Renting Out Your Home? Maximizing Rent Before Listing the Home on the Market

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The rental market is a bit unsure due to the pandemic as employment is unsteady for a number of people. There have even been bans on evicting tenants which leads a landlord to lose money monthly. This can be a deterrent to get into investment properties and has shook the real estate market. Renting out your home cannot be done immediately as you will need to make improvements to maximize rental income. The last thing that you want to do is have a tenant feel like they are paying too much instead of getting a great deal. A tenant that feels like they got a steal are less likely to create any issues as they are grateful for the home. The following are tips to help you the amount of rent that you receive before putting it on the market.

Small Scratches and Dents

Have a handy man or painter come into the home to fix all of the scratches and dents. People are reasonable about the home they move into but nobody wants to have a damaged residence. Most residents are careful about this as they do not want to lose their safety deposit when they move out.

Refinish the Floors and Bathrooms

Bathtub refinishing can allow the tub to look as good as new at a fraction of the price. Refinishing a number of areas in the home can make a huge difference. You do not want to put brand-new floors in a rental when you can make the floors look nearly as good as the day they were installed. Take a look at completed projects by the contractor you enlist to help as you would be amazed at the results.

Include Internet and Utilities in the Rent

Including internet and utilities in the rent can allow you to collect more rent monthly. The last thing you want to do is lose out on money so be realistic about the expenses. A person might use far more electric than you used in the home so take this into account. Smaller homes have less of a potential to have the power bill get out of control. With the right energy efficient appliances, the electric bill will stay manageable.

Take the Time to Enable Smart Home Capabilities

In today’s age of technology renters will definitely appreciate smart home technology. If you haven’t included the utilities in the rent, then the renter will be glad as saving money is a part of smart home living. Being able to have the air conditioning adjust in regards to whether anyone is in a particular room. Extremely hot climates like Florida can cost hundreds of dollars monthly just to run an air conditioning unit for a home of a decent size. The technology will come with updates so do not break the bank with your purchases but ensure that they are quality products.

Listing your home on the market for rent can be stressful due to the unknown. Use the tips above to maximize your income from your rental property.