Do you want to maximize your rental returns in your Nashville, TN, investment property?
Whether you have an Airbnb rental or long-term renters, making necessary and frequent updates and repairs is an important part of being a landlord.
Here are a few excellent projects to consider that are sure to boost your rental revenue.
Add A Bedroom
If possible, adding a bedroom to your investment property can boost earnings. By adding a bedroom, you can cater to larger families, who may be willing to pay more.
Additionally, if you add another bedroom by Tennessee’s legal standards, you’ll likely earn more when you’re ready to sell.
Experts estimate that an extra bedroom can increase your home’s value by as much as 15%. Other experts claim that an extra bedroom can increase rental prices by as much as 24%.
Prioritize The Comfort Of The Main Room
The main room of a rental can make or break your property. Families often look for homes with ample space to enjoy quality time together.
This may include a larger, open floor-plan living room or a cozy kitchen with multi-purpose seating.
Larger entertainment rooms also help you cater to family reunions, birthday parties, and multi-generational family vacations.
Create A Comfortable Bathroom
Updating the bathroom of a rental property can be an excellent investment.
In addition to making any necessary appliance or cabinetry upgrades, tenants will also appreciate features that improve their comfort.
Consider adding a spa bath or his and her vanities. Spacious cabinets also make it easier for tenants to store their items, which gives them more bathroom counter space.
Deep Clean Between Tenants
Tenants who get to enjoy a deep-cleaned home are much more likely to be satisfied. If you rent a short-term property, make sure your cleaners are properly cleaning each room.
This includes changing out bedding, vacuuming all floors, and dusting between each guest.
Longer-term renters may require even more cleaning, such as professional carpet cleaning services. Make sure you have a carpet cleaning Nashville, TN, company that you trust.
Invest In Quality Appliances
Your tenants or guests will also appreciate the availability of quality appliances. Stainless steel appliances will also hold up better to frequent use, which means you won’t have to replace them as often.
Consider smart appliances today, as this can be an excellent selling point. Guests will love the convenience that comes with monitoring their cooking or cleaning via smartphone app.
New appliances can also help your renters be more efficient. This leads to lower utility bills, which your tenant will love.
Go Neutral
Whether furnishing your rental or adding decorations, consider going neutral. While bold, flashy colors can be aesthetically pleasing, you’ll limit the demand of available renters.
The best way to attract a wider range of potential tenants is to design using neutral colors.
This includes tans, browns, or beiges in each of the rooms. Decide ahead of time whether or not you’ll allow tenants to paint.
Of course, you could also subtly play off the Tennessee vibe. Whether you live in Nashville or Memphis, Tennessee is home to country music. Use this to add personality to your walls on top of neutral wall colors.
Design A Backyard For Entertaining
A home with an outdoor space for entertaining can also be an excellent selling point. Consider adding a deck or patio to your outdoor space.
You might furnish the space for short-term renters or allow long-term renters to bring their own furniture. A fence or tall shrubs or trees can give your renters more privacy.
Boost Curb Appeal
Boosting your curb appeal can attract potential renters from the moment they come to view your property.
Add some brightly colored flowers to the front yard and place a few potted plants on the front porch.
Painting your front door a bright, cheerful color can also help boost your curb appeal and make it the best-looking home on the block.
Install New Floors
Both short and long-term renters will love new floors. New floors, whether carpeting or hardwood, instantly freshen up a space and give it a more modern design.
To minimize having to replace your floors between renters, consider providing them with proper care and cleaning instructions.
For short-term renters, you’ll want to ensure your carpet cleaning or maid service knows how to properly care for the floors.
For long-term renters, providing them with cleaning instructions and even providing them with the best cleaning products can slow down how quickly they wear down.
Investing in real estate in Nashville, Tennessee, can be a profitable decision. However, you’ll be responsible for cleaning and decorating your home so that it attracts either short or long-term renters.
The more features or amenities that your home has, the more interest it’ll generate. The more interest you have in your real estate property, the more you can earn each month.
Consider a few of these projects if you’re looking to maximize your rental returns in the Tennessee market.
