In the current economy, securing a source of passive income is one of the best things you can do for your financial future. Not only will you be combating the ever-rising inflation but you will also be able to take care of your expenses and even save in the bargain. In 2022, many people are jumping on the investment bandwagon and pouring their money into various avenues. Crypto, stocks, and currency are some of the most common areas where people invest. However, one avenue that has stood the test of time is property.
Buying and renting out property will almost always give you a stable and respectable return on investment every month. However, when renting out a property, there is a certain set of standards that you need to follow to make the property attractive to potential tenants.
This article will address some things you need to figure out when renting your property to tenants around the Cincinnati area. Living in a big city, most people have demands and prerequisites that they want when moving into a new place. We aim to tackle some of the things you can do as an owner to get the property ready and rented out to the next tenants.
Deep clean the place
If the house has been sitting on the market for a while or previous tenants have just moved out, the place needs to be cleaned and ready for visits. Surely as the owner, you wouldn’t have the time to manage cleaning; therefore, a cleaning service might be the best solution to the situation. Finding the right cleaning services may seem like a challenge, however, it’s considerably easier than you think. Just Google commercial cleaning services Cincinnati Ohio and you’ll find plenty of options. Companies like Enviro-Master have positive reviews in the market and will get the job done just how you want it.
It would be wise to get down to it as soon as possible. Tenants come and go suddenly, so it’s best to always keep the house ready. Once the place is deep cleaned and presentable, you will notice a general change in the tenant’s behavior, leaning towards more favorable views about the house.
Change all relevant fixtures and fittings
One of the most important aspects of interior décor is the fixtures and fittings on the property. Lights, cabinet doors, door handles, and bathroom appliances are all factors that need to be investigated when renovating the property. No one wants to move into a place with stained doorknobs, faulty lights, and water-damaged faucets.
It may be a sizeable initial investment, but you will probably make money back through the deposit and/ or first rent payment. Think about it yourself, how would you perceive the house/ apartment if you saw dated and damaged fixtures and fittings?
Cover all your bases and provide value to the tenants. The better the apartment looks, the more likely they will meet your rent demands or even exceed them. Yes, that’s right! If the tenants like the house, they may be willing to pay more than the asking price to beat other tenants and secure the property.
Check on the curb appeal
First impressions are often the stickiest. If you want to rent out your property, make sure the tenants fall in love with it at first sight. The drive to the house is often one of the most exciting aspects of the entire process. Being met with a house with worn-out paint, trash outside, and an unkempt lawn can be a deal breaker.
Remember, most tenants want something that is turnkey and ready to move into. No one wants to repaint the house, trim the hedges and sort out the roof at their own expense. Moreover, because it’s your house, these are things you will need to sort out yourself.
Curb appeal is one of the most important aspects of renting out your property. If you are renting out an apartment and the building itself is dilapidated, there isn’t much you can do. Perhaps talk to the contractor or building maintenance and start a discussion about potentially cleaning up the place in the future. Merely getting the ball moving is often enough to get tenants interested as well.
Tenants want a nice place but also want to rest assured that they won’t be paying a fortune in electric costs. Swapping standard bulbs for energy-efficient ones can be a major step in the right direction. Moreover, adding carpets may save on heating costs depending on the climate. It probably doesn’t make a difference to you as the owner of the house, but doing so for the tenants could secure a deal in the future.
Pre-existing fans, heaters, and ACs could also sway the tenants to sign the contract. These are additional costs that they would have to invest in, and marginally increasing their budget for rent won’t make much difference in the grander scheme of things.
It’s also generally greener and more efficient to cut back on energy expenditure as much as possible. We all have a part to play in the fight against climate change, and it starts from the most seemingly small changes in our lives.
In Cincinnati, you probably won’t have much of an issue with creepy crawlies, but it’s always a good idea to get it done anyway. To ensure that your tenants are happy and ready to sign the lease, give them the impression that you truly care for their needs.
An additional step of getting the place fumigated could be great for families with little children. No one wants to have their kids run into bugs and other pests. Therefore, getting rid of the pests and vermin before the tenants move in could be a great step in the right direction.
It’s all about making the tenants as potentially comfortable as they can be. Make them feel like this is the right house for them so they can envision themselves in the house.
There we have some things that we think can help get your house ready for tenants. We have covered everything from cleaning to fumigation and several other aspects.
Renting a home is much more than simply attaining a security deposit and monthly rent. It’s the chance to give a family, couple, or even an individual a source of comfort and protection. Do your best to make the place as inviting as possible. You could be changing someone’s life without even knowing it.