5 Ways to Prepare Your Rental Property
There are varying reasons why homeowners put up their homes for rent. One of those is the fact that renting out the house is a highly lucrative venture the provides long-lasting returns. Becoming a landlord can mean a steady income stream, however it can be quite the adventure.
Making sure the house is prepared well is crucial for getting a long-term tenant. Moreover, preparing the home will ensure that the transition and the rental process will be as seamless as possible. With that said, we’re here to share five things an owner can do to prepare their property for rent.
1.Inspect Home and Make Necessary Repairs
The first thing to do in preparing a home for rent is to inspect it thoroughly. Owners should look around while the house is empty, particularly for things that need repair. If there are major problems, repairs must be done as no tenant would want to rent a home with issues. They should also address any house areas that could potentially be a problem.
Some of these potential issues include:
- Improper insulation
- Exposed wires
- Sagging roof or floors
- Outdated electrical outlets
- Perform all necessary repairs to ensure that the house is in the best condition.
It is not only major repairs that are essential but even minor maintenance issues. Fixing them before they are broken can help prevent them from becoming larger problems. Our San Diego property management services also include managing repairs on the homeowner’s behalf.
2.Ensure the Property’s Safety and Security
Next, homeowners should think about the safety around the house. Tenants will want to rent a home they feel is safe to live in. This is not only a good idea on the homeowner’s part but something the law actually requires. Most state laws need landlords to provide renters with a safe and livable home.
Some of the ways owners can ensure the safety and security of the property are by making sure that:
- All smoke alarms are working as intended and aren’t more than 10 years old
- If there are any infestations, these are removed as quickly as possible
I- f there is a porch, it doesn’t have major cracking that could cause someone to fall through, trip, or injure themselves
- The doors and windows fit properly in their frames
- The doors lock properly and aren’t easy to open for outsiders
- The home has a working security system
- The major systems in the home like electrical, HVAC, plumbing, and so on, work as intended
- There isn’t any mold, asbestos, or lead that could pose a danger to tenants living there
3.Clean Up and Organize the Property
Keeping the home clean shows the kind of person the owner is. Moreover, it sets an example of treating the property well and keeping it in good condition. This makes it a vital part of preparing the home to do a good, thorough spring clean.
Don’t just do some basic sweeping. Start with the most visible things, such as smudges or dirt on the kitchen counter, the wall, the front door, and others. Clients won’t look past these issues the moment they see them. In addition, check and clean forgotten corners. Prospective tenants will appreciate your attention to detail.
Some of the essential parts of the home to clean include the floors, walls, and shelves. If there is a carpet, wash or shampoo to remove the stains. It also helps to repaint the walls in a neutral color. In doing so, the rooms will look cleaner and brighter. Remember to wipe down surfaces, and remove belongings that belong to the owner or previous tenants.
4.Add More Value by Updating Their Home
Repainting the walls is a good idea because it will help add more value to the home. Besides getting a new paint job, we suggest getting new carpets, switches, outlets, taps, and door handles. They are inexpensive ways to update a home and make it more appealing. Another way to add value to the property is installing heating and cooling.If the bathroom or kitchen is not updated, remodeling remodeling those areas may be something to consider. You want to make sure that doing a remodel will be beneficial to you cost wise. Our San Diego property management experts can help determine this by conducting a cost-benefit analysis.
5.Notify Your Insurance Companies
Another important an owner must do is notifying their insurance companies. The owner will have to switch their insurance policy to that of a landlord’s property insurance. This policy provides protection against natural disasters, tenant negligence, as well as fire and water damage.
If you are looking for a reputable company to manage your property, Realty Management Group can help!