Being a landlord may be your part-time job. It may not even be considered a job to you. But what if you thought of it as a business? What are some small things you can do to make more money as a landlord? Well, one of the easiest and most cost effective ways to increase the rent value of your property is to reign in that inner creativity of yours and plunge into the world of DIY (Do It Yourself).
It’s no wonder DIY and craft sites have become such a huge hit in the past few years. It’s fun, and you usually save a good amount of money doing projects all by yourself instead of spending triple the price at a store. If you’ve never picked up a hammer or a paintbrush in your life, don’t worry. There’s another reason why DIY has become a phenomenon — it’s not that complicated (unless we’re talking about building a wooden cabin, but we’re taking baby steps here). Here are some small projects you can take on to improve your rental property and attract more potential tenants.
Make it look like a home.
The upfront investment may seem like a lot but decorating the rental property to look like a home may pay in dividends down the line. When presenting the place to potential tenants, a well thought out decor can help them easily envision themselves calling it their home.
For example, a simple throw blanket on the sofa can make the place look more lived in. And if you’re new to the world of DIY and not ready to paint a whole room quite yet, you can just paint one wall an interesting color. A pop of color can be all the difference from turning your rental property from a rental property to a home.
Start with small renovations.
Not all renovations have to involve electric drills. In fact, you can make simple renovations without many tools at all. For instance, does your rental property have big windows? You can take advantage of all the light by creating a bench against the windows. Coffee tables usually have the support and perfect height to act as window benches. You can put cushions on top to make it more comfortable. Take a look around your rental property. Are there any simple renovations you can make to improve the place?
Give the place some character.
Head to your nearest antique flea market. There, you’ll find vintage items to decorate your rental property with. You’ll be able to find a lot of rare and interesting items to add some character to your place. Be sure to bring cash because most vendors only accept cash and many times you can get a discount if you do pay with cash (on top of whatever you can barter down to).
Incorporate your business.
Incorporating means you’re running a formal business. Most people are more willing to do business with you when you’re incorporated since there is a certain level of professionalism that comes with being incorporated. You may be able to increase the demand of your rental property, thereby perhaps increasing the value of the rent. There are many other advantages of incorporating. You can learn more about why you should incorporate here.
What are some small things you’re doing as a landlord to make more money? We’d love to hear from the comments below!