Renting out a home or apartment can be a great way to earn some extra income, especially considering the number of renters in the U.S. is continuing to rise year after year. Combine this with rising rental prices and a declining number of vacant properties and it spells out the fact that now is a great time to get into the property rental business.

However, before you dive straight in and immediately list your property for rent, you’ll first want to ensure that it’s in good enough condition to actually earn you a profit. While you may not want to undertake any major renovation projects, making sure your property is above minimum requirements and up to code will pay off in the long run. To make things easier, here are a few of the most important things you’ll want to be on the lookout for.

Old, Outdated Décor

Unless the property is brand new, you’ll always want to make sure you give the interiors a bit of a touch up before trying to rent it out. At the bare minimum, you’ll want to give everything a fresh paint job (neutral tones are always best). Still, you may want to consider tearing out those old carpets or linoleum floors and putting in new laminate flooring. Generally speaking, carpet is almost always a bad idea in rental properties. If you make as many repairs as is reasonable, making the space look clean and well-maintained, it will be easier to keep track of damage and needed repairs in the future.

Kitchen and Bathroom Furnishings

Pay close attention to your kitchen and bathroom cabinets and other furnishings, as these are fairly inexpensive to replace and can make a major difference in how much you can charge for the place. Making smaller changes like putting in new faucets or shower head also helps. You don’t necessarily need to remodel the entire room, as even making a few minor upgrades can go a long way.

Landscaping and Exterior

The outside of the property is just as important as the interior, and sometimes even more so, since this is the first thing a prospective tenant will see. If they don’t like what they see on the outside, they may not even bother to check out the inside. Therefore, it’s always a good idea to take a little time to spruce up the exterior of the property as well. Make sure the trees are trimmed, plant a few bushes or even just fix the dead spots in the lawn. Like with the interior, even a little help can go a long way. If you’re planning on renting through a realty company like Adams, Cameron and Co., Realtors, you will also want to ask them if they have any advice to give.

In many cases, it may be necessary to perform some more extensive renovations or repairs before a property is fully ready to rent out, especially if it doesn’t meet all local regulations. Nonetheless, even the more basic remodel tasks listed above should help ensure that you can get maximum value from your rental property.