The real estate market is beginning to pick up again. Despite the lagging housing market across the country, real estate has always been highly sought after in the city. Experts call this type of economy the land lord’s economy. Many people are reluctant to buy because they don’t have the resources, especially in the city. So if you have a house that is on the market, you may want to think about renting it for a few years. Demand is extremely high for rentals right now. Make your house or apartment attractive to potential NYC renters by making these five easy investments.
- Doors – First impressions are everything. When your tenants arrive, you don’t want to lose them at first sight. By purchasing new doors for your home, you can really make that great first impression. No décor is more important than the walkway into your home. There are great products available at attractive prices, which can give your home a classic or modern feel. If you have access to a balcony, a terrace door will give your apartment the elegant look you desire.
- Outside façade – Depending on the material makeup of your house or apartment, start brainstorming ideas on making the outside look crisper and cleaner. The door needs to stick out. If it is hidden among an ugly outside façade there is no point in upgrading. If you have brick, stucco, or aluminum siding, take a power washer to it. You can rent power washers for the day from your local hardware store. Freeing your façade from dirt and build up is a great way to add to the crisp and modern look.
- Windows – New windows should be the final touch on the outside of the structure. Windows are the pathway to the view of the city skyline or neighborhood. A good view can be a deal maker. Double hung windows and casement windows are the typical go-to replacement windows. As a landlord, you can even consider adding hopper windows in rooms that have little access to outside light. New windows can also help keep the A.C. in on those hot NYC days, saving energy and money. If you are worried about the size of your windows or unsure about what your options are contact a window replacement company for help!
- Indoor paint – Now that the outside is covered, its time to give the inside a makeover. The inside should be basic. Most tenants will decorate their apartment or home themselves. They just need a good base to build on. Find a soothing color to paint the inside. Try different colors for each room or stick to one throughout the entire property. Green and blue are said to be the most soothing colors to human eyes. Check out different shades of those colors when trying to choose your base. Remember that this house is not for you and you won’t have the luxury of living in it. So, don’t over do it on the price of the paint!
- Stylish Floors – The final renovation will be your floor! Rip up that old ugly rug or scratched wood. Everyone is capable of pulling up their own floor. Make it a DIY project because you will save money and learn a new skill. The floors and the base color should complement each other while tying in the new door and modern windows. Explore a mahogany wood, natural stone, or vinyl flooring for your property. All of these share the city living feel.
Not only will your property be more attractive to prospective renters, but renovations like these will improve your properties overall price. NYC will always have a plethora of college students and young professionals looking for modern apartments. These additions will surely add great value to your home and help fill your newly renovated home for the upcoming rental season.
About the Author
Jess Holmes is a freelance writer who enjoys blogging about home improvement and DIY.