An ongoing trend among families purchasing their second home is the decision to rent out their first home rather than sell it. While there are several reasons an owner may chose to rent their home rather than sell it, many families moving to another city, and military members being relocated through a Permanent Change of Station (PCS) are converting their existing homes into investment properties.
One common question among homeowners preparing to rent their homes for the first time is, “What improvements or renovations should be done in order to help get the home rent ready?” Here are a few recommendations for home owners preparing their homes for rent:
1. Two of the more popular rooms for upgrades and renovations if the budget allows are the kitchen and the bathrooms. Just as people looking to purchase a home appreciate newer and upgraded kitchens and baths, renters appreciate them as well. Acknowledging that many homeowners may not have sufficient funding to upgrade their kitchens and baths, there are also less expensive improvements to help get a home rent ready.
2. Yard & Landscaping: One often overlooked areas of the home while preparing to get it rent ready is the yard. While it does not cost much, and can often be taken care of by the home owner, a mowed yard, with trimmed bushes and shrubs, and having all the rubbish, personal items, removed will often go a long way in improving curb appeal and making the home rentable.
3. Fresh Paint: As simple as it may sound, a coat of fresh paint can make a dull, old, and tired room look fresh and new again. One of the best ways to brighten and freshen up a home is a new coat of paint.
4. Clean, Clean, & Clean: Having a property professionally cleaned can often help a property rent quickly. While many homeowners are fully capable of cleaning their home themselves, the task of moving and coordinating the transition can often cause the cleaning to suffer. If necessary, hire a professional cleaning company to help get the home ready for new tenants.
There are a few other areas where simple improvements can help make a property rent ready and add value to the rental. We’ll discuss those in another article. In the meantime, congratulations on your decision to become a real estate investor.