When you’re looking to make some passive income, it’s often a good idea to rely on some of the assets you already have. For example, if you have multiple property pieces, these can bring in regular paychecks to boost your finances. While the idea of a landlord may seem daunting, usually, it’s more work to turn your home into a reliable rental property.
With some savvy home improvements and a few quality of life upgrades, you’re bound to attract a quality tenant. If you’re ready to convert your home into a money-maker, here’s what you need to know.
Address major fixes first.
When you’re converting a home into a rental property, it’s a good idea to prioritize your task list. Otherwise, it’s easy to get overwhelmed by all the to-dos. If there are any major issues with your home that will impact a tenant’s stay, these should be your focus. For example, do you have issues with the water heater? Is your heating and cooling system inefficient? Sometimes, it’s best to do a walkthrough of your home and create a list of fixes. However, if you’re having a hard time spotting any priority issues, you can hire a professional to do a home inspection.
Treat the home inspection the same way you would if you were getting ready to sell your house. The inspector will point out improvement areas, and you can use these to set up different tasks. On top of that, a professional home inspector may also have industry connections to contractors and day laborers. This can help you find a reliable service when you’re ready to pay for repairs. Once you’ve addressed some of the improvements that you can make around the house, it’s time to focus on ways to attract the ideal tenant.
Consider added amenities.
If you want to develop a solid landlord-tenant relationship, you need to set a good foundation. This starts with the perks and bonuses you throw in to find a reliable renter. While many families are likely to consider renting a home over an apartment, you have to understand that you’ll receive many applications. By adding some key amenities, you can raise your rental price a bit and cut out some of the tenant competition. For instance, some rental properties include portions of the utilities or offer free wireless internet access. While it’s rarely sensible to foot an entire utility bill on your own, you can agree to a fixed limit or percentage for each month’s payment.
Beyond that, you should also consider fun perks like a water delivery service or access to TV and movie streaming services. While these aren’t a requirement, they definitely make your property that much more appealing to the average renter. Whether you’re choosing a water cooler, water bottle service, or another water type, water delivery makes life easier for families on the go. And, of course, who doesn’t enjoy a good, old-fashioned Netflix binge? If you’re struggling to come up with ideas, put yourself in the renter’s shoes. If you were looking to rent a house, what would make an offer impossible to turn down? There are easy ways to stand out in a saturated rental market, from reduced utility fees to delivery services and other perks.
While perks and repairs are important, your relationship with the tenant is also critical. Unless you’re hiring a property management service, you’ll be working directly with the tenant. You want to make sure you address any needs and concerns as they pop up. Otherwise, you could damage your reputation. This makes it harder to rent your home in the future.
With the right tools and ideas, any home can become a rental property. Though it takes time and effort, it’s worth the investment.