to be expensive. There are small ways to get your home ready to sell, such as de-cluttering, upgrading the entryway, adding greenery, staging, and making small renovations. Making these changes will make a huge difference in the eyes of a buyer, not to mention a small one on your wallet.

Written by guest blogger Suzie Wilson from Happier Home. Suzie is an Interior Designer and author.

Did you know the right paint colors can help you sell your home for more? Or less if you pick the wrong colors?

Get a Home Staging Consultation Today

Plan to do your home staging yourself but not sure where to start? Send me pictures of your house and I will give you a detailed checklist of everything you can do inside and out to prepare your house to sell fast, sell high and appeal to your target market. as well as tips for living in your for sale home and preparing for your photo shoot. Perfect if you will be living in the home while it is listed. If your home will be vacant, I can give recommendations for paint, upgrades and preparation for market. Learn more.