Tag: how to rent your house

How to Renovate Your House Before Renting It Out

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Renting out a property is a smart investment strategy if you’re looking to beat high inflation rates. with rental prices rising by around 5% per yearnow is a great time to start earning passive income.

But just having a property to rent isn’t enough. To make money, you’ll need to be able to attract potential tenants, which is no mean feat. For that reason, renovating a house before you rent it out can be a smart move if you’re looking to attract tenants and increase your rental income.

Here’s what you need to know before you carry out renovations on your rental property.

budget

Firstly, it’s important to budget when looking at your renovations. If you overspend and get yourself into serious debt, there’s no guarantee that your rental property will bring in enough to cover this!

So, the first step is always looking at how much you can afford to spend on the renovations, so they don’t eat into your profit.

If you know that you’ll need to take out a loan, it’s a good idea to improve your credit score to get the money you need.

Decide on the type of tenant you want to attract

Not

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New York City Rental Market: Worst Stories of 2022

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Photo-Illustration: Curbed; Photo Getty Images

The real-estate market was out of control in 2022. After two years of COVID deals, many of which were for just somewhat less expensive but still expensive rents, landlords and brokers had their revenge: Low inventory and high demand alchemized to turn the search for a New York City apartment into something even more demeaning, frantic, and, of course, pricey than ever. People lined up around the block to view sad studio apartments and offered to raise their own rent to get an edge over other prospective tenants. The people throwing themselves at the feet of their future landlords were the lucky ones — as pandemic-era protections ran out, many couldn’t afford to stay in their apartments at all, facing rent hikes of $500, $1,000, or even $2,500. Below, in miserable detail, the year in rent — which, by the way, is due again on January 1.

In January 2022, an estimated 591,000 households owed a total of $1.97 billion in back rent. Federal rent-relief funds were running out, which had led Governor Kathy Hochul to close the Emergency Rental Assistance Program’s application portal a few months earlier, even though Legal Aid estimated that 400,000

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