No matter what reasons you have for renting your home out, the tax breaks you can take advantage of may very well make being a landlord worth it. Repairs, depreciation, and interest rates are just a few of the deductions that you can make at the end of a rental year. But to ensure that renting your home out makes financial sense, you'll need to quickly attract potential renters and optimize your profits. Here are six home updates you can make with the help of a contractor that will set your home apart from the competition and enable you to ask more for rent:
Fix Up The Garage Door
Not only can a worn garage door take away from the curb appeal of your home, but it can also be dangerous for renters if maintenance hasn't been a top priority in the past. Have the garage door inspected by a professional to ensure that the springs are working properly and the doors are lubricated. It's also a good idea to have the garage door opener and sensors replaced so you don't have to worry about worn parts and pieces that may affect the mechanical workings of the door.
Have The Porch Screened In
Having your contractor screen in the porch or patio is a great way to expand the perceived square footage of the home, which makes renters feel like they're getting a bonus room to take advantage of. An outdoor space that is screened in keeps pests away, and provides a safe place to grow herbs and flowers, which is something many renters are willing to pay more for.
Paint The Trim Inside And Out
Painting the trim of both the interior and exterior of your home will make it look newer, and give you an opportunity to create a peaceful and relaxing environment. Use shades of red or yellow to stimulate conversation within the home, and opt for hues of blue to lower blood pressure and encourage relaxation outside. And purple helps to create a sophisticated look and feel that may attract high-end renters.
Update The Kitchen Cabinets
It's expensive to have kitchen cabinets replaced with high quality options, but luckily updating your existing cabinets is a cost effective way to put a fresh face on the space and seduce the senses of potential renters. Have your contractor refinish your existing cabinets and then install brand new handles on them for a brand new appearance. Bold metal hardware will put a modern spin on the kitchen, while small wooden pieces will create a country setting.
Plant A Few Trees In The Yard
Planting trees in around the house can increase your property values by up to 20 percent, and is sure to optimize its curb appeal. Trees also provide a natural barrier of protection from the heat of the sun, which can help to keep energy costs down for your renters throughout the summer months. Fruit trees are a bonus because they'll provide renters with free food during some months of the year.
Put In A Solar Hot Water Heater
Like homeowners, renters enjoy saving money on their energy and water bills. Installing a solar hot water heater is a home feature that optimizes preferred water temperatures and can cut annual water costs in half for your renters. A solar water heater will keep your home's carbon footprint small too. This type of hot water heater can be used as a stand alone system, or integrated into an electric or propane system as a backup.
If you can't implement all of these ideas into your home update plan, focus on the things that effect the way your home prefers, like updating the garage door, first and incorporate the aesthetic options as you can. Click here to read more about home improvements like garage door repair.Share