You get a lot of advice on the common things to look for in a real estate, such as a high-end kitchen or a bathroom is more like a spa. These aren't the only boosts you can get on your property's value, however. The seven things below don't get mentioned all that often, but they have the potential to increase a real estate investment's value for new landlords.
1. Internet Speed
Streaming video services, online video games, and resource-demanding websites all require more bandwidth than ever. If your property has the benefit of FIOS internet service or Google Fiber, it'll be more attractive to renters who are looking to maximize their connection speed.
2. Proximity to Quality Grocery Stores
Having a grocery store nearby is always nice for a real estate investment, but higher-end grocery stores such as Whole Foods and other specialty markets can have a positive impact on your real estate investment's value. These stores indicate more affluent neighborhoods or up-and-coming areas, which can help boost your property's value and attractiveness to renters. If you hear about a specialty grocery store being built in your investment's neighborhood, it's time to celebrate.
3. Tree-Lined Avenues
The image many people have in mind when they think about the ideal residential neighborhood is a tree-lined street with mature oaks. This vision also indicates a more valuable real estate investment. You can set yourself up for long-term gains by looking for properties with tree-lined streets a few years from maturity.
4. Front Doors
You only make one first impression with your rental property, and your front door helps boost its curb appeal. Look for properties with particularly striking front doors, such as an unusual design, stained glass, an eye-catching color, or other distinctive element. Front doors are easy to switch around, too, so this is an easy fix for your current properties.
5. Bike Lanes/Walking Trails
A property's walkability has a big impact on its value, as tenants can simply walk or bike to restaurants, grocery stores, and other amenities in the area. A pedestrian-friendly neighborhood is an obvious sign of walkability, but there are other indications of walkability. Some cities implement bike lanes and walking trails to connect residents with stores and other areas. Tenants may take more time to get to amenities on walking trails, but they avoid getting in the car, and dealing with busy highways and other problems.
6. Air Quality
Allergies to dust mites and other airborne components make it difficult for a tenant to enjoy a property with low air quality. High-quality filters on HVAC ducts and an air purifier in the property can improve this invisible aspect of your real estate investment. Regular maintenance on your system is a must as well.
7. Energy Efficient Appliances
Utility bills take a bite out of a tenant's wallet, so cost-conscious renters look for ways to reduce the impact. Energy efficient appliances and solar panels bring down overall utility costs, so you'll be paying less when you're waiting to rent your property, and your tenants get to enjoy the savings as well.
Look beyond the obvious signs of a high-value property. These unusual and overlooked real estate features will help increase your property's value. You can add some of these features after purchase, but most are set in place before you even make a real estate investment.
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