Nationwide, homeowners are increasingly looking for new passive income streams, and becoming a landlord is an appealing option. While renovating and flipping a house can be satisfying (and profitable), renting out a property can provide long-term gains. This is ideal, especially in college towns with a stable or growing rental market. It’s also a fantastic option if you’re considering retirement or have already retired and need an income source. Maintaining a rental property can keep you just busy enough without becoming a hassle.
If you’ve just acquired or are looking to acquire a rental property, start with these four simple DIY projects to get it ready for tenants.
Ensure Proper Insulation
Chances are you’ll ask tenants to pay utilities, including the costs to heat and cool the home as necessary. But if you rent out a house with inadequate insulation that leaves rooms feeling drafty, your tenants will have a difficult time staying comfortable. This could also lead them to overwork your HVAC system, leaving you to foot the bill for repairs, upgrades, and even replacements earlier than anticipated.
Instead of running the risk, head to your local home improvement store and pick up some batt insulation. It’s easy to work with and simple to transport, so you can add it wherever necessary for a well-protected house. Ensuring your rental property is correctly insulated will help protect your heating and cooling systems while keeping your tenants cozy.
Update Interior Paint as Necessary
If you’ve ever lived in a rented apartment or house, you may have seen some pretty atrocious paint jobs. Who in their right mind would simply paint over that outlet cover? And why are the baseboards painted on one side of the living room but not the other? As a new landlord, you don’t want to stoop to that level of laziness.
Before your rental property becomes occupied, inspect the interior and update paint where necessary. In most cases, you won’t need to turn this into a massive project. Typically, you can simply match the existing paint and touch it up where necessary, and it will make a huge impact on the overall look of your property.
Add Smart Interior and Exterior Accents
To get the most value out of your rental property, it must feel comfortable and contemporary. No, you don’t have to turn it into a smart home with voice-activated bidets in every bathroom, but you should at least take an honest look at the exterior and interior. Ask yourself: Is this a place you’d want to live? Or, if you’ll likely have college students as tenants, is this a place you’d want your child to live while they pursue their studies?
If you find yourself performing mental gymnastics to arrive at a favorable answer, it’s time for a few upgrades. If the exterior feels outdated, find a style of stone veneer panel that can offer a fresher look. Does the interior need new stair treads? If so, check out the selection available at your favorite home improvement store. These upgrades can significantly improve the appeal of your property both inside and out.
Provide Plenty of Storage
As a homeowner, you know that keeping your house clean is easier when you’re organized. The same is true for your rental property. If your tenants don’t have enough storage, it’s more likely that their possessions will pile up in places they shouldn’t be, meaning certain areas won’t be cleaned as necessary. It’s easy to avoid this issue.
Simply provide storage in the form of usable closet space and attractive shelving. Starting with appealing shelf brackets, you can simply add shelving to any room, so your tenants have a place for their belongings. It might sound like a minor issue, but getting ahead of potential problems like this will pay off in the long run.
In many areas of the country, fall represents the last opportunity for home improvement projects before the weather brings work to a halt. Whether you’re trying to fit in a last-minute upgrade or prepping for spring projects, start with a trip to Menards®. You’ll find quality products, an impressive selection, and knowledgeable staff ready to offer you whatever guidance you may need. Since Menards® is the low price leader, it’s easy to find what you need to do the job right. It doesn’t matter how long your to-do list has gotten, Menards® has you covered. From batt insulation to power tools, stylish interior doors, and more, Save Big Money at Menards®.
Get your rental property ready for tenants with help from Menards® at https://www.menards.com/
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