Top Renovations to Help Boost Rental Income
Becoming a landlord can be an excellent way to help subsidize your mortgage, as long as you’re willing to put in the extra work. Rental income is a great way to help offset the rising cost of homeownership and achieve mortgage freedom sooner. Let’s take a look at the best renovation for landlord to help boost their rental income.
A dishwasher is an excellent way to boost your rental income. Installing a dishwasher in your rental suite can help increase your rent between $50 and $75 per month. Depending on where your rental property is located, a dishwasher could be standard or on the “nice to have” list. If all the rental suites in your area come with dishwashers and yours doesn’t, you’ll more than likely have to drop your rent to attract a tenant.
Tenants enjoy their privacy. For some tenants, shared laundry can be a deal breaker. There are some tenants out there who won’t even consider your property if they have to share laundry. Investing in separate laundry facilities for each unit is often money well spent.
The good news is you don’t need to take over a bedroom to create a separate laundry room. A front-loading stackable washer and dryer can conveniently fit in the kitchen or a closet. The laundry arrangement depends on the type of tenant you’re looking to attract. If your rental suite is in an upscale neighborhood, most tenants will expect their own laundry.
One of the biggest complaints from tenants comes from the thermostat. When you’re sharing a home with a tenant, it’s difficult to please everyone. Central air is a great way to make your tenant happy – no one enjoys roasting on a hot summer’s night. If the tenants have control over the thermostat, that’s a nice added bonus.
Are you looking to maximize your rental space? Adding an extra bedroom to your rental unit is a great way to accomplish that. If your rental property is a 1950’s bungalow, builders didn’t imagine homeowners today would use their basements to earn some extra cash; most people back then used to use their basements for storage.
If you have an over-sized laundry room, reconfiguring your basement apartment and added an extra bedroom can be an excellent way to bring in more rental income. If you’re renting a one bedroom apartment for $800 per month, you may be able to pull in $1,000 a month by simply adding an extra bedroom.
There you have it, some of the best renovations to boost your rental income. These are just minor improvements – before you spend money sprucing up your rental suite, you should make sure all the major renovations are tackled first.
The Jersey Shore is a very lucrative rental market. If you’re thinking about becoming a landlord contact Patrick Parker Realty for advice, guidance or anything you may need to make your goals reality.