Renting out your home to a tenant is a great way to build equity and even generate income while you move on to a new place. However, you shouldn’t just slap up a “For Rent” sign as soon as the moving truck pulls out of the driveway. Take a little time to get your home ready to rent, and you will be able to charge premium rent and secure the best tenants. Follow these easy tips to help you prepare.
First, conduct a thorough inspection of your home
. When you live in a place, you get used to all of its little idiosyncrasies. There may be quirks to your home that you are used to and don’t even notice, but would be bothersome to a tenant. After the home is empty, go through it with an open, objective eye. In particular, check potential problem areas like the roof, the gutters, the plumbing, and the electrical systems. Make note of any problems, even minor ones, like gutters that need to be cleaned out or burnt out light bulbs that need to be replaced. By making sure that everything in the home is in good repair, and you can put your best foot forward to potential tenants.
Do a safety check of the property
. Part of your obligation as a landlord is to provide a safe environment for your tenant, and your tenant will feel happier and more comfortable when the home is secure. If you are renting out a portion of your home, be sure that the rental unit has a secure, separate entry and that the spaces have a sufficient fire barrier. There should be smoke detectors and fire extinguishers on every floor. Also, make sure that there is a safe place to park and plenty of exterior lighting.
Clean it up! This seems obvious, but not every landlord does it
. Do a thorough cleaning, including washing the floors, the cabinets, the windows, and the blinds. Have the carpets shampooed or steam cleaned, and put a fresh coat of paint on the walls. Renters want to see that you take good care of the property, and a clean home shows that.
Inspect the appliances and fixtures
. Appliances should be clean inside and out, so make sure that you clean inside the fridge and stove, too. Make sure that all of the appliances work properly; if not, they should be replaced before you start advertising the rental. Check that all of the fixtures, like ceiling fans, work properly, too. If furniture will be included in the rental, make sure that it is clean. You can often have furniture cleaned by the same service that steams your carpets. If you have valuable furnishings in the space, you may want to remove and store them before renting the space.
(Also, check out our home inspection service)
Contact your insurance company and mortgage company
. You will need to change your homeowners’ insurance policy to a landlord property insurance policy. You are also required to notify your mortgage company; there may be specific requirements to your mortgage if you become a landlord.
Figure out how much rent you can charge
. Check out comparable rentals in the area, and see how much they are renting for. Calculate your own monthly costs, including taxes, insurance, and maintenance. With all of this information in place, you can determine what you can charge for rent.
If you are considering renting out your home in Phoenix or Scottsdale area, get in touch with
McMath Realty
. We provide property management services, which means that we will help you market your property, find a tenant, collect rent, and perform maintenance.
Call McMath Realty to learn more today https://mcmathrealty.com//contact.php