If you are looking to rent out your investment property, you could be concerned that you'll have a tough time finding tenants. It might be a tough rental market in your area -- with a lot of competition -- or you might fear that your property just isn't up to par. Luckily, there are a few simple but effective rehab projects that make homes easier to rent, so consider tackling these projects so that you'll have potential tenants lining up to rent your properties.
1. Applying New Interior Paint
There is something really nice about a home that has new paint throughout. The paint looks fresh, helps cover up any imperfections from previous tenants and gives the home a nice, clean smell. Plus, paint is inexpensive and can be applied yourself, so it's a great place to get started. Just make sure that you use more neutral colors, since different people have different decorating styles and might be turned off by bright, bold colors that might not match with their furnishings.
2. Ensuring the Flooring is Easy to Clean
Many people who have kids or pets -- or who are known to make a little bit of a mess themselves -- shy away from rentals that have nice carpet, particularly if the carpet is light in color. If the flooring is easier to clean -- such as if you opt for tile or hardwood flooring -- then you might bring in more potential tenants. Plus, as a bonus, there is a better chance that you'll be able to clean up the mess if a tenant doesn't do the best job of taking care of your property, so you can save money on replacement flooring in the future.
3. New Light Fixtures
If your rental property is missing light fixtures or if the light fixtures appear to be worn out, it can make the entire property look a lot less appealing. You obviously do not have to invest in expensive chandeliers and other expensive fixtures. Instead, you can choose cheaper light fixtures -- as long as they are new and are installed properly, they should add a fresh look to the home. Plus, they can be a lot more energy efficient, which is a good thing for both tenants and the environment.
Some people prefer to live in a home that has a fence, particularly if they have kids or pets. Others like to have a fence if they worry about security. Plus, a fence is great for dividing property lines and making the yard look great. If you want to keep costs low, consider installing chain link fencing -- it's typically a more affordable choice but does the trick and can look nice and neat if it's installed correctly.
5. Basic Landscaping
No one is going to expect you to plant gorgeous flowerbeds and to tackle other major landscaping for a rental property. However, a home can look a lot more appealing to a potential tenant if it has lush, healthy grass and a bit of basic landscaping. Even distributing a little bit of mulch around the house and planting a few inexpensive bushes, shrubs and flowers can make a big difference in the way that the lawn looks. Plus, adding things like mulch can help keep weeds at bay, so you can enjoy a better-looking property while your tenant is renting.
If you want to make your home easier to rent, you should consider one -- or all -- of these rehab projects. If you need help with funding for your rehab project or to otherwise get your properties rental-ready, contact us at Center Street Lending to find out how we can help.
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