Georgie's Wellbeing & Soul Views
4/26/17 at 11:28 AM 0 Comments

5 Great Home Upgrades To Drive Up The Monthly Rent

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When you decide to turn your home into a rental property there are lots of things you need to do. It's crucial to study the market, sort out insurance, read up on the law, and everything else until you're ready to pull the trigger.

There is only one major thing you might not have considered. In what ways can you upgrade your home to maximize the amount of rent you can charge? I'm sure you want to make lots of money, so let's look into a few of the upgrades you should be focusing on.

1 - Building Brand New Bedrooms

If you're living in a home it's pointless building new bedrooms unless you get lots of guests. It's different if you're going to rent your home because more bedrooms adds to the value of it.

It's also worth pointing out you might be renting out the rooms on an individual basis. This obviously means for every extra bedroom you have there will be one additional person paying you rent every month.

2 - The Kitchen And Bathroom

When it's time to sell a home, lots of people will tell you to focus on the kitchen and bathroom. It's no different when you're renting, so if you focus on those rooms you'll get more bang for your buck in terms of rent money.

Replacing the cabinet doors in your kitchen is a good example of something you can do without spending lots of cash. It's also possible you'll eventually sell your home if you want to rent it, which makes an even more compelling case for concentrating on these rooms.

3 - Focus On Repairing Things

Portland is one of the most up and coming locations in America, and because of that it's getting a lot more popular to rent apartments in Portland, Oregon. It's a pretty nice area and it's hard to see why there would be much wrong with the rental properties. Maybe they just need a good scrub up.

This could easily apply to you too, so don't rush into making unnecessary upgrades. Perhaps your rental home just needs a few repair jobs. It will make the place sparkle and you'll save yourself a lot of expenses.

4 - Add A Few Nice Touches

Have you ever seen a painter creating a work of art? Once they're done they will usually add a few more strokes of the brush for the perfect finishing touch. You can do the same in your home with lots of different things.

New faucets are usually the most popular, because they're cheap and every potential tenant is going to touch them. Even basic things like replacing lamp shades and pillow cases will work in your favor too.

5 - Lay Down Wooden Flooring

This one is pretty self-explanatory because everyone knows wooden flooring is much higher up on the totem pole. Even though a floor is only made of wood people still believe it's luxurious.

You'll be able to bump up the rental price to cover the installation, plus you'll save a lot of money in the long run. When strangers are living in your home they'll stain the carpet with everything under the sun.

Think About The Long Term

Maybe you'll only add a few hundred dollars to the rent each month at the moment, but you've got to look at it like a long term investment. If you add it up over a decade it's suddenly a lot of money I'm sure you would rather have sitting in your bank account.

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