Renting out your house for extra income gives you much-needed financial freedom and security. Sometimes an inheritance or divorce may necessitate the desire to become a landlord. Even as you pursue your dream, understand that there are countless properties listed for rent in the property market. Landing a customer for renting can be a challenging task if your property does not stand out. The esthetics and functionality of your home play a critical role in landing that first renter and increasing your home’s value.
Turning your house into a rentable property is the product of thoughtfulness and detail-orientation. The following strategies will help you make your home more rentable:
No one would knowingly rent a house with safety red flags. Renters are always looking for houses that are safe and secure, especially when children are involved. Install fittings such as fire extinguishers and smoke detectors. If possible, include a fence around the house to add a layer of security around your property. Additionally, consider including a marked emergency escape passage.
Spruce up the exterior
One of the easiest ways to make your home more appealing is to improve the exteriors. Sometimes all it takes is a new coat of paint, a trimmed fence, flowers, or well-paved pathways. Hardscape is for making that valuable first impression. However, be moderate in your effort at sprucing up the hardscape. Avoid extreme makeovers and intricate modifications that may give your home an expensive aura. Expensive maintenance cost is a turnoff for many prospective renters.
Renovate your home
From broken faucets to a blocked toilet, countless problems may dim your dreams of becoming a landlord. Kitchen renovations can help you land those elusive renters. Inspect the whole house, identify, and fix or replace any broken fittings and appliances, including doors and windows. Clean the whole house and ensure that everything is fully functional before opening it for viewing. No reliable tenant will move into a house full of trash from the previous occupant.
Be intentional in your marketing
Properties are usually designed with specific market segments in mind. Therefore, developed thoughtful ads that target your ideal clients. Don’t forget to include essential details about your house and location. Include nearby social amenities and public facilities such as shopping malls, schools, and even distance from town. A creative ad might be all you need to persuade a potential tenant. Include professional photos or videos in your marketing campaigns to underscore your commitment. Describe in detail, using colorful and flowery language and great pictures. Choose the most effective platform to reach your audience.
A compliance permit and insurance are important
It is not enough to repair and upgrade your property before putting it on the market. All your efforts will count for nothing if you don’t get permission from the local authorities. Have your home inspected and approved. Additionally, get landlord insurance.
A good tenant will take you a step closer to realizing your dream of becoming a landlord. Be a good landlord by making repairs and upgrades to your property and investing in creative ads.