Renting A Home Out? Here's How To Maximize Tenant Interest
Renting a home out is a great way to hold on to its equity without having to worry about paying the mortgage out of pocket until you're ready to sell it. It's also a convenient way to get the mortgage paid if you simply want to take an extended vacation or you plan to work away from home for a while. But you can expect to face some tough competition when it comes time to advertise it on the market. So take some time to prep the place and maximize tenant interest – these tips and tricks will help:
Use the Right Colors
It's important to put a fresh coat of paint on the interior walls of the home to give it a fresh new look before showing it to potential tenants. While neutral colors, such as white or beige, should be used as a base color to allow tenants freedom of interpretation, you can spruce things up with bright color accents for some added depth. Many colors have an effect on mood which can help make the home more attractive to renters. Consider one or more of these options:
- Blue creates a relaxing and inviting atmosphere, as well as helps to reduce stress.
- Yellow encourages happiness and invokes peace of mind.
- Purple introduces drama that tends to result in a sophisticated look.
You can add color without overwhelming the home by painting the window and door frames, trimming the tops or bottom of the walls, or introducing colorful throw rugs in a few strategic places.
Get the Trees Trimmed
Curb appeal is extremely important when it comes to renting a home because a potential tenant's first impression will follow them as they enter the home. If your yard isn't in very good shape, tenants may assume that the home itself hasn't been very well taken care. Because of this, they're not likely to pay much attention to or appreciate the value of what the home has to offer.
So have the trees trimmed so they look healthy and tidy, mow the grass the day before each showing, and plant a few colorful flowers in large pots spread around the yard if it's missing color. Any work you put into the yard will strengthen the home's overall attraction, especially for those who choose to drive by the place before making an appointment to see the inside.
These techniques won't cost you an arm and a leg to implement them all because some of them you can do on your own. And you can expect for the money spent on any updates will surely pay for themselves once tenants move in. You may even be able to increase your rental rates thanks to the updates you complete!