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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 Your Home a Deep Cleaning
It’s essential that you clean your house prior to renting. Ideally, you want to do this before you even start looking for renters, but you should absolutely do this before anyone moves in. This should go beyond your regular cleaning routine. Perform a deep cleaning to 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. The only thing that matters is that the job gets done well and from top to bottom.
Perform an Inspection of the Home
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 your rental comes furnished, make sure there aren’t any issues with furniture. Also be certain to check that all of the appliances are working properly. If you uncover any problems, be sure to have them repaired or replaced ASAP before your renter moves in.
Fix Things That Need Touch Up or Updating
Even if everything works fine, you may find there are still improvements to be made. For instance, you might need to put a fresh coat of paint on all your walls, fix or update some landscaping outside, or change/update lighting fixtures. Make any necessary changes to refresh your home. You might even consider upgrading countertops, cabinetry, and appliances if they are dated and haven’t been updated in a long time. While improvements and renovations can get expensive, they can also increase the amount of rent you can charge, so generally, it’s money well spent.
Remember: Safety First
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 With Your Mortgage Broker About Potential Necessary Changes to Your Mortgage
Lastly, 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, but it’s always a good idea to consult your 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 it is required in your contract. Remember, when in doubt, contact your lender.
