Average housing prices reached $544,000 in October 2022. The figure is higher than the $516,400 in September 2022. While many bought homes to have a place to live in, others bought them to resell them.
If you’re selling an investment property, you want to make sure it appeals to the widest range of potential buyers. But there are certain upgrades you can make will help your property stand out from the competition if you’re looking to attract younger buyers. Here are some things you can do to upgrade your investment property and enhance its appeal among young buyers.
Younger buyers expect reliable high-speed internet access. Upgrading your investment property’s current internet setup is necessary if you want to attract a younger demographic. This means upgrading the router and any wiring in the home so it can handle multiple devices streaming at once. Try to get a faster speed than what is currently offered by your internet provider. This will assure young buyers that their internet needs are met without worrying about slowdowns or buffering issues. Additionally, offering a Wi-Fi booster or mesh system can help improve the home’s internet and give you an edge over other rental properties.
Smart Home Technology
Smart home technology has become increasingly popular in recent years. And younger buyers often look for properties with features like automated lighting, thermostats, and security systems already installed.
Investing in smart home technology for your investment property can make it more attractive to this segment of potential buyers while also increasing its value as an asset. Smart home technology systems can also be used to keep energy costs down and improve the comfort of tenants.
Automated lights, thermostats, and window treatments are all popular smart home options that help conserve energy while still providing a comfortable living environment. Security cameras, door locks, and alarms are also valuable additions that can provide increased security.
Upgraded Kitchen and Bathroom
The kitchen is one of the most essential rooms in any home, and young buyers know this. Investing in high-quality appliances will enhance the appeal of your investment property and ensure that it stands out from other homes on the market with outdated kitchen appliances. Consider replacing old appliances with energy-efficient models. These models will be more aesthetically pleasing and reduce electricity bills over time for potential buyers with limited budgets due to their age or stage of life.
In addition to the kitchen, you should also upgrade the bathroom. Adding a double sink or larger shower can significantly improve the appeal of your investment property and make it more attractive to young buyers. You can also install durable glass shower doors. The add-on enhances the appeal of the bathroom and makes it look bigger. If you’re on a tight budget, you can make minor upgrades, such as replacing old fixtures with modern ones or adding new tiles to the floor. Whatever renovations you undertake, always consider what will work best for your target audience.
Sustainability is an essential issue for many young people today, so investing in sustainable materials for your investment property will help attract younger buyers who are looking for eco-friendly options when buying a home or rental unit. Consider using materials like bamboo flooring instead of traditional hardwood floors, installing low-flow toilets, or adding solar panels on the roof (if possible). These materials reduce energy costs over time and provide a sense of environmental responsibility many young people appreciate when considering purchasing a home or rental unit. Some of these materials come with a slightly higher upfront cost. But they can provide great returns in the form of lower energy bills and better marketability should you decide to sell or rent out your investment property down the line.
Open Floor Plan Layout
Open floor plans have become increasingly popular among all age groups because they allow rooms to flow seamlessly while maintaining distinct areas within them. Young couples often gravitate towards open floor plan layouts because they provide them flexibility and convenience when entertaining guests or enjoying each other’s company at home. So if your investment property has cramped rooms with closed-off spaces between them, consider reconfiguring the layout into an open floor plan design. The design could be just what’s needed to attract younger buyers.
When designing an open floor plan, consider the furniture that will fit into each area. This is especially important for small or oddly shaped spaces as it helps to create a cohesive look throughout the room. Consider adding accent pieces such as rugs or artwork to break up larger areas or soften hard edges in smaller rooms.
Investing in upgrades for your investment property can be intimidating, but it doesn’t have to be! With these tips, you’ll be well on your way to attracting younger buyers who are looking for homes with modern amenities and sustainable features that meet their lifestyle needs.