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. While many people like to buy houses outright, many others enjoy renting, so there is a big market out there. 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 need to decide if you plan to buy a new property to rent out or if you want to rent out a home that you already own. Renting to others is a good idea if you don’t plan to live in the house again because if the renters get comfortable, they may not want to leave and you can continue to earn rent money.
Whether you rent your existing home or buy a new rental property, you will also 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. First you will need to look at your budget to see if you can even afford a manager. Once you hire them, you will want to lay out all the details, including how much you plan to charge for rent, when it will be due each month, and how it will be collected.
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 less paperwork and several tax advantages. However, actually making the LLC is a bit more complicated and regulations can differ by state, so it is a good idea to hire a formation service to get you started. Zen Business can help you with this crucial step, so contact the Zen Business phone number at 844-493-6249.
Appeal to Most Tenants
Now that you have your business details set in stone, 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 is without blemishes. 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 that walk in those doors. 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 if 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. So, clean the kitchen and make repairs where necessary. Also, consider installing new appliances that will create convenience for renters.
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 redo the bathroom tile to make it as presentable as possible.
As you can see, renting out a property will take some work up front, but the profits you bring in could be exponential. If you need help pricing your rental or are interested in current trends, contact Housing Price Trends at 951-400-5045.
This article was gratefully submitted by Jackie Waters of hyper-tidy.com