Investing in real estate with a non-recourse loan is easy when you partner with First Western Federal Savings Bank. We offer the resources and funding you need to start making smart investments into valuable properties that can help you earn passive income quickly. So, if getting the funding you need to invest in real estate isn’t the hard part, what is?
Finding the right properties to invest in can be tricky, especially when you’re looking to get the most out of each and every dollar. Fortunately, it’s easy to invest in the right properties if you know what to look for. The fact is, some features in a house are more valuable than others. Join us as we outline some of the most valuable and most wanted features that renters are looking for in a home.
Why Are Some Features More Valuable Than Others?
It’s an age-old question: “What makes a house a home?” If you’ve lived in your home for a while or you’re new to real estate investing, you might not have a great answer for this question.
However, potential renters or buyers have a very strong sense of what they’re looking for in their next home. The fact is, the features that you look for in your home may not be the same ones that renters are looking for. That’s because expectations of what a home is and how it functions have changed with time. This is also reflective of changes in the housing market as a whole. For the most part, first-time buyers and young renters are content to settle for a home that does not have all the latest and greatest bells and whistles. But they are looking for a home that has usable features and fixtures in decent condition. To really elevate your investments and make it truly attractive to a wider variety of renters, you will want to ensure that the real estate you’re investing in has some of these features.
An Expansive Kitchen
Across many traditions, cultures, and countries the kitchen serves as a gathering space for family and friends. It’s the source for food and beverage, which naturally draws people to it. As such, many people choose to relax here before and after work or to do their homework after school in the kitchen. The current market trend is that people are looking for kitchens that have spacious floor plans so that their kitchen can serve as both a place to prepare and present their food. 20 years ago, the dining room was an integral part of any home. This preference has shifted, however, and many homebuyers are instead looking for a kitchen that allows them to easily transition into the living room rather than the dining room.
Bathrooms with Modern Fixtures
For those who have been in the real estate investing field for a long time, or have experience with general contracting, it’s a well-known fact that updating a bathroom is one of the best returns you can get on your home improvement investments. In order to save money and maximize your rental profits, choose to invest in properties that have updated and modernized bathrooms.
Remodeled bathrooms are an attractive feature for potential renters. This is because there is a shift in the market, and Americans are spending less time and money on spas, salons, and other luxury experiences. Instead, they’re choosing to re-create these activities in their own home. Similarly, many renters are looking for ways to save money on the utilities, and bathrooms that feature energy-efficient faucets, showers, and toilets are a major draw. In addition to new fixtures, a bathroom with recently redone tiling, vanities, and mirrors are also a major selling point for potential renters.
Renters Are Looking for Homes That Are Easy to Care For
The fact is, renters are looking for homes that are simple to maintain and easy to care for. In addition to the eco-friendly appliances and kitchens and bathrooms, renters are also inspecting features like what kind of flooring is in the home. While carpet is an affordable flooring option for you, you might find that you can ask for a higher rental price every month if you use hardwood floors. Renters appreciate how easy it is to clean hardwood floors or a laminate equivalent. When it comes to countertops, slate and concrete countertops are currently in vogue for kitchens and even some bathrooms. They’re regarded by many as easy to clean and more robust than laminate and particle board counters.
In addition to the materials the home is constructed from, the infrastructure of the home itself can make it easier for renters to maintain the space. Electrical outlets are increasingly more desirable fixtures in homes as Americans use more and more electronic devices every day. Older homes typically have fewer outlets, making it difficult for homeowners to use their electric cleaning devices to maintain the home. If possible, invest in a home that has an outlet on nearly every wall.
Start Purchasing Real Estate with Your IRA
By using your self-directed IRA, you can purchase real estate to turn into rental properties and develop a passive source of income. As the nation’s leading provider of non-recourse loans, First Western Federal Savings Bank can help you achieve your real estate investment goals by getting the funding you need. Invest in residential, commercial, multi-family, and agricultural properties today. Contact our lending experts today and start your application process now.