Government Home Improvement Grants for Landlords
If you are a landlord, you may be asking, “How can home improvement grants increase my rent intake?”
Whether you are a home owner, a landlord, or a tenant, we all know that the more updated and attractive the property or rental unit, the higher the cost of rent will be. Many landlords realize that the slightest bit of redecorating or remodeling can significantly raise the amount of rent you can expect to collect from current or potential tenants. Of course we also know that there is a financial investment to be made when embarking on home improvement projects, but they pay off for landlords and property owners month after month in rent.
What many landlords don’t know, however, is that the costs of these rent increasing rehabilitation projects can be completely absorbed by the government. You can apply for and receive several home improvement grants that can pay for a great deal of your remodeling or redecorating expenses. In some cases, home improvement grants can completely finance these projects.
Imagine being able to add an additional room to a rental unit. Generally, an additional room should enable you to increase the rent for the property by one to two hundred dollars. Let’s say you then decide to upgrade the heating and ventilation system to central heat and air. There’s another fifty to one hundred dollars a month you can tack on to the monthly rent. Now maybe that old dilapidated back porch needs a lift in order to be up to safety code. Why not spend a couple extra bucks to make it a nice deck instead. You have to fix it anyway, right? That could be another fifty dollars a month you can add to that elevating rental price.
Now let’s do the math. You’ve just added three hundred and fifty dollars to what you’re already receiving in rent for one unit. Not a bad investment is it? Now imagine receiving government funded home improvement grants to finance these projects. You’ve just made three hundred and fifty dollars per month, for as long as you own that building, with absolutely no cost to you what so ever. You can apply for and receive a home improvement grant for any and every single one of those projects. And then apply for more home improvement grants for more projects.
Any landlord who doesn’t look into the possibilities of acquiring home improvement grants is loosing hundreds of dollars in rent money and equity in their property with each passing month. If you are a landlord, why not make your property more valuable and your tenants more willing to accept a rent increase. And why not get home improvement grants to finance it and let the government foot the bill while you’re at it?
In: Home & Auto Financing · Tagged with: home buying & repair, home improvement grants, home mortgage grants