If you’re considering renting out your home, you’re likely thinking in terms of financial gain. Becoming a landlord can certainly be profitable, however, how can you get your home ready to rent?
Before you decide to put up that ‘For Rent’ Sign, take the time to prepare your home. This will benefit your property and will attract high-quality tenants. Listed below are some methods to boost your opportunities when preparing to rent your home.
Understand The Responsibility
You should first ask yourself if you are capable of handling the responsibilities of being a landlord. There are many benefits to renting, including the ability to prevent theft, vandalism, and damage, which are all common in vacant homes, the convenience of tax incentives, and the possibility to make money that can cover costs and possibly even turn a profit.
Being a landlord can add more obligations to your schedule than you anticipate, and realistically things may not always go as planned. You’ll need to keep up with repairs and maintenance, collect rent, pay more for your homeowner’s insurance policy, and try to avoid wear and tear on your property by monitoring your tenant’s housekeeping. Luckily, if you keep these factors in mind while you plan you can lessen your chances of being caught off guard when something unexpected does come up.
Work with a Professional
When you’re ready to rent your house, you should hire a professional real estate broker to help you rent out your home. Professional brokers help with staging, taking professional photos, and listing the property on reputable real estate websites. A Realtor will provide you with a competitive analysis of the market.
To attract potential tenants, your broker will draw attention to your house’s best qualities when they begin to market your rental.
Here Are Some Tips to Help You Prepare to Rent Your Home
Potential renters are more attracted to clean environments and well-maintained living spaces. Places to look out for are the floors, windows, and blinds. Eliminate carpet stains with a carpet cleaner, and paint the walls with a neutral tone to make the rooms appear brighter and encourage the tenant’s imagination in regard to the living space.
Cleaning extends to furnishings and appliances as well. If you are offering a furnished property, ensure that everything is in working order and you are supplying home appliances, make sure they are spotless on the inside and out. Keep in mind that while renting a home with amenities may allow you to increase the rental price, it may also cost you if the appliances require frequent repairs or upkeep.
Do a Home Inspection
When your home is vacant, carefully do a home inspection to address any issues. Roof leaks, drooping or clogged gutters, driveway cracks, leaky faucets or pipes, electrical outlets, and burned-out light bulbs are all possible issue areas. Be sure to inspect your flooring as well to ensure that it is in good condition.
Screen Tenants Carefully
As soon as your rental property is prepared for showings, begin your tenant search. Be cautious in selecting your tenant. You must be able to rely on this person to maintain the state of your home as well as to pay the rent on time.
Once you’ve found a prospective tenant for your home, request that they fill out an application with information about their identities, employers, prior landlords, and references. Get signed authorization to search their credit records and criminal history, and make note of their Social Insurance Number. Know your rights as a landlord.
Finally, once you’ve chosen the ideal tenant, request a fair security deposit and set up an appropriate payment schedule.
If you take the time to address and avoid potential issues, renting out your home can be very beneficial for both owners and tenants.
Remember, before renting your property, go through some of the tips mentioned above. These simple tips from Abbey & Olivier will help you prepare your home for rent and be a successful landlord.