If you aren’t going to occupy your home for a while, you may decide to rent it out to tenants. If you’re like most landlords, you’d like to make sure that your rental profits are maximized. Here are three easy ways to do just that:
1. Work With a Property Management Company
One of the best ways to make sure that your rental profits are maximized is to work with a property management company. There are several things a property management company can do for you that will allow you to ask for more rent:
- Provide and manage regular landscaping services.
- Take care of repairs and upgrades.
- Secure pet-sitting or home cleaning services.
- Complete regular inspections to ensure proper function of appliances and plumbing.
Your property management company can also make sure that the home is protected from pests throughout the year. Pool cleaning, mail pickup, and contract management are other services you may be able to take advantage of.
2. Liven Things Up With Some Paint
Paint can help breathe new life into your home, and renters are willing to pay more for places that look new than those that show signs of wear and tear. You don’t have to have the entire exterior or interior painted to spruce things up. On the exterior, simply patch up any cracks, scratches, and faded spots with fresh paint. As long as you use the same color as your base coat, it should blend in well with the old paint. You should do the following:
- Paint the exterior window frames.
- Paint the gutters.
- Trim the bottom of the interior walls.
- Paint the ceiling and top trim of the walls inside the same color to give each room some extra height.
Neutral colors are always a good choice, especially when painting a large surface because it appeals to most peoples’ senses. But don’t be afraid of using a little color! Shades of blue help create calmness and lower blood pressure, accents of yellow increases cheerfulness, and orange hues encourage creativity.
3. Increase the Property’s Security
People are willing to pay for security, so if you provide it for them, you can add it into the overall rental price. There’s no need to hire a security guard. Create added security for your home and renters with these options:
- Install a security camera that faces the front of your home and implement recording software.
- Install a recording device in the home that can be monitored by your tenants remotely.
- Incorporate a security system on the doors and windows.
Allowing a dog or two to live on the premises is another security option that tenants will appreciate and pay more for. To minimize the risk of pet damage, create a set of clear rules and make sure that they’re included in the rental agreement your tenants to sign. It’s also a good idea to require an additional move-in fee for each pet you approve of.
Implementing these ideas will not only help you increase your rental profits, but it will help to ensure that your home is properly maintained and taken care of in your absence.
The post Planning To Rent Your Home Out? Here Are 3 Ways To Increase Your Profits appeared first on Tips on buying western properties and getting mortgages.