As a landlord, you put your property up for rent to earn extra cash. The higher the rent you receive, the better your profit margins. But you will find that it is not as simple as being able to increase the amount of the rent you are asking for by simplybumping up the price. The people renting your place may move out if you increase it too much, and new renters may not feel the price matches the property.
This is the dilemma you will have to face when you decide to increase the rent. If you want to know how to get higher rent from your house, you will need to do a couple of things to improve the value of your home. You will also need to follow a few simple rules to maximize your chances of getting the price you ask for.
1. Outside Appearance
You probably already know that people are very judgemental. We have all been taught not to be, but the facts are the facts in reality. People will judge you and your property in under 10 seconds. That is why it is essential to get the front of the house looking as good as possible.
Clean up the lawn and any landscaping that is present. If there are any bare spots, get some grass seed or sod. Weed any flower beds that may be there and replace old bark and rocks that have been used. If you have a fence around the front of the property, get it repaired and throw a coat of paint or stain on it if needed.
Painting the entire house may be a bit overboard unless it isin bad shape. You will want to paint the door and trim, no matter what. You will also want to freshen the paint around the windows and any trim pieces installed around the roofing.
2. Rental Agency
Today’s world is full of so many variables when it comes to renting your property. Laws are set into place at the state and local levels that you need to be aware of. Maintenance and repairs will need to be completed in a timely and professional manner. And in every lease,you will find clauses that you may not even know about until they are used.
Renters have many places to get advice from that cover tips for seeking rent abatement. Ways to get help with rent payments and how they can get something fixed that has broken without them having to pay a dime. All of these factors can come up throughout the life of the renters, or they can all come up at one time.
It is so important to use a reputable rental agency to run your property for you. Trying to do everything yourself may seem like a good idea at the time, but it will simply become a bigger hassle than it is worth. Let the professionals handle the property and renters while you sit back and enjoy the profits.
3. Interior Repairs
Nobody wants to live in a rundown house, so you need to fix anything that needs to be repaired. Replace old carpet and tiles with fresh ones. If the countertops are old laminate ones, replace them immediately. Old faucets and sinks will lower the home’s value so replace those as well.
Ensure all the lights have bright bulbs in them and replace any fixtures or fans that are not working. Clean all the walls, windows, and everything else if it has not been done already. Basically, make the interior of the home look as close to new as you possibly can.
Final Thoughts
Some of the expenses you may have to put into the home may seem like it costs too much. Still, it will be the most significant step you can take to increase the amount of rent you get from your property. There is a fine line here that you need to keep in mind, though. You do not want to pay out more than is necessary to improve the property.
Follow the tips above and avoid overdoing it because once you rent the house out, you will see that most renters do not care for the home like it is theirs. This means that you will have to make some repairs every time a tenant moves out.
It is a great idea to hire an excellent local rental agency to run everything. They may call you for authorization to make some extensive repairs. Otherwise, they will handle everything at the price they are charging you. This leaves you open to do whatever you want, while still collecting money from your investment property.
Article Submitted By Community Writer
