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How to Make More Money from Your Rental Property

By Scot Miller
Rental Property

Many U.S. residents choose to rent a home instead of buying one, as house prices due to rising interest rates are unfavorable for many. According to 2021 Census data, approximately 44 million people rent their homes. If you’re an investor, investing in a property and renting it out is a great way to support your income and boost your portfolio. But the key to getting the property’s maximum worth is finding clever ways to maximize your profit from a rental property.

Being strategic will allow you to generate more money and attract high-quality tenants. Consider the following steps to make more money from your rental property.

Choose Property Based on Location

One of the best ways to make more money from your rental property is by paying attention to its location. Choose an area that is desirable to the average tenant. For instance, a family with children looking for accommodation will seek a safe neighborhood with schools, parks, and grocery stores nearby. They may prefer areas with a streamlined transportation system.

You could also consider underdeveloped areas that are cheaper to purchase in their initial stages. The prices may increase over the years as the area develops. If you plan to do this, it’s essential to research the area’s history and future plans for developers and the city.

Rent Out a Fully Furnished Home

Many tenants look for fully furnished units, as this reduces the hassle involved with moving bulky furniture. You can charge a higher rent when you offer a fully furnished home and potentially attract more tenants if you can set up the space to make it look comfortable, functional, and stylish.

Some professionals, such as flight attendants, photographers, and bloggers, must travel frequently, so furnished homes might be a requirement for many tenants. Keep in mind that the design should be minimalistic to suit the taste of various tenants.

Invest in Renovations

A well-done renovation can boost your home’s value and allow you to charge a higher rent. But it’s important to renovate the right elements to peek your tenant’s interests. The most popular renovation projects attracting buyers or renters are the kitchen, bathroom, basement, and built-in appliances.

Consider getting a short-term loan if you need additional funds to renovate your rental property. When you invest in renovations and increase your property’s value, you can use the additional funds to repay the loan. Choose a reputable platform to get access to money online and apply for a loan in a short time frame. The beauty of a short-term online loan is that the application process is simple, and you can easily access cash when needed.

Choose Tenants Carefully

The tenants who rent your home can also contribute to how much money you make. For instance, tenants with a long history of frequently moving or those who make delayed payments can affect your income. Some tenants may also skip payments, making it difficult for you to manage your finances.

Finding good tenants can reduce stress and allow you to earn a steady income each month. They are also likely to understand if you need to raise the rent in the future. Begin your search for the ideal tenant by designing the right ad, screening the tenants, checking their references, verifying income, and running a credit check.

Investing in a rental property is a great way to boost your income and diversify your portfolio, but a lack of planning can limit your income. Use this guide to make more money from your rental property this year.

About the author
Scot Miller

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