Unexpected Upgrades That Boost Your Rental Income

The average rent in the US is s 12.95% less than the average monthly mortgage payment, so what can you, as a landlord, do to bridge this gap? The answer is – plenty. If you’re a landlord or property owner, surviving the cutthroat rental market is about staying ahead of the curve and making your property everyone wants to live in.

These strategic changes add real value and appeal to your property with lasting benefits that will boost your rental income and keep your investment in demand for years to come. 

Adding a garage

It may not be the first thing that springs to mind, but one of the most impactful upgrades you can make to boost your rental income is adding a garage. It’s a feature that many tenants actively seek out, and it can significantly enhance the value of your property. Secure parking, additional storage, or operational space—all big selling points for renters.

But before you get too excited and start pouring concrete, there’s an important step you can’t skip: understanding the garage permit requirements in your area. This might sound like a bureaucratic hassle, but ensuring your new garage complies with local regulations is crucial.

For garage permits in Maine, for instance, the rules vary based on the size and location of your property. Generally, if your garage is less than 200 square feet, you won’t need a permit in most cities and counties. However, once you exceed that size—or if you add electrical, plumbing, or mechanical systems—you’ll need to get the proper permits.

Fencing the front yard

A simple, cost-effective upgrade that can make a big difference in attracting tenants—fencing the front yard. This straightforward improvement especially appeals to families with small children and pet owners who prioritize having a secure outdoor space. 

For parents, a fenced yard offers peace of mind. It creates a safe environment where kids can play without the worry of them wandering off or running into the street. Pet owners, too, appreciate a secure yard where their dogs can run and play safely. Pet-friendly properties with secure yards often see higher demand as they fulfill a critical need for many renters.

By accommodating families and pet owners, you widen the range of potential tenants, increasing the likelihood of receiving strong applications. In turn, this increases your rental income with a steady stream of payments from qualified tenants.

Adding a Home Gym

We live in a health-conscious world, and everyone strives to live their best, healthiest life. But let’s face it: getting to the gym can be challenging. Between busy schedules, crowded facilities, and the hassle of commuting, it’s no wonder people dream of having a personal fitness space at home. As a savvy property owner, this is where you can swoop in with a clever upgrade: a home gym.

You can’t beat the appeal of a rental property with its own gym. Tenants no longer have to deal with pricey gym memberships or the inconvenience of going to a gym. They can work out whenever they want, right in the comfort of their own home. Transforming a garage into a home gym is simpler than you might think:

1. Make sure your garage is empty and ready for a fresh start. This will give you a blank canvas to work with.
2. Ensure adequate power for any equipment and proper ventilation to keep the space comfortable during workouts.
3. Depending on your climate, proper insulation is key.
4. Ensure the floor and structure are stable and safe to support gym equipment and vigorous activity.
5. Spruce up the interior with a finish that suits the gym environment (easy-to-clean surfaces are a good idea).
6. Choose materials that align with the type of exercises you plan to accommodate. Bring in gym gear or start fresh with budget-friendly options that cover a range of workouts.

Make a share-house 

House-sharing allows you to charge around an extra $20 per week from each tenant compared to a family. Separating the toilet from the main bathroom is one simple yet effective change to make your house more of a shared home. This minor modification can significantly reduce morning congestion and improve convenience for everyone in the house.

If possible, introduce a second door to an ensuite bathroom, creating a shared two-way ensuite. This allows more tenants to access the bathroom facilities without waiting, enhancing the overall living experience. Installing locks on bedroom doors can also offer privacy and security to the tenants of a shared home, making your property more attractive to those who value their personal space.

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