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Renting your residential home – Spend money where it counts

House in disrepair
Do you need to do some work on your home before it goes on the rental market? Here are some recommendations:
* Replace any rotted wood or rusted metal outside.
* Don’t go wild with landscaping, but make it look neat and well cared for. (It’s a good idea to include yard maintenance and pool maintenance as items paid for by the owner during the rental.)
* A fresh coat of paint inside and outside will do wonders toward maximizing your rent potential.
* Don’t spend a lot of money on high-end appliances, but everything should be clean and in working order.
* The kitchen and bathrooms need to be spotless.
* Any window coverings should be pretty generic. Do not spend a lot of money on expensive shades. Same with ceiling fans.
* Don’t spend a lot of money on floor coverings. They will take a lot of abuse. More renters these days are looking for homes with minimal or no carpeting. Tile is great. Hard wood is very pretty, but can get really torn up.
* Clean up the garage and consider painting the floor.

Sometimes it is difficult to treat the home as a rental. We all tend to over do decorating. We treat the place like we live there. You really need to filter your decisions through the question, “Will this increase the amount of rental income that I will receive or help me get the place rented sooner or to a better quality tenant?”

Posted by: Bill Davis on December 16, 2014
Posted in: Uncategorized