Renting your home out is a great way to earn an income and hold onto your investment while it appreciates in value so you can optimize your profits if you decide to sell in the future. In fact, as a landlord, you can look forward to taking advantage of many benefits, including the opportunity to work as your own boss and the ability to earn tax deductions for things like depreciation and repairs. To quickly attract tenants to your rental home and possibly increase the home's monthly rental value, consider implementing one or more of the following budget-friendly updates before putting the place on the market:
Focus on Appliances
One of the most important rental features that tenants across the board tend to look for are reliable appliances. Because home rental don't include appliances, you can expect to command higher rental rates by including them in your home. To make this project budget friendly, buy your rental appliances used at garage sales, thrift stores, and recycling programs in your community.
Have a professional from a service like Affordable Appliance Repair inspect each piece and make repairs as necessary—they can take the time to tune everything up so it works like new for your tenants. From there, simply give each piece a new coat of epoxy appliance spray paint to make them look new again. Appliance paint comes in a variety of colors and textures—you can even make the appliances look like they are made of stainless steel. It's a good idea to require a nonrefundable deposit for the appliances that can be used to repair and update them when tenants move out.
Dress up the Windows
Another great way to give your rental home a newer look and attract tenants so it doesn't sit empty long is to dress the windows up. By installing tinted window insulation film you'll increase the property's value in terms of comfort, convenience, and affordability. Window insulation film will not only reduce monthly energy costs for your tenants, but it will also protect your home's flooring and walls as well as your tenants' furniture from up to 95 percent of the sun's harmful UV rays.
You can further reduce energy costs, protect your rental home from moisture and mold damage, and make the place more attractive to renters by replacing the windows' blinds or curtains with cellular shades. Even inexpensive options offer optimal insulation, and they are easy to care for, which means they'll likely stay in good shape throughout the occupancy of multiple tenants. With dressed-up windows, wear and tear will be reduced on your HVAC system so you can expect to save money on repairs and maintenance as time goes on.
Install Vinyl Fencing
Fencing provides style, privacy, and safety that will surely appeal to potential tenants when considering your rental property. Vinyl fencing is an effective option to consider implementing if you're not interested in doing regular maintenance. It holds up well to extreme weather elements and will not crack, rust, mold, or warp, which ensures long-term performance with minimal cost requirements.
This type of fencing is great at keeping animals in as it can't be bitten or gnawed through, so it's a must-have if you are planning to make your rental pet-friendly. You'll find a myriad of color and texture options to choose from when picking out your fence, and you can rest assured that the color you choose won't fade in the sun or start to look weathered.
You should be able to recover some of the costs of these home updates by factoring up to 10 percent of your expenses into the nonrefundable tenant deposit.