Renting your home out provides a variety of benefits to take advantage of, such as decreased tax liability and the opportunity to increase your net worth. But you'll want to make sure that your place is outfitted with comforts that help it compete with other rentals in your area. Luckily, many features are affordable enough to factor into rental prices so you don't have to use your profits to pay for them. Consider one or more of these options:
The best way to ensure comfort throughout the summer months for tenants is to have a new air conditioner unit installed if your current unit is more than a few years old. This will ensure optimal performance and minimal energy consumption which will keep the power bills low for your renters. It will also help ensure that you aren't stuck dealing with air conditioner breakdowns and the repair bills that tend to result.
You'll find that modern air conditioning units are easy for people to maintain, so your tenants will be more likely to do things like change the filters on a regular basis. If your old air conditioner is still in working order, consider selling it to help offset the costs of your new one. Your service provider may even be willing to offer you credit toward your new unit if you're willing to trade in the old one.
Ceiling fans come in handy during both summer and winter months by keeping cold and warm air mixed together well which helps maintain optimal interior temperatures all day long. Ceiling fans use only about 60 watts of power each hour they're in use as opposed to the 3,500 watts that an air conditioner demands, which keeps your tenants comfortable and saves them money on energy year-round.
Fans installed on the ceiling will also decrease the wear and tear your rental home's air conditioner is put through on warm days. Ceiling fans are the perfect option for spring and fall seasons when the weather starts to change but is not yet too hot or cold outside.
Carpeting offers more than just foot comfort for tenants – it also improves air quality within the home by trapping dust and pollen in its fibers so it doesn't have a chance to circulate and get breathed in. Carpet also decreases your liability by minimizing the chance of slips and falls among your tenants.
You'll find that renters appreciate the carpet's ability to mute noise pollution from phones, computers, and televisions when they're being used. If you decide to install new carpeting in your rental home, plan to have it professionally cleaned at least once a year so you don't have to replace it between each tenant residency.
A New Paint Job
Paint offers an instant transformation that will make your home go from looking lived in to brand new in a matter of just a couple days. Putting a fresh coat of paint on the walls will help to increase the home's value and demand higher rental prices, as well as spark interest in tenants who are looking to live in a newer home.
Using muted neutral colors such as pale green and beige will give the home some character while providing a blank canvas for tenants to make their own with personalized décor and color schemes. You can get the painting done yourself for the price of a paintbrush and a couple gallons of paint.
Simply divide the overall cost of each feature you choose to implement by the number of months your rental agreement is good for and then add the divided amount to each monthly payment before putting your home on the market. For example if you spend $3,000 on improvements, you should add an additional $250 to the monthly rental rate for a 12 month agreement or $125 to the rental rates for a 24 month agreement.