Owning a rental property can be a great investment, but do you know how to properly prepare a space for tenants? Check out these tips for getting your home ready for renters.
Give It a Thorough Cleaning
It’s essential that you clean your house prior to renting, ideally when looking for renters but certainly before anyone moves in. This should go beyond your regular cleaning routine and get to things that are easily neglected or put off such as cleaning carpets, changing air filters, and scrubbing baseboards. You can do it yourself or hire a cleaning company; all that matters is that the job gets done well and from top to bottom.
Perform Inspections
This is another task you can do yourself or leave to a professional so long as it’s done correctly and thoroughly. Inspect your home and everything in it to be sure everything functions properly and is move-in ready. Make sure the structure of your home is in good shape; check out all your ceilings, windows, roofing, floors, doors, walls, systems (plumbing, HVAC, electrical, etc.), and other structural components. Keep an eye out for mold, cracks, and water damage. If the rental comes furnished, make sure there aren’t any issues with furniture on top of checking that all of the appliances are working properly. If you uncover any problems, be sure to have them fixed as soon as possible.
Spruce Things Up Inside and Out
Even if everything works fine, you may find there are still improvements to be made. Lay a fresh coat of paint on all your walls, do some landscaping outside, update lighting fixtures, and make other changes to refresh the space. You can even consider upgrading countertops, cabinetry, and appliances. While improvements and renovations can get expensive, they can also increase the amount of rent you can charge as a result.
Make It Safe
A potential renter wants to know they’re living in a safe and secure home. Be sure to change the locks, make sure all smoke detectors are in working order, and equip the kitchen with a full fire extinguisher. If you don’t already have one, consider installing a security system. Installing motion sensor lights outside is an easy way to give your tenants more peace of mind when they walk outside at night.
Check Your Mortgage for Additional Requirements
Depending on your lender and mortgage type, you may be required to notify your mortgage company before renting out your home. These requirements should be listed in your loan contract; consult a loan officer if you have any questions. You may need to follow up with information about the tenant or provide proof of additional insurance if stated in your contract. When in doubt, contact your lender.
If you’re interested in buying a rental property or have questions about renting your mortgaged home, reach out to one of our experienced loan officers to learn more!
