If you are planning on putting a property up for rent, plan ahead now for some of the home projects you’ll need to do before renting your home. There are two reasons you would want to get these projects done before renting your house. One is because of the decreased risk of something breaking or needing repair. By making sure your home is in top shape, you can know that you won’t have to worry about those pesky and expensive repairs. The other reason to get these home projects done now is because they’ll allow you to raise your monthly rates. So how can you make your life easier and boost your bottom line? Here’s a few things to consider.
Home Projects To Decrease Repair Risks
Nothing is better than renting out your home and hearing no complaints from the residents. Since you took the time to complete the needed home projects before you started renting your home out, you also get that peace of mind from your property. No news from your renters is good news!
To avoid any inconveniences from your property, make sure to take the time to complete the following home projects:
- Bathroom Remodeling — Make sure your bathroom is safe, beautiful, and working properly to ensure you never hear any complaints.
- Roof Replacements — Nothing will get you an upset call faster than a renter dealing with a leak. To make sure this doesn’t happen, have your roof replaced before disaster strikes.
- Heating and Cooling — Keep your renters comfortable and happy by making sure the heating, cooling, and water heaters all work properly.
- Electrical — Is your home dated, complete with dangerous wiring? Having new electrical run will help decrease the risk of accidents and impact to appliances and electronics.
Don’t limit yourself to these four things, though. Every home is different and has different needs. These are just some of the main things that every homeowner should do before renting out their home.
Home Projects To Help Raise Monthly Rates
People are willing to pay more per month for extra amenities, comfort, and peace of mind. That’s why many homeowners are choosing to update their home with the latest technology and conveniences. Doing so will not only raise the value of your home, but also give you the ability to value your rent at a higher rate. When looking to make these updates, consider doing the following home projects:
- Energy Efficient Updates — There are a number of different updates you can make that will be beneficial to both you and your renters. Some of these updates include things like adding solar panels, switching to LED light bulbs, and installing energy-efficient windows.
- Swimming Pools — Not only are swimming pools a way to keep your renters comfortable, but they’re also a luxurious update to your home. Inground pools especially will help to increase the value of your home.
- Living Space Improvements — As potential renters are walking through your home, the first things they will be checking out are the living spaces like the living room, bedrooms, and kitchen. By making simple, upgrades to the common areas, you can greatly increase your monthly rent.
Let HFS Financial Help You Get Started
At HFS Financial, we help homeowners make the necessary updates and changes to their properties everyday. That means we know what it takes to help you. Whether you need a new pool loan or funding for a kitchen renovation, we are here to connect you with the loan that fits your needs perfectly. To get started on your home projects, take your first step by filling out our easy online application! You’ll hear from one of our client representatives soon with options to make your rental home improvements possible. “You Dream It, We Finance It.”