Renting out your property can be very profitable, but there are a few things you need to know, and a few things you need to do before placing that ad. As a property owner, making sure your rental is in tip-top shape, and compliant with local regulations is key. This list should point you in the right direction and help prepare your home.
Get an Inspection
It’s important to get an inspection of your property to make sure all lighting is working, the plumbing is in order and there are no issues with the foundation that will cause problems for the tenant. There are compliance requirements and certain criteria that must be met before leasing your home for rental.
You always want to project the best image when renting to others. Hiring a professional to clean the property thoroughly is always a good idea. There will be no residue left behind from previous tenants, and the new tenants will be able to see the property when it is nice and clean.
All appliances should be in working order and should be a newer model. One of the first things a tenant notices is whether or not the kitchen has good, working appliances. This is very important, especially if it is a tenant that likes to cook.
Having a professional painter come in and add a few coats of new paint will make a tremendous difference in the look and feel of your property. Use neutral colors to allow prospective renters the opportunity to see the space in their own eyes.
There are some factors to consider when determining the price for a rental. Location, whether or not there are good schools in the area, proximity to shopping and other venues and the time of year should all play a role. Consult a professional to ensure you are being competitive in pricing. Your price should match the condition of the property, and your additional expenses should be factored into the overall equation.
If the property is going to be used for rental purposes, you must notify the mortgage company (if you still have one), and your insurance company. This is very important, as the mortgage company has a vested interest in any property they still have involvement with. Additionally, the insurance company will alter your policy to reflect you being a landlord, instead of a homeowner. This protects you against any losses from tenant negligence.
Make sure your advertisement showcases great features of the home, which will attract more renters. Whether you hire a professional firm to handle this, or you do it on your own, these tips will have your home more than ready for its new tenants.
Need help renting out your property? Aria Properties offers proper owners a variety of helpful property management services. Contact us today or subscribe to our blog for more helpful tips.