Updated: Jun 21
As a rental business professional, you are looking around the market for new homes to invest in at all times. But this can be a difficult task when there are tenants who think they are looking for something when in fact they realize it’s not that efficient and only provides comfort.
It’s all about priorities, and these can get a little blurry along the way. What do tenants really want in the long run? Comfort or efficiency? Let’s discuss it in today’s post!
More Than One Bathroom
A house with more than one bathroom allows for a flexible and convenient shelter for everyone in the family. Modern homes often have different bathrooms designed with unique styles and fixtures to accommodate the needs of different individuals that live in the house. But the number of bathrooms you need depends on the number of people, the size of the house, and the needs of the people. You won’t be in desperate need of a second bathroom as a renter if you live alone and rarely have guests over.
Installing a guest bathroom on your property is a big decision to make mainly because it’s an expensive endeavor and needs to be used frequently to be worth the money that you spend on it. You have to consider things like water usage and maintenance when you have a second bathroom since you will definitely receive a larger water bill because there will be more water consumption and maintaining a bathroom can be costly and time-consuming work.
Open Plan Everything
When it comes to interior design, there are two main types of layouts and those are an open floor plan and a closed floor plan. According to these Tacoma property managers each of these layouts offers different benefits that can provide the lifestyle and design characteristics your potential renter is seeking. Open floor plans have been the dominant architectural trend since about 1990, but do tenants really need this kind of plan? Will they find it efficient in the long run?
Your home’s layout affects more than the placement of rooms and where walls are located. The style of your property manipulates how the space feels, the light, mood, and sound that travels throughout your indoor space. Before you choose what design style to go with in order to attract tenants, it’s a better idea to learn about what an open floor plan has to offer and the benefits and drawbacks this could include.
Open-concept homes that house large families can get very noisy and lack the privacy everyone needs to feel comfortable. Since the kitchen in an open plan typically lacks boundaries, strong food smells can travel to other rooms very easily. Also, a style like this means open visibility which can make it harder to conceal the clutter that can accompany a busy lifestyle.
You may consider new landscaping or even sprucing up your property along the way in order to attract new candidates. There are many renters who specifically look for a home that has a pool, and they refuse to rent out if the place doesn’t have one. But before you even consider a pool, you absolutely have to weigh the costs of installation and maintenance of a pool against the actual utility and value of it.
A pool can be a great addition to any home, but it only makes sense if you live in a warmer climate or in an area that has fairly short and temperate winters. Why bother putting something in if you’re only going to be able to use it a few times each year? It’s also much more appropriate if your property is located in a high-end neighborhood. The biggest issue to weigh is the extent to which the pool will be used. You’re spending a lot of money on it, so you have to ask yourself if you’ll get your money’s worth in profit for an investment that your tenants might not like in a couple of months.
So bottom line is, think carefully before you get a contractor to break ground on a swimming pool. Do the costs outweigh the return? Will the tenants want that in the long run or will it be too costly for them to keep up with and too much of a hassle?
Jacuzzi-style bathtubs do have some positive health trade-offs if you really think about it. The combination of warm water, weightlessness, and massaging from the jets can significantly reduce both mental and physical stress. The warmth also helps to tone down anxiety and prepare the body for sleep. This provides a more restful evening and generally helps improve the mood and health of a person.
However, after the initial purchase, and installation there may be a slight uptake in utility use as well. Jacuzzi tubs are often larger and take more water to fill. If the tub comes with a built-in heater, this, along with the jets, could bump utility costs up by $60 a month, depending on the frequency of use. But this addition doesn’t only affect the tenant, it also puts extra costs into the landlord's lap, as the expenses are the most obvious drawback, starting at about $1,500 for a quality tub, the prices do fall in a greater range. But will the tenant who is so dead set on having a jacuzzi, appreciate it for the entirety of the lease, or will it accumulate dust and grime without being used?
Heated flooring everywhere
Radiant floor heating is a system where either electric wires or hot water pipes are installed underneath the flooring to create warmth and comfort. But you have to keep in mind that floor heating won't always be enough to serve as the only heat source. While this might have its pros, there are also some cons to it that take away from its efficiency.
For example, If you want to install radiant heated floors in your home, you will need to replace your existing flooring. This is because radiant heated floors need to be installed under the new flooring, Which at the end of the day means a lot of money out of your pockets. It’s also more costly to keep the heat running from the floors and through the traditional heaters. So really think about this investment before deciding it’s what tenants want.
Tenants are not only looking for shelters, that are comfortable, but they also want efficiency. And if the property gets too expensive to maintain, they will not be pleased with it no matter how much comfort these things provide.
A property manager can be by your side and guide you through the process of choosing the right property to invest in with the right amenities that will not only bring comfort but also be efficient.
Get in touch with us today and learn more about our services.