Selling a home can be a long and tedious process. It can also involve considerable costs in order to get the property ready for sale, such as repairs and upgrades. If you own a home but don’t want to sell it, consider turning it into a rental instead. Here are some tips for homeowners who want to turn their homes into long-term rentals.
Get Your Property Appraised
If you’re considering renting out your home, the first step is getting an appraisal of the property. This will give you an estimate of the value of your home should you decide to sell it in the future. Knowing this information will help you make an informed decision about whether or not to move forward with renting out your home.
Make Required Repairs
Once you have decided to rent out your home, it’s important that any necessary repairs are made prior to setting up viewings with potential tenants. This could include anything from fixing leaky faucets and plumbing issues to replacing outdated light fixtures and windows. Taking care of these repairs before listing your property will ensure that it is safe and attractive when potential tenants come by for viewings.
Replace Outdated Appliances
Replacing old appliances is another way to attract tenants and ensure that their experience living in your rental property is enjoyable and stress-free. Many older appliances can be inefficient or unsafe which could cause problems down the road for both landlords and tenants alike. Consider updating any outdated appliances with newer models so that they are energy efficient as well as reliable for years to come.
Prioritize Curb Appeal
To attract high-quality tenants, curb appeal is crucial. Tidy landscaping, paint touch-ups, potted plants or flowers near entrances, and working outdoor lighting create a welcoming atmosphere for potential renters. A good first impression can make all the difference in enticing renters to choose your property over others.
Invest in New Flooring
Replacing old carpets or flooring can improve the overall appeal of a property when showing it to potential tenants. Materials like laminate wood or tile floors are better options as they require less maintenance compared to carpets which need regular vacuuming. Opting for easier upkeep materials can save time and effort in the long run.
Use Apps to Find Reliable and Reputable Contractors
Apps can connect you with experts who specialize in various areas like roof repair, drywall and painting, HVAC maintenance, and plumbing. These apps also allow you to quickly schedule repairs and get accurate quotes before choosing a contractor. You can use Frontdoor – the app connecting you to experts – and get your property ready for renters in no time.
Invest in Social Media Advertising
Social media advertising offers a wider audience for rental unit listings compared to traditional methods like newspaper ads. In addition, one has greater control over how their listing is presented, including the use of detailed photos and specific property details. This increased control can lead to greater interest from potential renters.
Hire a Property Manager
Hiring a property manager can relieve a landlord’s stress and burden by assuming the responsibility of managing day-to-day operations related to rental properties, minimizing vacancies and maximizing returns. Additionally, property managers have extensive knowledge and experience in handling legal compliance, screening tenants, and handling emergencies, leading to fewer headaches and more time for the landlord to focus on other activities.
Screen Potential Tenants
Screening potential tenants before signing a contract is a vital step in protecting both the landlord and the tenant. This can include verifying income, checking references from past landlords, and reviewing pay stubs. Taking the time to carefully screen tenants can help ensure that the rental agreement is a mutually beneficial and positive experience for everyone involved.
If you’re considering turning your house into a long-term rental, it’s normal to feel intimidated by the prospect. However, there are straightforward steps anyone can take to guide them toward success. These steps include getting property appraisals, completing necessary repairs, utilizing an app to find reliable contractors, and more. By taking interim steps toward becoming an independent landlord, you can make the transition much smoother and more manageable.
Article was written by Claire Wentz
If you’re planning to purchase an investment property, Kerri Jonikas from Home Smart Realty Group can help you find a profitable home.