Property investors have discovered a niche market that offers housing for college students. Communal living is attractive to some students, however, the students might not want to live in a larger property. A single-family property might present a more appealing choice. Reviewing how to renovate and improve an existing rental property for college students helps investors discover why the niche is profitable.
Maximizing the Living Space
When renovating an existing property, the first task is to maximize the space and get more out of the investment. Even single-family homes could present the chance to have more than one tenant according to the design of the property. In college towns, the investment could provide housing for students who cannot afford to live in the dorms or who have children. A home that has larger bedrooms might present a chance to transform the rooms into two separate spaces and provide more space for students who need housing.
Updating the Kitchen and Bathroom
Updating the kitchen and bathrooms offers better features and better use of the spaces. Increasing the functionality of the kitchen and replacing outdated appliances gives the tenants a communal living space that all tenants can use and have enough storage. The design should manage heavy foot traffic and present enough counter space to accommodate everyone.
The bathroom designs should present a sanitary space for tenants that won’t present any risks. If the property is rented to college students, there should be more than one bathroom to accommodate the tenants more effectively. The spaces should be functional and give them adequate space for their hygiene products. Exploring designs that are easy to clean and increase energy efficiency helps college students who want to live together can afford the property and avoid health risks.
Adding New Features that are Highly Coveted
Adding new features that are highly coveted attracts more tenants to the property. Swimming pools are a highly profitable choice for a rental property, and they are highly coveted. However, when reviewing the new features, it is important for the investor to consider all possible risks the installations present. For example, college students are more likely to behave recklessly and injuries possible. If the investor determines a swimming pool is an ideal upgrade, it’s vital for the investor to secure insurance that covers related liabilities.
Increasing Safety Inside and Out of the Property
Increasing safety inside and out of the property helps the investor protect their tenants and themselves. Railings around steps prevent falls and lower the risk of injuries. Testing and repairing the wiring in the property lowers the risk of electrocution and electrical fires. The age of the home might also present some safety issues that must be addressed before tenants can move into the property. A safety inspection could help the investor determine if the property is inhabitable and safe.
Property investors who renovate existing properties could present college students with more affordable housing. The first task is to maximize the space and give the students enough space to live together. Property investors who want to learn more about this strategy find more information at NRIA now.