8 Tips to Prepare a Home for Rental
Renting your home or apartment has potential to make you money – but it is important to prepare your home for rental. Your Burnet real estate agent, Tom Ashworth can help you prepare your home for rent.
It is estimated that the number of renters in America will increase by five or six million in the next ten years. However, before putting that “For Rent” sign out in the yard – you’ll want to make sure your home is prepared.
Here are a few things to consider before putting your home up for rent:
- Inspection: Once your home is empty, take a few minutes to walk through and make sure there are no repairs needed throughout. Keeping an eye on pipes, roof leaks, outlets, light bulbs, and gutters can help your home be more appealing to potential renters.
- Consider Safety: Tenants are more than likely looking for a safe place to live. At the very least, ensure that all smoke and carbon dioxide detectors are working. Some renters may only be interested if there is a security system and/or a camera system recording the property.
- Clean Up: Tenants will be less likely to rent a home that seems unclean. Make sure that all floors, walls, windows, and blinds are in decent condition. You may want to consider repainting the walls a neutral color, allowing tenants a better vision of what they could do with the space.
- Furnishing and Appliances: If you are planning to take furnishing and appliances with you – you may consider supplying others in order to charge a higher monthly price. However, it’s important to keep in mind that you are responsible for these items and their working condition.
- Rental Management: If planning to manage your rental yourself, it is extremely important to secure a legal leasing document for you and your tenant(s) to sign outlining the terms of the lease. If you’re not planning to manage your rental property yourself, a property management company can do the tenant screenings, repairs, rent collection, evictions, and taxes for a predetermined percentage of the monthly rent.
- Mortgage and Insurance: When deciding to rent your home, it is important to contact your mortgage company because they have certain rights to the property as well. There may be specific requirements you have to meet before your mortgage company will let you rent your home. It’s also a good idea to switch your insurance policy to a landlord policy to cover any losses or damages.
- Determine Market Value: Once your home is ready, compare the monthly rates of similar property in the area. When posting an ad for your rental property, make sure to highlight the best parts of the property to attract potential tenants. Most people rent sometime between March and August.
- Screening: It can be important to ask potential tenants to fill out an application in order to protect yourself.
There are several things to consider before renting your property. For more tips and advice, contact Tom Ashworth your Burnet real estate agent.