Research indicates that in the U.S., approximately 44 million households rent. With so many people choosing to rent rather than buy, landlords have numerous business opportunities. Of course, everyone is trying to attract the same tenants, so your property needs to stand out. Fortunately, there are many steps you can take to make your rental home more appealing. Today, The Welder Helper shares a few to turn your rental property into a hot commodity!
Protect Yourself From Liability
When you generate income from rental properties, it’s good to create a separate legal entity to handle daily business demands. A limited liability company ensures a boundary between yourself and the enterprise, even if you’re the sole owner. Forming an LLC is relatively easy, so you can fill out the paperwork yourself if you don’t want to spend money on a lawyer. You can also hire a formation service if you want someone else to handle the paperwork without the expensive lawyer fees.
Manage Your Property
As the landlord, you’re responsible for addressing certain property needs:
- Arranging HVAC maintenance
- Scheduling plumbing repair
- Fixing household issues such as broken doors
While you may handle these tasks yourself, you can save time, energy, and money by hiring a property manager or management company.
Offer a Washer and Dryer
Many tenants consider indoor laundry appliances a must-have. When considering washers and dryers, look for energy-efficient models to save renters money on utilities. If limited space is a concern, you should think about stacked units.
Beautify the Yard
Welcoming outdoor spaces are perfect for hosting parties, letting kids play, and giving pets room to run. Adding just a few low-maintenance features can transform a yard:
- Turfgrass
- Shrubs
- Coleus plants
Shade trees are another great option, as they reduce energy costs while providing privacy.
Upgrade Kitchen Appliances
For many people, the kitchen is the heart of their home. You can make it a pleasant space by upgrading the counters and adding an island. Energy-efficient appliances are another great draw:
- Dishwasher
- Stove and oven
- Refrigerator
Smart appliances can save tenants further money while offering convenience.
Clean the Exterior
Curb appeal has a significant impact on whether tenants consider your property. To increase curb appeal, powerwash the exterior to eliminate grime, bird droppings, and stains. If you notice chipped paint, give the exterior a fresh coat.
Replace the Floors
Flooring is the first place tenants look for signs of wear and tear. To give your property a polished feel, replace or refinish old floors. When choosing a replacement type, remember that durability and maintenance are top concerns, as you don’t want to spend money repairing a floor you just put in. The following are excellent options for high-traffic areas:
- Vinyl
- Linoleum
- Tile
Add a New Coat of Paint
A fresh coat of paint is an easy and inexpensive way to make a property feel like new. While you may be tempted to choose eye-catching colors, you’re better off sticking with neutral shades:
- Gray
- Ivory
- Tan
- Taupe
- Cream
Neutral colors complement a wide range of decor, allowing tenants to embrace their unique styles. To create a more dynamic effect, you can pair light colors with dark accents such as navy and charcoal.
Create a Marketing Campaign
Once you’ve upgraded your rental property, you need to get the word out. You have a few options when advertising your rental:
- Create a detailed listing
- Place a sign in the yard
- Post on social media, starting with an infographic template
Renovating can be expensive, but it’s well worth the investment if you plan to rent the property. With strategic upgrades, you can create a space tenants flock to.
The Welder Helper offers welding resources for beginners and pros alike. Have some questions or suggestions? Feel free to drop us a message.
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