If you are renting out your home, you already know that there are certain projects and renovations that you can do to raise your rent. Some of these home improvement projects that will bring in more money on your rental home are simple, but offer big returns. When you raise your rent, you do two things. You invite people that are looking for higher-quality spaces and that will treat your home right. Plus, you are also earning more money overall.
To start earning more rent, take on the following home improvement projects.
The number one thing that adds to your rental income is the addition of a garage. Garages offer renters more space for their things, but it also gives them a secure place where they can park and store their cars. It’s not always safe to leave your car in the open, even if it’s locked. That’s why garages are so crucial.
Maybe for some people, car storage isn’t as big of a deal. Some like them for the added storage space. There isn’t always room to store everything renters need, and that’s why a garage can be so perfect for many different people.
Finish The Basement
The next biggest thing that will help you to raise your rent prices is offering a finished basement. Larger square footage is always worth more. If you have a space that is perfect for entertaining, relaxing, or can serve as an extra bedroom or living space, that can bring in extra income.
It can be up to you what you want to do with that space. Some homeowners will turn that space into a theater room while many will leave it as a blank canvas. Whatever you decide to do, finishing the basement is always a good idea.
Update Living Spaces
Other home improvement projects that will bring in more money on your rental home are simply updating the home’s living spaces. These are spaces that your renters will use frequently. By updating these spaces, it adds to aesthetics, feel, and functionality of the home.
Some of the most common spaces that people will update when looking to raise rent prices are:
- The Kitchen — Update the stove, dishwasher, counters and appliances.
- The Bathroom — Add a better shower, tub, flooring, and vanity.
- Home Technology — Add items like security systems, energy efficiency, and home functions.
Add a Deck
Last, another great thing you can do to help bring in more money on a rental home is to add a deck or patio space. This gives your renters an outdoor space where they can cook, entertain, or enjoy the evening. Being outside is a big deal to a lot of people, and a convenient space to gather, relax, and entertain is a huge property perk. This can mean extra income for your rental property.
Let HFS Financial Help You
We know that getting started on these projects isn’t always easy. That’s why we are here to help you get going. We offer financing and loan options for garages, basements, decks, and all home improvement projects. Make your way to our online application to get the process started! Whether you need a new pool loan, or any other home improvement financing, HFS Financial is here to help you bring in the best rent. “You Dream It, We Finance It.”