The home rental industry is surging in popularity these days. There are many property owners who have turned even their own homes into small rental homes. Property owners have increased their revenues by making their rental homes carry a more homey appeal without having to spend so much.

Homeowners that are earning from rents need to make an upgrade on their properties so they can increase the value. These properties may have been acquired from deceased parents or purchased as their long-term investment.

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That being said, there are several factors that need to be considered when it comes to upgrading a home:

  • Insurance
  • Taxes
  • Monthly mortgage
  • Repairs and Maintenance
  • Personnel

Despite the potential costs incurred, there are ways in which the landlord can increase his income by cutting down the expenses and proper maintenance of the property. Making smart and inexpensive upgrades will help increase the rental cost that potential buyers are openly willing to pay without them worrying it themselves in the future.

If you’re planning to offer your house for rent, you might want to check out these tips on how to boost the value of your rental:

First Things First

Before you start advertising your rental home, take a look at the place. Does it need repainting? Does it need massive repairs, or does it only need some minor restaging to make it more inviting for potential renters?

Laminate Flooring

Apart from being inexpensive, laminated floors are easier to clean and they are appealing enough to encourage renters to lease. Wood flooring may add more value to your rental home but that would also mean more money coming out of your pocket.

Add a Bedroom

You don’t need to increase the floor area of the unit for rent. You just need to check if the available space you intend to make as an additional bedroom is spacious enough and adheres to the building code in your locality. When renters come in to check the place and see that there is more than one room, they may perceive your property to be at a higher value than others.

Recreate the Bathroom or Kitchen

The kitchen and the bathroom are the places in the house where renters are very particular with. Adding inexpensive tiles or painting over an outdated tile might just be what you need to make the room appealing.

Enhance Outdoor Living Spaces

If you’re offering apartments for rent in Southern California, take note that some potential renters may want an extra space outside their homes like a patio. Renters who can afford more expensive properties would want to get more value to the money they are paying monthly.

Maximize the outside area by placing beautiful plants to enhance the beauty of the garden. You might need your landscaping skills.

If you want to add value to your property and there is a window of opportunity to do so then, make it happen. Pursuing this kind of business may be stressful at times, but if you know how to go around with it, this would mean success in the end.

Create a living space that is functional, confortable but not going overboard with your budget. Just a little creativity and checking on what changes need to be done is all what it takes to increase your rental’s value.