Renting out a single-family home is often considered one of the best routes for those just getting into real estate to take. However, this doesn’t mean it’s an easy process. In fact, one of the most common mistakes that new landlords make is forgetting to update the home before renting it out. Not only does this mistake cost money in the long term, but in certain cases, it may even be illegal. Thus, the following includes a few things you should consider updating before renting out a home to a tenant.
If you are renting out a home located within a cold climate, you can bet that your tenants will depend on that boiler to provide them with heat. As a landlord, this is one of the things that you do not want to be called about. Why? Because replacing and preparing a boiler can be extremely expensive. In fact, a tenant may even have legal grounds to deny you rent, as the home must be considered livable at the time of the contract signing. Therefore, it is highly recommended that you bring in a boiler repair service company before officially placing your property for rent on the market.
Along similar lines, a home’s AC system is an important aspect of its comfort and livability. Make sure that your AC system is in good working order before allowing tenants to move in. Also keep in mind to have it inspected and serviced on a regular basis to extend its lifespan and prevent breakdowns.
Adding a fresh coat of paint onto your rental home may provide multiple benefits other than making it look nice. For example, most landlords want tenants that are going to be respectful of the property and pay on time. Therefore, making the exterior of the home look nice and kept up will often attract the good kinds of tenants to your property. Another benefit to painting the exterior of the home includes the fact that it enhances its curb appeal. Better curb appeal, the more offers you receive.
Most people would rather not put their belongings in an outdated space. Simply painting the walls with a modern neutral shade can help potential tenants envision themselves in the space. This will help your property to be a lot more appealing and marketable. Consider going for a soft gray or beige shade that can work with many different design styles.
If the home has seen better days, one of the best investments you can make is updating the floors. Yes, this can be a huge investment to make, but the benefits are worth it. Things such as avoiding having to constantly fix the floors and even increasing the asking price of the rental are all possible when you restore your rental’s flooring. When choosing new flooring, consider going with a waterproof material. This will make the floor more durable and resistant to wear and tear from the renters, especially in the kitchen and bathrooms.
If it’s been a long time since your property has seen new appliances, you may want to consider this upgrade. No one wants to be called in the middle of the night or workday due to a malfunction. Having appliances that you know are reliable will prevent this from happening and make the situation easier for everyone involved. Things like the refrigerator and washing machine could be great candidates for this upgrade.
Simply replacing small things like the handles on your cabinets and the faucets on your sink can go a long way in giving your property a more luxe look. Look into the latest design trends and pick something that meshes well with the rest of the home. This will help increase demand for your property and allow you to charge a good price.
Updates to any house can seem daunting, both because of price and the risk of the updates not paying off. However, most seasoned landlords will tell you that updating the home in some manner is better than doing nothing.
About the Author
Meghan Belnap is a freelance writer who enjoys spending time with her family. She loves being outdoors and exploring new opportunities whenever they arise. Meghan finds happiness in researching new topics that help to expand her horizons. You can often find her buried in a good book or out looking for an adventure. You can connect with her on Facebook right here and Twitter right here.