How To Create An Appealing Rental Property
While buying selling at the right time is critical for your real estate success, having a good rental is important for cash flow. Whether you are looking to purchase a new rental property or you are a homeowner looking to rent out your property, then you need to do it just right. If you want to make the most profit then you need to set up your rental property to be as attractive as possible, and there are many ways to make that happen. Here at Housing Price Trends, we are experts on the housing market, so we have some great tips for how you can prepare your home to be the ultimate rental.
Create A Plan
Before you start marketing your home or making major renovations, you need to create a plan of action.
First, you will need to decide if you plan to be the landlord or if you want to hire a property manager to keep an eye on things.
If you want to run your rental more like a business then you should consider creating a limited liability corporation (LLC). Creating an LLC offers great benefits, including several tax advantages. Also, you need to consider the liability protection that may be afforded with an LLC.
Appeal to Most Tenants
Now that you have your business details covered, it is time to get to work on your rental and make adjustments that will make it desirable to as many tenants as possible. Start with good curb appeal. Everyone wants to return home from work to a gorgeous home where the grass is cut, shrubs are pruned, and the exterior of the home looks appealing. If your rental needs improvements in these areas, make them now.
On the inside, it is wise to not have any rooms painted in radical colors that may turn off potential renters. Instead, go for neutral colors like white and gray that will appeal to most people. Your rental agreement should be specific as to the rules you have if renters want to paint the walls a different color, such as requiring that they be returned to their original color when the renter moves out.
Focus On Kitchens and Bathrooms
Experts say that the kitchen is the heart of the home, and that will be the case for renters as well. This is where families gather to eat dinner and talk about their days. It is also where many people entertain their guests. Consider what repairs may be necessary, and consider installing new appliances if the appliances are old and unappealing.
Bathrooms are another big selling point for renters and homeowners in general. People will be immediately turned off by a dirty bathroom with faulty toilets and sinks. Make necessary repairs, add a fresh coat of paint, and make any bathroom upgrades that make economic sense.
As you can see, renting out a property will take some work up front, but attracting and keeping good tenants will be well worth it in the long run. Tenant turnover is expensive and time-consuming.