As a landlord, it's possible to create a guaranteed monthly income while working as your own boss. Your rental home can generate various benefits to take advantage of, such as multiple tax deduction opportunities and the the ability to expand your personal or business investment portfolio. When preparing your rental home for new tenants, take the opportunity to make a few updates that should help boost tenant interest and therefore increase your overall profits. Consider implementing one or more the following ideas:
Spruce Up the Garage Door
The garage is typically accessed a couple times a day when a tenant is leaving and coming back home—and even if your tenants don't drive, they will likely want regular access to the space for storage use. For this reason it's essential to ensure that the garage door is in proper working order before putting your home on the rental market so that renters are more likely to want to live there.
Additionally, if the door doesn't perform properly due to rust, a frame misalignment, or damage of any kind, it can produce excess mold and moisture buildup inside the garage, which means the need for extra time, effort, and money when it comes to cleaning up between tenants. Also, a garage door with rusted springs and loose fittings can become a danger to children and pets, as well as things like bikes and vehicles.
Protect your rental home from unnecessary damage and increase interest among potential tenants by having your garage door inspected and repaired during the process of readying it for the market. During the inspection, your service provider should perform tasks such as these:
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replacing any damaged springs in the door
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tightening handles, screws, and other hardware
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inspecting and repairing the rollers if needed
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installing new weatherstripping along the sides and bottom of the door.
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lubricating all of the door's moving parts
Consider having a service provider, like one from Jayton Door Corporation, install an automatic door opener sensor that can detect when objects or children are under the door so that it will not accidentally close on anything.
Improve the Kitchen Appliances
For the majority of tenants, appliances tend to be one of most important aspects of renting a home. If your home includes appliances, it's a good idea to have them tuned up, repaired, and updated to give them a modern look. After having a service provider inspect and fine tune each appliance, simply give each appliance a new coat of epoxy appliance paint to make them look new again. The paint comes in a variety of colors and textures that should make it easy to create a customized look and feel.
If your rental home doesn't currently feature appliances, or if some are missing, consider buying what you need at a discount from places like thrift stores and garage sales. You can then have them inspected and paint them for a fresh feel before installing them. By offering working, well-kept kitchen appliances with your rental, you may be able to command a higher rate on the rental market.
Update the Doors and Windows
Replacing your windows and doors with Energy Star options will help save your tenants money on their monthly energy costs, which is something they are sure to appreciate from the get-go. The superior insulation that Energy Star windows and doors provide helps to keep temperatures indoors comfortable year round, which will help decrease the amount of wear and tear that tenants put on your HVAC system as the seasons change. And because energy star windows feature low-emissivity coatings, they'll help protect your rental home's flooring, walls, and countertops from UV damage as time goes on.
These rental home updates are sure to provide comfort and convenience for your tenants while protecting your investment throughout the year and enabling you to optimize your profits.
