If you’ve lived in the house for a while, there may be broken or worn items that you’ve overlooked. Security issues and even legal issues need to be resolved before putting your home on the market. You should do some preparations before putting up the “For Rent” sign.
Structural or system defect repair should be at the top of the list. Tighten handrails, repair steps, and eliminate hazards inside and outside the house. Make sure all heating, plumbing, and electrical elements are code compliant. A Class A contractor must inspect raised platforms, railings, floors, and frames for structural safety. Their goal is for all systems to run smoothly and efficiently.
Pay particular attention to household appliances that are used regularly, such as refrigerator, stove, microwave, washer, dryer, etc. These appliances receive heavy use on a daily basis and must be in good working order. Bathrooms, toilets, showers, and bathtubs should have a clean appearance and be free of mold. Replace any missing tile grout and re-caulk the tub and shower with a fresh bead of caulk. Is your carpet stained or worn? Cleaning the carpet or, if necessary, replacing it, will freshen up your home. Make sure there is at least one working smoke detector on every level of the house and replace old batteries with new ones.
Make sure the property has a clean and tidy appearance inside and out. Remove all personal items from inside and outside the house and yard. Take old used paint cans to the trash can along with yard waste and other unnecessary items. Clean out the garage and sweep away dirt and cobwebs to make the space fully usable. Enhance curb appeal by trimming bushes and shrubs and touching up peeling paint on your home or porch.
When thinking about making an upgrade or upgrade to your potential rental property, consider the competition and price range of other rental homes in your neighborhood. Think about who your target tenant will be. Your location along with the price will be the deciding factor in who will be interested in your home. Will you attract college students, a family with younger children, or single people? You don’t want to over-improve your home and price off the rental market in your area.
Lastly, who will care for and manage your home? Are you planning to manage the property yourself or hire a management company? If you are managing the property yourself, you will be the tenant’s sole contact: collecting the rent, conducting regular inspections of the property, routine maintenance, and emergency repairs. Hiring a property management company will relieve you of these responsibilities and partner with you to get your investment back.