How to Make Your Home Ideal for Private Tenants
Renting out your home, whether it’s on a temporary basis or because you’ve decided to relocate without selling, can be a great way to bring in additional income while maintaining the value in your property. However, many new landlords are unaware that they could be letting their property for higher rates or getting interest from more desirable tenants, just by making a few home improvements. Here are our best tips for making your home ideal for private tenants.
Focus on bathrooms and kitchens
Tenants often have their own ideas about how they’d like to furnish their bedrooms and living rooms. However, kitchens and bathrooms are, aside from a few cosmetic additions, very much as-is for renters. That means that by focusing your renovation budgets on kitchens and bathrooms, you can make your home far more appealing. Tenants aren’t going to be willing to invest in buying good appliances, generous counter space, and updated plumbing that they can’t take with them—but they’ll often invest a great deal more in rent to stay in a home that has these things.
And not only do up to date kitchens and bathrooms give your property additional value in terms of attracting prospective tenants, they also can increase your resale value, garnering about an 80% return on investment if you sell within a decade.
Finally, most of the repairs you find yourself responsible for as a landlord are related to kitchen and bathroom issues. Old appliances can cause electrical problems, and out of date sinks and toilets can lead to plumbing issues—all of these can be extremely expensive in the long run.
Invest in fresh paint
When you’ve been living in a home for a few years, you may not notice that your walls are dingy or marked. However, when a prospective tenant is viewing an new, empty, thoroughly cleaned space, less than sparkling walls can create a negative impression. By investing in light coloured, neutral paint, and painting before the start of each tenancy (or at the end), you can make your home look almost new.
Fixtures—from doors that stick, cabinet drawer runners that are wearing out, blinds with missing slats, to dripping taps—are typically very inexpensive to replace. Doing so before the issue becomes severe can also save you more money in the long run, especially when it comes to things like lighting and plumbing. Finally, new tenants love it when everything runs and works smoothly!