Is your house ready to be a rental?
If you’ve lived in the house for a while, there may be broken or worn items that you’ve overlooked. Security issues and even legal issues need to be resolved before you put your home on the market. You may want to do a bit of preparation before putting up the “for rent” sign.
Repairing structural or system defects should be at the top of the list. Tighten handrails, repair steps, and eliminate hazards inside and outside the home. Make sure all heating, plumbing, and electrical items are up to code. Raised decks, railings, floors, and framing must be inspected by a Class A contractor for structural safety. Their goal is for all systems to run smoothly and efficiently.
Pay special attention to appliances that are used regularly, such as the refrigerator, stove, microwave, washer, dryer, etc. These appliances receive heavy use every day and must be in good working order. Bathrooms, toilets, showers, and bathtubs should be clean in appearance and free of mold. Replace missing tile grout and reseal the tub and shower with a fresh bead of caulk. Is your carpet stained or worn? Cleaning the carpet or, if necessary, replacing it, will refresh your home. Make sure there is at least one working smoke detector on every level of the house, and replace old batteries with new ones.
Make sure the property has a clean and tidy appearance inside and out. Remove all personal items from inside and outside the home and yard. Take old used paint cans to the landfill along with yard waste and other unwanted items. Clean out the garage and remove dirt and cobwebs to make the space fully usable. Improve curb appeal by trimming shrubs and shrubs and touching up peeling paint around the house or porch.
When thinking about making an upgrade or upgrade to your potential rental property, consider the competition and price range of other rental homes in your neighborhood. Think about who your target tenant will be. Your location along with price will be the deciding factor in who will be interested in your home. Will it appeal to college students, a family with younger children, or singles? You don’t want to over-improve your home and put it off the rental market in your area.
Finally, who will attend to and manage your home? Do you plan to manage the property yourself or hire a management company? If you manage the property yourself, you will be the tenant’s only contact: collecting rent, performing regular property inspections, routine maintenance and emergency repairs. Hiring a property management company will relieve you of these responsibilities and partner with you to make your investment profitable.
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