Renting a property out that you own can be a profitable activity. Buying another one or several properties, in addition to the one you live in, can turn into a potential business venture.
For some people, it can become their main source of income. For others, it can provide a passive income in addition to other sources of income.
If you have never rented out a property before, you might need to learn more about renting out a property beforehand.
In this article, we will cover a 5-point checklist that will help you determine if your home is ready for rent.
1) Renovate the property
Depending on whether you are renting a place you have previously lived in or a newly purchased property, you may need to undertake some renovation works.
Make sure to paint the walls and repair any broken windows or doors. Also, inspect the flooring and the roof to make sure everything is properly aligned and sealed.
The more features you repair, the more appealing you are likely to make the property to prospective tenants, and the fewer issues relating to the state of the property are likely to arise during the course of the tenancy.
2) Clean the entire space
A property that is going to be rented needs to be thoroughly cleaned.
If you’re renting out a house with a yard, do the necessary gardening. Spruce up the bushes, hedges, and trees. Also cut down any old or potentially dangerous trees around the house.
Refresh the lawn and the flower beds, if any, to make the entire area look as vivid and attractive as possible. If you have done any renovations, make sure to meticulously clean both the indoor space and the exterior of any mess.
Sorting out these details will help you potentially negotiate a higher rent, plus, your tenants will live in a more comfortable home.
3) Remove your belongings
There are different landlords and different tenants. Some tenants don’t mind having their landlord’s belongings in the garage or even inside the property. Others won’t rent a home that comes with any items belonging to the landlord.
If you are planning to rent out a property to tenants, it can sometimes be better to remove all your belongings from that property. That way you won’t have to constantly worry about the condition or safety of your things.
Depending on the number and size of your items, you can move those items to your current living space, or rent a storage unit until you decide what to do with those things.
When you welcome your potential tenants into a renovated, clean, and empty property, you can improve your chances of renting it out.
4) Have the property inspected for safety
No matter if you’re renting out a furnished or an empty property, you should have the property properly assessed for safety, and obtain any necessary safety certificates that you are obliged to. You should check with your property manager or relevant government authority to determine what is applicable in this regard. Consideration should be had to checking gas, electricity and electrical appliances and energy performance.
5) Define your target audience
You should determine what kind of tenants you want before you advertise the property for rent. You could consider writing down a list of priorities or criteria you are going to apply during the selection process.
Some landlords prefer students as tenants.
On the other hand, other landlords prefer to rent to families or couples who they may consider are more likely to stay in the property for a longer time.
When you decide to start renting a property, you need to put yourself in the tenants’ shoes. Bring the property into the condition that you’d like to see if you were a tenant. Renovating any damaged parts, cleaning the entire area, and freeing the space from your belongings are necessary actions before you rent it out. Once you have done so, you should be in a position to start with the selection process to find the right tenants for your rental property.
About the Author:
Kirsty Morbidelli is the U-Store-It Facility Development Manager whose years of experience in the industry allow her to develop and design customised and tailored self-storage training platforms that U-Store-it’s professional storage consultants use for better understanding their client’s needs before providing solutions to suit residential, business and corporate customer’s self-storage needs.
This article is general information only and contains only the views of the author(s). It is not financial advice or recommendations, and does not take into account your personal needs, objectives and financial circumstances. Please carefully consider whether this information is appropriate for you.