Tips To Help You Prepare To Rent Your House
Posted on: 27 February 2019
There can be several reasons you choose to rent out your house instead of selling it. For example, sometimes the current real estate market is not at a level where you can get your home's full equity from its sale. But no matter the reason you decide to turn your home into a rental, here are some tips to help you get it ready for the rental market.
Complete Deferred Maintenance
Many homes have some areas that need some work or repairs in their structure and home systems to get them ready for a renter. When you are ready to rent out your home, you want to make sure any repairs and work you home needs gets completed to make it as attractive as possible for renters.
A renter may choose to rent elsewhere if your home's drywall needs some work to repairs a hole or two. And if the carpeting is torn up inside your home from your family dog, for example, you should look at repairing or replacing the carpeting. Neglecting this task can reduce the value of your rental and the amount of rent you can charge.
Hire a Property Manager
As a property owner and landlord, you will need to be ready to put some time and energy into the renting of your house. For example, when you list your home for rent, prospective tenants will call you for information on the home and ask to see its interior. But when you hire a property manager to help you with your rental, they will handle these tasks for you plus many more.
For example, a property manager is knowledgeable to screen any new tenants to help you prevent loss of rent and damage to your property. A property management service can go over your rental contract with your new tenants to ensure they understand its terms and sign it, then your property manager will collect a deposit on the property.
Decide on a Rental Rate
If you have hired a property manager for your rental, they can help you set a rental rate for your property based on the rental market in the area and the rent rates in their other rental properties. But if you are not ready to hire one or want to choose your own rental rate first, you can look at the rental market to help you with this decision.
Based on the size of your property and its features, you should set a rent rate that is competitive with other properties in the area. You don't want to set your rent to high as you will scare off potential renters, and don't set it too low because you will lose out in rent. Look online for rental ads and call on local rental properties to find out what their property managers are charging.
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