Renting out your property is a great business plan that can help pay for your retirement. It’s a particularly great option if you own a property (especially outright) that’s in a popular area. For example, if this was your family home, you can rent out the property instead of selling it and then use that passive income to fund your retirement or cover the costs of a new property out in the countryside.
While renting out a property isn’t for everyone, it can help set you up for years, particularly if you’re nearing or are retired. The renting market at the moment is intense as well, particularly in cities, with potential tenants offering more than market rate to secure their spot.
Just because now is the right time, however, doesn’t mean that your property is ready. To get the most interest and return on your property, make these key upgrades before you put it on the market:
Have Local Services on Standby
Pre-vetting plumbing services are essential when it comes to managing a property. You do not want any leak to continue for a second longer than necessary. That’s why it’s important to have the trusted services of plumbers like https://eliteheat.plumbing/ ready to go. This way, if there is any sort of plumbing-related issue in your property, you can get experts out to fix it right the first time.
The same applies to a handyman or electrician. Knowing who to turn to in advance saves time so you can get issues fixed immediately.
Other services, like a cleaner or gardener, can be hired but don’t think your tenants are paying for it. If you want to add these services, you’ll need to build the cost into the rent itself or pay for it out of pocket. You won’t need these services often, but having a cleaning team come in for a spring clean and between tenancies is a good start. If your property has a garden, you can have them come by to winterize the space and then prep it for spring so that it continues to look good.
Neutralize Your Décor
Your tenants need space to make the place their own, so it’s a good idea to neutralize your décor. This doesn’t mean you have to paint your walls white, but in general, try to tone down any extravagant design choices. If it isn’t timeless, redecorate. Character highlights can make your property a top choice, but loud designs can also be a turn-off. Find the happy middle ground. As for furniture, if you are offering the place furnished, only offer the bare essentials, and try to pick pieces that are neutral so that your tenants can make it feel like their own space. These furniture pieces should also be hard-wearing, so they’ll look great for longer.
Built-in storage is a great way to appeal to all renters, especially if your space is an apartment and not a full house. Add shelves and cupboards, and try to find ways to maximize the storage so that tenants can fit all their belongings. If you have a small space but that spot has a lot of storage, renters are far happier with the space. Why? Because it means their stuff has somewhere to go beyond the floor space.