A decision to rent your own place doesn't mean you can just put it for a rent and your job is done. In order for it to be successful and to really earn your money, first, you need to make sure that your place is livable and attractive to potential tenants. The secret is to know what to spend your money on - otherwise, you'll invest too much into something that will be paid off in 10 years, and that's not the point.
So, here is a list of things you really need to check out and the things that should be renovated and fixed at all costs.
1. Checking out the Outside
The exterior is the first thing potential tenant’s notice, so pay attention to the security first - are all the windows and external doors in good shape and working properly? Have you had the burglar alarm installed? In case you have a garden, is it properly maintained or it's a jungle out there? The curb appeal has to be flawless - it's the first impression a tenant will get.
2. Safety Checks
Safety inside the place is the tenant's next consideration, so you need to make sure all appliances have had safety checks. A safety blanket and fire extinguisher should be placed inside the kitchen. If possible, prepare a gas safety record to show. Lastly, it would be great if you had carbon monoxide detectors in the house and a sufficient number of smoke alarms. Also, in the event of a fire, there should be at least one safe means of escape.
3. Check for Mushroom Problem
If you have wooden floors or door panels, chances are you'll discover mushrooms. Don't try to pluck them out - their roots are deep, and you'll face the same problem in a few weeks. And seeing fungi in the walls won't attract tenants.
You will have to spend the significant amount of money to rip up the affected flooring and the door panels and replace them. The expense can't be avoided but not doing it will only mean it will further seriously damage the rentability of the place and will definitely get worse.
4. Focus on the Kitchen and the Bathroom
Don't make a classic mistake and spend a lot of money decorating the living room. The kitchen and the bathroom are the rooms your tenants will be spending much of their time in and their condition will have the biggest impact on the everyday standards of living.
The truth is, tenants will usually spend 30 seconds on checking out the living room, while their main focus will be on the kitchen and the bathroom - in order to have proper hygienic conditions there, they need to be completely functional and appealing. That's why 70% of your budget should be spent on quality kitchen and bathroom renovation service - most of the time, you don't need to make a new purchase, just a few upgrades do the trick.
5. Do the Simplest Fixes
Faucets, lights, and showers are the items that usually need some kind of a quick repair. For some $20-30 tops, you can have a new shower head or a faucet instead of the old, rusted one. Lights are also inexpensive to buy - go for track lighting or halogen lights. The point is in the good lighting - every space looks newer if the lighting is right.
6. Replace a Discolored or Tattered Carpet
If the entire floor was carpeted years ago, it's probably a big mess right now. It can't make a good impression on a tenant, so the best solution is to hire a professional to replace it completely. No point in trying to clean it - old stains will immediately ruin the overall look of the room. There's nothing you can do to improve a room that has an old carpeted floor, so the only right way is to replace it.
Fixing and improving items around your place will take some time and money. Still, it will be worth it, as you will find a tenant much quicker for a better price. Plus, you won't have any unpleasant surprises once the tenant starts living in it.
Author Bio: Hannah Thomas is an expert in business innovation and management with a love for writing. She is always eager to learn new things and to share the knowledge she acquired along the way.
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