Renting out a home is a dream for many people, as it means the income can be used to pay the mortgage and your equity in the property grows without you being any worse off. In fact, it seems like a great way not only to make money but to strengthen your position for later life.
What’s more, it is a really good time to be in the rental game, as so many people are unable to secure a mortgage or do not have the deposit required to do so. As such, thousands of individuals are turning to renting out of necessity. This means a huge number of properties are being rented out to tenants every day, week and month.
If you feel as though you are potentially in a position to do this, it’s worth looking into as soon as possible so that you cash in on this period of huge demand. However, you need to be aware that renting out a home is not as simple as just handing over the keys. You will be expected to get your property in a certain condition and, in order to attract the full rental value, you must provide certain facilities and features.
Here at RatedPeople.com, we think you will probably need the help of local tradesmen, as they are capable of carrying out a huge number of home improvements that will make it easier to find a tenant for your property. It doesn’t matter what your home’s problem or weakness is, there will be a professional with the knowledge, experience and confidence to fix it for good.
For instance, if you do not think the lighting in the property is good enough to be offered to a tenant, you have the option of calling in an electrician to carry out some urgent repair and improvement work. He will be able to revolutionise your lighting, perhaps adding LEDs for maximum green effect. He can also ensure light is focused in the right parts of rooms and add dimmer switches so that brightness levels can always be altered.
You might also think adding space to an abode will drastically increase the rent you can charge. For example, if your property is currently boasting just one or two bedrooms, you can have another created by a builder and, as a result, you should find rental income will rise. Of course, another benefit of this is that the value of the building as a whole is sure to rise.
There is no right and wrong answer. Every home is different and everyone has varying views on exactly what they need to do to improve a building. In fact, it might not always be obvious what should be done to boost a dwelling in the eyes of a tenant, so taking expert advice is always worthwhile.
In some cases, it can be as simple as believing a property is not up to scratch aesthetically. In these cases, just hiring a painter and decorator to breathe new life into the walls through paint or wallpaper can do the trick. He will also be able to add features such as rails and frames to ensure your home stands out as a quirky option.
And what about your garden? This is a huge selling point when it comes to securing a tenant. It goes without saying all prospective tenants will be excited by the thought of a beautiful green space in which to relax, so calling on a gardener to spruce up the surroundings can pay dividends. You could even go as far as having a patio laid, as the house can then be marketed as one that offers somewhere for people to socialise and entertain.