Many homeowners in big cities are entering the rental property business to diversify their income streams. The extra revenue helps homeowners pay their mortgage, taxes, and other costs of property ownership.
While some homeowners are renting out a portion of their detached houses, others move into smaller apartments while renting out their homes. Of course, when vacancy rates are high, attracting good tenants can be challenging. Here are some steps you can take to improve your property and appeal to high-quality renters:
1. Enhance Curb Appeal
The first thing a renter notices about your rental property is the state of the driveway, fencing, and lawn. Next, their eyes are drawn to the porch and the front door. It’s critical to make a great first impression on your potential tenants.
Start by repairing your driveway by hiring a reputable local team. For example, if you live in Canada’s capital city, then pick the best driveway sealing company in Ottawa to complete the job. Next, pay attention to upkeep.
If it’s winter, have the snow cleared to leave a positive impression on visitors. If the snow has melted in the warmer weather, take the opportunity to clean up. In hotter seasons, hire a landscaper to maintain your lawn and add attractive planters to your property.
You can also enhance curb appeal by painting the front door, refurbishing the porch, and replacing the mailbox.
2. Repair and Maintain the Home
It’s a good idea to pay attention to repairs and maintenance concerns before opening your house to viewings. Clear the gutters and eavestroughs outside the home. Inside, ensure that all the faucets in your bathrooms and kitchens are operational. Check infrequently used toilets to ensure that they’re not leaking.
Invest in new fixtures for the home to modernize it. Also, you should paint the walls if they haven’t been painted in a while. Avoid using wallpaper. Not only is wallpaper considered tacky by modern renters, but it can get damaged easily.
3. Work on the Amenities
Modern tenants expect modern amenities. Replace the fridge, stove, and microwave with newer options if your budget allows. At the very least, you must ensure that the appliances are in working condition. To go the extra mile, you can add smart devices to your home to modernize your property.
Not only will such devices appeal to young and affluent renters, but their energy-efficient nature will reduce your monthly bills. In addition, consider adding free WiFi and cable for your new tenants.
4. Clean the Floors
If your property has carpeting, you must have the carpeting professionally cleaned for aesthetic and hygienic reasons. Carpet absorbs all sorts of allergens that can negatively impact anyone entering the home.
If your floors don’t have carpeting, consider having your floors professionally polished. Not only does a polished floor look beautiful and shine like glass, but it improves the air quality in a home. What’s more, polished concrete floors are easier to maintain and last longer.
These are just some of the steps you can take to improve your home. With a little effort, you’ll be attracting the best renters in your town in no time.