Selling Investment Property: Who Will Pay the Most for Duplexes Right Now?
If you own a Duplex, and are looking for rental property experts or Duplex experts in the Twin Cities, give us a call right away.If you're about to sell your Duplex, Triplex or Quadplex, you'll want to keep reading to find out how you should be targeting to sell for the highest price.You may not believe it if you came of age when the population of Minneapolis was declining as much of it’s housing stock was neglected, but Duplexes have become trendy!
Young People Want Duplexes
A new generation, who came of age in the Great Recession, and value independence over stability, are now in a position to make an investment in Real Estate. For this younger generation, buying a duplex makes a lot of sense financially. Buying a single-family home would hamstring them financially and limit their options in future employment endeavors. However, these aren’t your typical investors, they are highly educated, cultured, and opinionated. They value aesthetics as much as utility, and they have a clear vision of where and how they want to live.
Young Duplex Investors Value Aesthetics as Much as Utility
The good news…. If you own a duplex near the Twin Cities core, there's probably a lot of demand for your property. If you want to sell your property fast, for the most money, you may have to make some investment to modernize your property. Along with a little elbow grease and some economical investments following these recommendations, you might yield significant returns. Remember that style preferences have evolved!
Home Styles for 20 Somethings
Granite countertops and neutral tans remind the younger generation of the whitewashed suburbs that many of them grew up in and are trying to expand beyond. Take into consideration some of the modern tastes in order to appeal to your ideal buyer! Floors, walls and modern living spaces often make use of gray because it can make a space feel cozy yet open. Lighter neutral tones in blue or green family can also be a good choice. In general, it’s still good to stay on the neutral side when it comes to color, but maybe do some research before throwing up the same tan that you always have. When it comes to flooring, many younger people are moving away from a preference for carpet and in some cases, they even carry a distain for it. Rather than viewing carpet as a warm comfort below their feet, they tend to think of it as a sponge for dust and dirt. There are many low cost and easy to install alternatives including vinyl or laminate tongue and groove flooring. If you currently have hardwood floors that are scuffed and worn, perhaps you should consider getting them refinished. It can be relatively inexpensive and it can carry a lot of appeal for potential owner occupants.
Kitchens and Bathrooms
Aesthetic investment in kitchens and bathrooms can yield the most return. Again, some relatively low cost updates can make your place shine and greatly increase its appeal. Good news for you is that expensive granite countertops are no longer the most desirable material for countertops, and for investment properties, there are a lot of options available that are just as cheap as the faux granite laminate that you find at the big box stores. IKEA leads the way in cheap and appealing options for countertops with sleek and simple laminate and faux butcher block and you can expect to spend around $100 for a 96” piece. Any skilled handyman could install them in a matter of hours. Additionally, consider adding a nice backsplash behind the sink and/or countertop. The backsplash typically sits at eye level in a kitchen and can make a strong instant impact on any buyer. It shows the buyer, that you as the owner have given though and care to the kitchen space above and beyond the essentials and it can influence their perception of the entire property. In the bathroom, the easiest and most cost effective update is to add or change out the vanity and/or mirror. This simple addition can change the feel of the entire bathroom as it is often the centerpiece of the room.
Curb appeal may not have the same impact on the sale of a rental property as it might with a single family home, but first impressions matter and it’s still important that the exterior is presentable. Stand in front of your property and think critically about its appearance. Ask yourself, “Does it look inviting or neglected?” Most importantly, you will want to fix any broken windows or fascia/siding if possible. Excessive pealing paint may make a property look neglected as well. Lastly, consider putting some easily maintained vegetation (like Hastas) in the yard if there isn’t any. I will make the home feel more like a home than a rental property. Mind the common spaces, make it look great, and you'll have some new buyers ready to owner-occupy for top dollar.