If you’ve decided to rent out your home as an investment property, why not maximize your rental income as much as you possibly can? You may be surprised at how much extra you can charge with some home renovations.
Here are eight ways you can turn your once “home sweet home” into a sound investment property and source of passive income. Plus, you never know how far this could go. You could have your home looking so great that a home buying company might make you a sweet offer to purchase it.
Install Quality Countertops
Upgrading your countertops definitely adds value to your home, and is appealing to renters who are ready to pay that extra penny for having an upgraded kitchen. When it comes to kitchen countertops, there are so many different materials and styles to choose from. Cement and marble are both popular materials in high-end homes, however granite is also a nice choice.
When selecting the right countertops for your rental home, it’s best to ask for advice from a professional. For example, it’s very popular right now to combine marble-looking countertops with a grey and white color palette. Avoid selecting a color that’s too dark or too bold as it may be considered dated, or may make the kitchen look smaller than it actually is.
Buy Matching Appliances
Do you have old, mismatched appliances from circa 1995? Appliances are often one of the first things that potential renters look at when they come to view a home. Though spending money on all new appliances can become costly, think of the potential headaches it will save you when you don’t get calls for maintenance.
In addition to this, repairing old appliances will only lead to enormous cumulative costs in the long-term. New appliances all come with a warranty, so you don’t have to budget for unexpected surprises.
Outside of the kitchen, consider appliances throughout the rest of the property. If your home has washer and dryer connections, why not include a washer and dryer with their rent? This little perk can go a long way, as some people don’t have a set of their own, or don’t want to have to purchase them for their rental home.
Replace the Flooring
Although carpeting is nice and cushy on the feet, it’ll inevitably need replacing every few years. Pets and children make keeping carpet clean a daunting task. This is why it’s a wise investment to go ahead and upgrade to wood flooring. This is particularly true if you have old linoleum flooring anywhere in the home, as it’s a big turn-off to potential renters.
Not only is wood flooring beautiful to the eye, it just makes sense. When a liquid gets spilled on the floor, you can quickly just mop it up! Although it will cost you initially, your return on investment for installing floorboards is sure to be worth it.
Increase Storage Space
Another great thing that you can do to appeal to potential renters is to make sure your home has plenty of storage space. Sufficient storage is one of the top priorities for renters. One change that you can make is to add basic closet organizing systems like portable drawers.
This will put you one step ahead of the game. Another simple addition is to add hooks in bathrooms and entryways. If your outdoor space allows, you could even add a storage shed.
Install New Windows
If your property is on the older side, it might be time to replace the windows and eaves. Aside from their cosmetic purposes, to keep your home looking light and bright, they also help ensure your home’s heating and cooling bills are manageable.
Having new windows does wonders to freshen your home’s appearance. If you decide to replace the windows, be sure that you do it right. Hire a window replacement company that installs energy-star compliant windows. Double-pane windows are best, as they work to dull outside noise.
Replace the Roof
Is the roof of the property more than 15 years old? If so, it’s probably time to get it replaced. If you don’t, when severe weather strikes, serious damage may occur. If you’re not certain whether your roof needs replaced or not, have a roofing inspector check it out for faults.
Replacing your roof increases the value of your home in several ways. For a start, having a new roof put on your rental property can raise its curb appeal. This is particularly true if you pick out a color that complements your home in the best way. It will also ensure the property is well protected from the elements. So, not only will it look good, but it’ll protect the people inside of it.
Focus on the Details
Sometimes it’s the little things that make the biggest overall impact. For instance, replacing a bathroom faucet with something that’s more visually appealing is a great example of a small change that can lift the look of a room. While you’re at it, making the sink fixtures match in all parts of your home is an excellent idea. This will help bring harmony and unity to the home’s décor.
Take a look upwards. Do you have old, rickety ceiling fans that look like they’re about to fall down? Exchange them for something new and modern. Why not buy an interesting light fixture and hang it as a focal point in your entryway, while you’re at it?
Even notice the smallest details, such as door handles and window blinds, can enhance the look of a home. Why not spend a few more dollars on these elements to make the space look more luxurious?
Work on Curb Appeal
When driving through your neighborhood, how do you think the outside of your home compares to others? Does your property need painting? Are there any trees or shrubs planted, or is the garden in need of attention?
It’s fair to assume that grass should be mowed before you show anyone your home, but look for other details you might have missed. Make sure there are no overgrown bushes or trees blocking the view out of the windows, for example. The exterior of your home doesn’t need to be perfect, just a little more inviting to a potential renter.
Wrapping It Up
Renovating your home for the purpose of renting it out requires you to see it through the eyes of another. If your home looks bland and ordinary, or not well-maintained, you’re unlikely to get the monthly rent you’re hoping for. Make changes in your home that’ll allow it to stand out above the rest, and the time and money you put into fixing it up are sure to pay off in the long run.