Posted on: 9 August 2016
Being a landlord offers a variety of benefits to take advantage of including the ability to be your own boss and work your own hours, the opportunity to claim various tax deductions at the end of the year, and the peace of mind in knowing that you have a guaranteed monthly income. You can optimize your profit margins by improving property value and increasing renter interest, so your home is always occupied. Consider implementing the following tips and tricks:
Make Appliances a Priority
Reliable appliances are one of the most important features that tenants tend to look for when searching for homes to rent. Many places don't include appliances, so you can expect to command higher rates for your rental property by featuring at least the basics in your home. If your rental home doesn't already have appliances in it, you can buy them used from places like thrift stores, garage sales, and even appliance recycling programs in your area to make this improvement project cost effective.
Have a professional inspect, repair, and tune things up as necessary, so each appliance works like new again. Then, you can freshen each piece up with a fresh coat of epoxy appliance spray paint to make them look new again. Epoxy appliance paint comes in a variety of shades and textures which should make it easy to create a look that fits your rental home's style – you can even make old faded appliances look like they're made of stainless steel. For more information, talk to a professional like American Appliance INC.
Install Some Vinyl Fencing
Installing fencing around your property will provide safety, style, and security that your tenants are sure to appreciate and will likely be willing to pay more for. Vinyl fencing is an excellent option that won't crack, mold, rust, or warp as time goes on which will help to keep maintenance and repair costs low as time goes on.
This type of fencing is especially helpful if your rental home is dog-friendly because it can't be chewed through or bitten up. Your new vinyl fence may even increase your property's overall value when all is said and done. Vinyl fencing comes in a variety of shades and heights so you can easily incorporate it into different garden and landscape types.
You may be able to recover some of these home upgrade costs by factoring in about 10 percent of your expenses into the overall rental cost of your home.Share