Learn the best features to invest in for your home or investment property
When owning an investment property, it can be hard to separate your personal likes and dislikes from the trends that buyers and renters are looking for. It's important to keep your place up to date but not go over your budget in doing so. Here are the current trends that homebuyers and renters are looking for in a home.
Pleasant outdoor living areas
This year everything is about dealing with the fallout from COVID-19. To be able to be outside in a safe, relaxing area is key. Many people have moved outside of cities because of remote working, and they are investing heavily in landscaping, hardscaping, patios, and outdoor kitchens.
Many families have purchased backyard playsets rather than using community features like this since March 2020, and that speaks volumes. If you can invest, even slightly, in making your outdoor area more hospitable, you will get the money back on this investment.
Clean, safe, and friendly neighbourhoods
A neighbourhood is entirely dependent on the residents. In other words, what is considered “friendly” to some may not be a good fit for all. If you own a property in an excellent school district and offers a good playground close by, you should look for buyers and renters who have children or are looking to start a family. If you live on a street with trendy bars and restaurants, your property might not be the best fit for a family, but it’s ideal for a first-time homebuyer. Knowing your audience in this way will save you thousands of dollars and tons of time in the long run.
When marketing your property, stick to one audience and promote the features that will fit their specific wants and needs.
This feature isn't new to the list, but many home buyers are looking for a new home based on the issues that they've dealt with during COVID-19. And there is no bigger complaint than feeling cramped after quarantine. Having space for each family member, having storage space for all the extra toilet paper (!) and keeping the home clean by having a space for everything.
Laundry rooms, spacious bathrooms, pantries, and playrooms are especially causing buzz right now.
Again, closets are one of the most requested features in every home tour. The master bedroom is now expected to have a walk-in closet, but that's not always possible or in the budget. Instead, consider getting closet enclosures that give an organized, clean and modern feel.
After being locked down for so long, we are all missing time with friends. Whether the world will ever go into lockdown again is unknown, but by providing plenty of space in the kitchen, dining room, or bar areas, we can be sure that guests will help us maintain sanity while staying safe.
Having a counter in the kitchen where people can gather (guests will always gravitate towards the kitchen) and space where plenty of people can eat at once (even on their laps) is imperative for most renters and homebuyers in today's climate.
If you need help buying, selling, or investing in rental properties, we can help! Get in touch today!
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