Owning a home or apartment space is something that is exciting and comes with a lot of responsibility. If you are thinking of renting your space out this can be a great way to make some extra cash every month. There are several things that can go wrong if you do not take the right steps to have a really great rental property. These things can be easily avoided if you do your research and are smart before renting out your place.
Here are five things to consider when renting out a property to make it stand out in the best way possible:
How much you make from your rental property will all depend where your place is located. If you have an apartment that is right next to the freeway or is in a place that is never quiet will have a negative impact on who will rent the space.
If you are in a quiet neighborhood this will increase the different kinds of people that will be interested in renting from you. A family may want to move in or an older couple may want to move in.
You can’t really change this but you can do some moving around if you are willing to do some serious renovations and put in some time and money. This may get easier once you become a seasoned renter and have several rental properties if that is something you are aiming for.
What the layout refers to is how the house is laid out. Nobody wants to live in a space where you have to go through someone’s bedroom to get to the only bathroom in the house. You also don’t want to have to go through the bathroom to get to the kitchen or the living room. This can be avoided when you look at the house during the open house. Keep an eye out for what works and what feels awkward and doesn’t feel right when choosing a space to rent out.
This is something that is fairly inexpensive and can really change the look of any room. It really transforms the room and makes it look more professional and fancy. They do not have to be replaced very often and are fairly easy to keep clean if they are cleaned on a regular basis. If you choose crown molding you can install it yourself which will save you labor costs. There are different types of molding that can be used and you can really change the look of each room if you give each room a different molding.
Think about what you are going to use for your rental space. Covering everything in carpet will not be ideal especially if you have a family who has little kids that spill a lot of food. Using sheet vinyl is a great idea because it is tough and resilient. It also looks classy without being expense or breaking easily.
Think about what the house is made of. You are interested in renting it out and you want to make sure it is the right kind of siding for the house. This will prevent it from being damaged from outside weathering and heat.
Stick to Your Plan
You may have renters that want something to be changed. This can be really hard so you will have to practice saying no to certain things. You want to keep the cosmetics of the house up to date but it does not have to mean you have to buy the latest and greatest. Being honest and upfront with your renters of what you expect will lessen the stress placed on you and can reduce the chance of confusion.
Once you have everything set in place renting a property is an easy way to make extra cash or have someone else pay off the mortgage. If you play your cards right you can have a great source of income that is fairly passive once it is set up.