Renting isn’t only for apartments or condos. Single-family homes are common on the rental market these days as homeowners find themselves becoming landlords. The current market may make it difficult or not profitable to sell so they turn to renting. Or it may simply be a temporary job out of the area but with the intention of returning that puts a home on the market as rental. Regardless there are things that must be done to prepare a home to become a rental.
You should thoroughly inspect, repair and clean your property or hire contractors to perform these services for you. Electrical systems, plumbing, heating and air conditioning should be in good working order. The best way to assess this is to hire an inspector.
Consider new landscaping or at least clean up the yard. It’s the first thing that renters see and a well kept yard sends a signal that you care about the property. The same goes for any cosmetic repairs to the front of your home. The neater a home looks the more likely a tenant will keep it neat as well. Home rentals in upscale neighborhoods will also continue to be held to the homeowner’s association regulations so proper upkeep will be required.
Continue on with any repairs or updates to the interior. A coat of paint goes a long way as does appliances in working order. If you decide to leave them you will be responsible for any repairs so make sure they’ll last. You’re not required to supply them but you’ll get a better rental rate if they’re there.
Switch your insurance from home-owners to rental property insurance. You’ll need to cover any losses that may occur due to negligence of tenants or fire and water damage. Your insurance agent will be able to advise you on your policy.
Consider hiring a property manager. Unless you’ve always dreamed of being a landlord it’s probably smart to hand your property over to a professional. They can handle all the headaches and tasks that go along with rental properties.
National Property Management Group Miami (Rent KC Management Group) is the answer to the property management question. We specialize in managing homes belonging to homeowners who didn’t plan to become landlords. Managing your property until you’re ready to sell is what we do and no one does it better. So if you need us to look after your home as if it were our own call us today. And stay tuned for Part Two of Preparing Your Home For Rental.