Becoming a landlord is a huge responsibility, but it can also be a financially rewarding title if you know how to manage your property.
This is where clever rental property renovation comes in!
In today’s modern way of life, young people tend to opt for renting instead of buying, so the market is extremely saturated, but that also means that you have stiff competition from other landlords.
You need to make sure that your property is the most attractive and most accessible whilst still being affordable.
Here are 10 quick & easy tips that you can use when renovating your property for renting:
1. First impressions last
Your property will be judged within seconds of potential tenants viewing it, so first impressions do matter. Ignore if anyone else tells you differently!
If it looks unattractive, the chances are good that they won’t even bother to look further. Small things like cleaning the garden and fixing the fences will do wonders for your property’s image.
2. Make sure you have a hall pass
…and by this, we mean a hallway that tenants can pass. This is the first thing tenants will see when entering a home.
Make sure that it is clean and free from clutter – isn’t this the gateway to the rest of the house after all?
You might not have the biggest house or flat that you want to rent out, so you will have to create the illusion that the house is bigger than it is. Tenants ultimately want to know that all their stuff will fit in their new home.
Open those curtains for more light and put a few mirrors up to create some extra spacial effect.
4. Practically perfect
Adding a few extra practical things to your home will definitely increase its value like extra wall sockets.
These gestures will go a long way with potential tenants viewing your home.
5. Keep it simple
Of course you want to renovate your whole house so that it looks its best, but in this case, less is always more.
So, instead of fixing the entire sink, rather just replace the taps. This will save you expenses, but it will push your property value up by a little bit.
6. Garden paradise
If you are lucky enough to have a big yard on your property, it would be a good idea to utilize the garden.
Do some landscaping and decorate it with some classy furniture. This will help tenants visualize their outdoor lifestyle a bit better… which might mean that they’ll “take the bait”.
7. Pay attention to smells
Need we say more?
If something doesn’t smell right, don’t ignore it! Find the source of the problem and tend to it.
It will also avoid problems like dampness and mold in the future. Add some ventilation during renovation and maybe a few air fresheners.
8. Crack alert!
As soon as your building shows signs of cracking you should take care of it. Even if it is just a hairline crack, make sure you plaster over it ASAP.
Tenants will be more reluctant to rent if the structure is falling apart. Or giving the impression that it’s about to.
9. Batten down the hatches
People won’t rent a place if they don’t feel secure. Make sure any type of external damage is taken care of.
Fix the broken windows and doors before letting tenants in. This might cost you a bit, but it is an investment in the long run by doing this rental property renovation.
10. Clean up, clean up, clean up
Ensure that your building is clean from the inside out.
Mow the lawn, clean the carpets and wipe the walls before allowing tenants into your home. No one wants to live in a dirty house and it is very unappealing to the eye.
Renovating a home for rental can be tough, but with these few tips, it should be easy to boost the rental income on your house.
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