Maintaining life can be expensive, especially healthcare, food, and housing. The high living costs often make people need to create passive income streams to help cover their costs. Some standard passive income streams include dividend stocks and interest payments from savings accounts or certificates of deposit. Many people dabble in creating a passive income stream but give up when they don’t see results immediately. The key to making passive income streams is being patient and consistent. It takes time to build up a solid stream of passive income. But once established, it can provide a regular source of extra money.
Fortunately, a passive income strategy offers potential for stable profits as soon as you put it into action in renting out your home. You can make money off rental properties without having to do any extra work, and the best part is that you can get started with a relatively small investment. However, it doesn’t mean you can get a tenant as soon as you decide to rent your home. You will have to make preparations to make your property attractive, which will require you to follow a step-by-step process.
Remove Personal Items
Renting out your property is often a long-term plan. If you decide to move back in at some point, you will want your personal belongings to be out of the way. You should also remove anything that would make it difficult for a new tenant to move in, such as large pieces of furniture. Personal belongings can also make it difficult for potential tenants to imagine themselves living in the space. It’s best to store them elsewhere or get rid of them before you start showing the property.
You can start with pictures and frames, which can be put into storage or given to friends and family. Other items, such as furniture, should be listed for sale online or through a consignment shop. If you have sentimental items you’re not ready to part with, consider renting a storage unit to keep them in until you get prepared to deal with them.
Since you are already at the part of removing household items, you might as well declutter. Get rid of anything you don’t need or use, such as clothes you no longer wear, old books, and duplicate kitchen appliances. Not only will this make your home more appealing to potential tenants, but it will also make it easier to keep clean.
Maintenance and Repairs
Tenants rent a home for convenience, so it might be counterproductive to let them stay in a property that requires constant maintenance and repairs. Before advertising your rental, take some time to ensure everything is in good working order. This includes fixing broken appliances, repairing holes in the walls, and replacing any damaged flooring.
You should also address cosmetic issues, such as painting the walls, shampooing the carpets, and cleaning the windows. These are all relatively minor and inexpensive fixes that can significantly affect how attractive your property is to potential tenants. You can also rely on a maintenance checklist to ensure you have everything covered.
If you’re not handy or don’t have the time to make these repairs yourself, hire someone to do them for you. Just be sure to factor the cost into your rental price so you don’t lose money on the deal.
Once you’ve decluttered and made all the necessary repairs, it’s time for deep cleaning. This is different from your usual cleaning routine because you’ll focus on getting rid of all the dirt and grime accumulated over time.
First, empty all the cabinets and drawers, then clean them thoroughly. Next, scrub the floors, toilets, showers, and sinks. Don’t forget to dust all surfaces, including ceiling fans, light fixtures, and baseboards.
If you have carpets, homeowners should have them professionally cleaned before new tenants move in. This will make them look and smell fresh and help extend their life.
Many people hire professional cleaners to do a deep cleaning before they list their property for rent. However, if you’re on a budget, you can do it yourself when you have the time and effort. The benefits are well worth the task.
The steps above are often enough to attract potential tenants, but you may want to do some additional work to make your property even more appealing. This could include minor renovations, such as updating the kitchen or bathroom, or larger projects, such as adding a deck or finishing the basement.
The key is to focus on home improvements that will give you the most significant return on your investment. For example, a new coat of paint is inexpensive but can significantly affect your property’s appearance. Similarly, upgrading the fixtures in the bathroom and kitchen are relatively affordable ways to update these rooms without doing a complete renovation.
However, it can be costly to pursue those improvements if you don’t have money. Fortunately, you can get renovation loans to help you finance your projects. The capital you raise can be for anything, from painting the walls to adding a deck. If you decide to pursue home improvements, be sure to factor the cost into your rental price, so you don’t lose money on the deal.
Making your home more appealing to potential tenants doesn’t have to be complicated or expensive. By decluttering, making repairs, and doing some deep cleaning, you can prepare your property for rental in no time. And if you want to go the extra mile, there are always home improvements you can make to increase its appeal further. Just be sure to factor the cost of these into your rental price, so you don’t lose money on the deal.