So your home is ready for the renter and so is your pocket. With the recovering economy, some extra cash is more than welcome. You are renting your house. Now all you have to do is make the place ready for visitors. Wondering how to do it? We have a few tips that will help you in preparing your home in a way that every visitor will fall in love with it:
Inspection Updating
Tenants are likely to follow a house that clears well on a home inspection. So make sure that your home follows all local and state home regulations.
Maintenance
Clean up your place, repaint it, fireproof it, and fix the plumbing. All these simple acts take away the oldness from the house. Place low pressure showers in the bathroom to help reduce water usage. Recheck your electrical wiring. Install smoke detectors in rooms upstairs and place a fire extinguisher in the kitchen, in fact, go an extra mile and place a carbon mono-oxide detector as well. Clean up your chimneys and be ready for a test run.
Insurance
Now that your home is all set for the scrutiny, change your home status to vacant and ask your mortgage company to grant permission to you for renting. It may involve a small fee. You should also change your home status at your municipality and your insurance status will need some upgrading as well. You need landlord insurance for rental property; it’s not the same as your current policy and will probably be more expensive than a regular homeowner’s insurance coverage.
Property Management
You can manage the property yourself but it’s a time consuming matter and if your plate is already full; we advise against it. Property management firms charge up to ten percent of the rent but they are very effective and take care of everything from tenant finding to rent collection. If that ten percent isn’t important, let them take care of the stopped up sink in your property every other week.
With these small things taken care of, people will be lining up to rent your place and you will never face a shortage of tenants. Try these tips, prepare your home for the tenants and let us know how it worked out through the comments section.
