If you’re a homeowner, home renovation and remodelling can translate to higher returns both in terms of adding to the value of the property and getting a higher rent from tenants. A well maintained and beautiful looking house receives higher tenant interest, enabling you to sign a deal much faster.
While improving certain aspects of your home may sound like a huge investment, this doesn’t need to be the case. Irrespective of the current condition of your house, easy access to a home renovation loan makes it possible to take the appearance and usability of the property a few notches higher, without impacting your liquidity.
So, if you are looking to give your home a makeover, here are some useful tips.
#1 – Inspect for Damages
Before you begin beautifying your home, it’s important that everything functions smoothly. It’s a good idea to check for any damages that may pose a health or safety risk. A broken window or door should be repaired, and plumbing leaks should be fixed. Check to see if the electricity or gas line need to be repaired. You may consider contacting an expert to thoroughly scan your home and give you an estimate of the costs involved in getting all the repairs done. This will give you an idea of the amount of home renovation loan you will need to apply for. Consider making a checklist and ticking off the items as the repairs get done.
#2 – Install Electricity, Water, and Gas Connection
Before the tenant moves in, make sure your property has metered electricity, water, and gas connections. Although the tenant will be responsible for paying the utility bills, having the connections in place helps to get the property rented out faster.
#3 – Make a List of All the Purchases
Check for all the fixtures and fittings you need to buy. You may even consider placing some useful appliances in the home, like a microwave, geyser, inverter, and AC. Once your shopping list is ready, search online for the best deals. Home renovation loans are popular in India as they can cover these costs too. While a well-furnished house may attract higher rental income, you can make the decision about how much to spend on appliances after enquiring about the going rents in the neighbourhood.
#5 – Check for Renovation Needs
You may wish to renovate some parts of the house. Such projects can be undertaken to make the house look more spacious, upgrade to a modular kitchen or a fancier bathroom, or even to create a space that can be used as an office, with so many people now opting to work from home.
#5 – Cleaning and Painting
After all the repairs and renovations are done, get ready to thoroughly clean the house. Get rid of all the debris and throw away things like empty cartons. Hire the right experts for polishing the floor and furniture, painting the walls, getting simple landscaping done outside the home, etc. Make sure to get an estimate of these costs before applying for a home improvement loan.
Remember to read the home agreement thoroughly before consigning it. The monthly rent, due date, penalty for damages, utility bill payment, security deposit, and other details should all be mentioned in the contract. This is a valuable and necessary legal document that will protect you from legal problems if there is a disagreement with the tenant. Obtain signatures on the contract and renew it as soon as the term expires.