When you wish to rent out a house that you own, one of the challenges that you'll often face is pricing the rent properly. You want to make the amount as high as possible so that it will cover the mortgage and put money in your pocket, while not making it so high that it scares prospective tenants away. If you want to set your rent at the higher end, it's ideal to perform some tasks in advance of renting out the house. This way, you'll be able to note that you've made a series of specific changes or improvements that can justify the rent amount. Here are some tasks of this nature to perform.
Upgrade The Appliances
New appliances can be a big draw for people looking to rent a home — and can also help you charge more for rent. When your rental home has new appliances, it shows prospective tenants that you've made a recent and financially significant investment in the home and, by extension, the quality of life and comfort of your tenants. Buying a new washer and dryer, refrigerator, and dishwasher before you begin the process of looking for tenants can be a win-win for everyone.
Finish The Basement
If the basement of the house that you plan to rent out is currently unfinished, investing in finishing the basement will allow you to charge more for rent. The difference between an unfinished basement and a finished one is a difference in livable space — whereas some tenants may not wish to spend much time in an unfinished basement, many will appreciate the added livable space that a finished basement provides. This area can house a makeshift bedroom for a large family, a home office, or just a vast rec room for kids to enjoy.
Landscape Your Yard
Remember that the yard of the house is the first thing that prospective tenants see when they come to visit, so investing in this area can provide some initial wow factor — and help to justify a higher rent amount. There are a number of ways that you can landscape your yard. You may wish to have a front walkway, patio, or deck rebuilt so that it looks better and is safer. Planting some bushes that will grow into a hedge can provide some welcome privacy to a yard that feels a little exposed to the neighbors, while putting sod down in lieu of a patchy lawn can make the yard a desirable place for children to play.