Have you bought a small property that you plan on renting out to tenants, but it needs some updates and you don't know where it's best to invest your money? There are some changes that are worth spending your money on, that will attract renters and make the happy, and that can allow you to get more money each month.
The renters are going to want something that is modern, but also comfortable to live in. Here are some of the updates that you want to pay for before after you purchase the property, and before you put the house up for rent.
Central Air Conditioning
Central air conditioning is a huge perk for renters that are comparing properties. If you decide that you want to sell the property later on and that you don't want to rent it, air conditioning attracts more buyers and buyers are willing to pay more money for a property that has a central air conditioning unit installed.
New Flooring
Walls, trim and baseboard can all easily be painted on a budget to make a big impact, but the floors are going to be an eye sore if they are outdated. Spend the money on cheap but durable flooring options like ceramic tile, engineered wood or carpeting off the roll. The flooring is going to make the house look updated almost instantly, it improves property value, and it appeals to the renters.
Security System
You want to know the house is safe when you have a tenant living in it, and when the house if vacant. Having a security system in the rental property is an easy way to monitor what is going on when you are in between renters, and it's something that the renters may want if they aren't familiar with the area. There are many systems that are low cost and can be installed on your own.
If you don't have a lot of extra money to spend after buying the home but you want to get it ready for renters, these are a few of the investments that are going to useful when you rent the property, or if you decide to sell it later on. There are many other options you can do on a budget over time to fully update the property, but with air conditioning, flooring and security the property should be ready for listing and for tenants. For assistance installing these features, look for professionals like HomeSmart From Xcel Energy.
Share30 June 2016
Even as a child, I was an indoor person. Despite the fact that I lived on a ranch and had a hundred acres of land to roam on, I preferred reading a book while sitting in the most comfortable recliner in my home. I’m referring to that soft, plush, and luxurious piece of furniture that you absolutely have to force yourself to get out of. When I became a homeowner, my primary quest was to find a suitable replacement for my childhood retreat. I researched, examined, and sat in numerous chairs before I finally found the one, the beautiful tan piece of furniture that I wanted to grow old with. On this blog, I want to share with others the importance of buying the perfect furniture items for your home, the ones you never will want to part with.
