Leasing out your home is a means to earn rental income. The better condition the home is in and the more options that come with it, the higher rent you can charge your residents. Compare rental costs for similar properties in your area before putting a rate, and run background checks on potential tenants you don’t know.
Hire a professional home inspector to go through your home by top-to-bottom and identify minor repair needs and major repair problems. Follow the inspector and photo document the process. This will provide you a starting point for what has to be repaired, replaced or repaired, and in addition, it gives you formal documentation of this condition the house was in before renters took possession.
Fix big difficulties, such as faulty wiring, heating and cooling system problems, plumbing issues or malfunctioning fixtures. If you don’t fix them today, the problems may worsen below your tenant’s care and you’ll eventually need to pay for repairs, which might receive more costly the more you wait.
Give the house a facelift to improve curb appeal and warrant a higher rent. Clean the house thoroughly, steam clean carpets, apply fresh paint and replace dead plants in the yard. Wash windows and clean cupboards inside and out.
Make sure that the appliances you depart are in great working condition, or repair or replace them. Change air filters and clean duct work if it hasn’t been done recently.
Consult your insurance company about the type of rental insurance policy most suitable for your situation. This will safeguard you against damage brought on by renters.
Speak to your community homeowner’s association concerning your rental plans. Many associations require you, as the owner, continue to pay association dues in your name and that you be accountable for the activities of your tenants. Get a copy of the community regulations and rules to provide to your renters and outline the terms of association behaviour in your lease agreement.
Remove anything from the home which you don’t wish to get employed by tenants. As an instance, if you’ve custom drapes, high-end patio furniture or yard statuary that you want to protect, remove it from the property.