If you are thinking of selling your house but don’t want to commit to it just yet, or you own a property and want to make profits out of it, there is nothing more convenient than having consistent cash flow. But it is not that easy; there are some things that you need to know when you are turning your home into a rental property.
Have Your Property Professionally Inspected
Before you start renting your property, you will need to have it professionally inspected. It is important that you call professionals like The Plumbing Life Saver because you will need to know if there are any plumbing issues that need to be fixed. By hiring inspectors, you will make sure that there aren’t any problems that need to be repaired. If there are some things that need to be fixed immediately, they don’t cause more damage in the long run. This is also a great time to do any property maintenance that you want.
Do the Cleaning and Basic Maintenance
When you take care of all the repairs, it is time to do some basics and cleaning maintenance in the home. Make sure that there are smoke and carbon monoxide detectors installed as well as putting in new air filters. It is also a good idea to change out old light fixtures, dirty carpets, ceiling fans, and fill any holes in the walls.
Do Some Upgrades
If you want this home to have people interested in it, you will need to give the walls a new fresh coat of paint. That is the best way to provide the home a clean and welcoming look. If you are planning on renting your home with appliances, you will need to make sure that they are working properly and that they are clean as new. Sometimes it is easier to replace them with new ones instead of trying to fix them.
If the floors have experienced some wear and tear, you can have them polished, so they get back their former glory. But if you have the budget, you can remodel the bathroom and kitchen to make the place look more modern and new. By doing some upgrades to the home that you are renting, you will have more people interested in it.
Don’t Forget to Improve the Curb Appeal
First impressions are the most important ones, therefore having breathtaking curb appeal is a large part of getting tenants. You have to make sure that the yard is looking good. Repaint the doors, add a welcoming mat as well as some decorative flowers on the porch. Make sure that the lawns are mowed, trees and shrubs are trimmed, and that there are some flowers. Don’t choose flowers and trees that are high maintenance, go for ones that anyone can take care of.
Decorate the Inside
When you take care of all the essential things, you need to focus on creating cozy and homey environments for your future tenants. The first thing that you need to decide is whether you are renting a fully furnished home or an empty home. If you have decided to rent a fully furnished home, carefully consider their needs, and provide them with all the furniture they will need. You can also pair the walls with a color that doesn’t require much maintenance like beige or sand white. By choosing a neutral color for the walls, you will make it easier for yourself to match the furniture.
You Must Get Insurance
This is where a lot of people go wrong when they start renting out their homes. That is because they aren’t aware that your normal homeowners insurance doesn’t cover the needs that the rental property might have. That is why you will need to get something called renters insurance, which will offer you liability and medical expenses coverage just in case your tenant gets hurt in your home. You can also get the insurance that covers protection on things like your appliances or furniture pieces that you are providing them with.
Once you have created a perfect rental place and got it insured, it is time to put the home on the market. You must choose your tenant carefully, and get a proper advertisement for it.
Mia Ackerson is a Melbourne-based writer. She Loves writing about home decorations, home improvements, and her personal experiences. She’s also interested in reading books, movies, music, baking, and gardening. You can follow her on twitter.