There are so many people who are taking advantage of the amazing concept called house-hacking. It allows you to take one house and divide it up into smaller living areas. Instead of renting the house to one family, you can rent it out to three different individuals and get more money for your space. In order to do this and get the most for your money, you’ll need to make a few intentional changes.
1. Consider a cleaning/maintenance fee.
When you have multiple people living in one space, there’s so much potential for it to get really messy. While it’s important for everyone to clean up after themselves, it’s always great to hire a cleaning service to come once a week to keep the house tidy and spotless. Work the cleaners’ fee into the rent. If you’ve purchased one of those stunning hand carved area rugs for the living room area, the cleaners will make sure it remains spotless.
2. Make the necessary updates.
Don’t worry about investing a lot of money into granite countertops and stainless steel appliances. While they might be nice, they’re not necessary. The main reason is because your tenants won’t take good care of the high-quality updates. This is why it’s best to focus on an inexpensive option that looks clean and is easy to replace. Replacing granite countertops every other year is not worth the effort or the money.
3. Hire a property manager.
It can be really annoying to track down your tenants to collect rent payments. This is even more true for those who don’t want to deal with difficult tenants who cause problems. If you can filter everything through a property management company, that can save you a bit of heartache and stress. The key is to find a good company with good rates that you can cover and still make a profit from your investment.
When you utilize these three tips, you’ll be able to have more peace as you maintain an investment and make more money. There are many people who avoid developing their own real estate prowess because of fear. If you take the necessary steps, you can succeed in real estate and enjoy the fruits of your labor.