If you plan to convert a house into an income-producing property, it helps to keep in mind the things a renter would like to attract these individuals. Certain modifications and upgrades tend to increase your earning potential as well.
Make Any Necessary Repairs
Maybe that broken toilet in the second bathroom didn't bother you, but potential renters want a place with as few issues as possible. Not having a second working bathroom could make them continue their search for a home.
As a general rule, make any repairs on parts of your home with reduced functionality. It also helps to make repairs to enhance the aesthetics of the home, such as replacing any missing or cracked bathroom tiles.
Fortunately, you can make the repairs yourself if you can produce a professional result. If not, you may need to hire a professional. Compare your options carefully based on experience, and make sure the individual carries the correct insurance. It helps to read reviews. Depending on the nature of the repair, you may want to hire a licensed contractor.
Improve Landscaping
If you're looking to improve the landscaping of your rental property, there are a few things you can do to make a big impact without breaking the bank. First, take a look at the existing plant life and see if there's anything that can be trimmed back or removed altogether. Overgrown bushes and trees can make a property look neglected, so doing some basic pruning can go a long way. Next, add some color with some inexpensive flowers or potted plants. And finally, make sure the lawn is in good shape by mowing regularly and removing any weeds.
Before making any major changes to the landscaping of your property, try the iScape app. This app offers easy-to-use design tools to bring your landscaping project to life before you spend money on hiring professionals.
Think About Hardwood or Laminate Flooring
Carpet tends to be less expensive; however, many renters prefer hardwood or laminate flooring. These options are easier to clean and often make a room look larger. For some people, hardwood or laminate is more aesthetically appealing as well, and they can always add large area rugs if they want the cozy feeling of carpet.
This also benefits you because carpeting stains easily and wears more quickly than hardwood or laminate.
Focus on Kitchen and Bathroom Upgrades
Renters will customize their bedrooms and living room however they want. However, most upgrades in the kitchen and bathroom require making changes to bathtubs, counters, and other key components, which renters can't do.
Therefore, when you're making upgrades, focus on these rooms. These are the rooms where people spend time showering and cooking, and those tasks are better done in a modern, updated space.
Consider Hiring a Property Manager
Perhaps you're not very handy when it comes to making repairs, or you're incredibly busy with a family and career. Hiring a property manager can save you time and ensure any repairs are done correctly.
Screen candidates carefully. If the person says they're a licensed contractor, take the time to verify their license.
Hire someone local to your area so they can make any necessary repairs in a timely manner and the renters won't have to wait for hours just for the individual to get there.
Know How to Advertise Your Listing
The internet makes it easy to reach a large group of people. For instance, you could post an advertisement for your rental on Facebook. You could also advertise on Zillow, which has an average of over 200 million viewers monthly.
Write Your Lease Agreement
Writing a lease agreement can be daunting, but it doesn't have to be. Start by clearly stating the names of the landlord and tenant, as well as the address of the rental property. Then, outline the duration of the lease and the amount of rent that will be due each month. Next, list any rules or regulations that apply to the tenancy, such as quiet hours or minimum number of occupants. Finally, include any information about renewal or termination of the lease.
If you have already have a lease written for past tenants and only need to make a few slight adjustments, you can try a free PDF editor. This tool allows you to edit a PDF and then save it as a new file.
Upgrade With Renters in Mind for the Most Profit
Enhance the appeal of a home with prospective renters in mind to find renters easily and get the most for your investment.
Download iScape now and create landscape designs that improve curb appeal and transform gardens. iScape it!
