As a homeowner, there will likely come a day when you’re ready to move on — and you have to decide between renting and selling your home. It is not always simple to choose, and it may take some time to determine which option is better for you.
Of course, there are benefits to both renting and selling, but if you’re leaning towards the former, there are a few tips on preparing your house to rent. Of course, you should be well-prepared for it so that your experience and profits will satisfy you. Luckily, there are such services as Estaga that will make it much easier for you and take care of everything.
Things to Do as a Landlord
As we’ve mentioned before, it is necessary to prepare your house or apartment for rent. This will not only increase your chances of renting it faster but you’ll also be able to charge higher for it.
1. Get rid of any personal items
If you’re going to be renting out your home, it’s crucial to get rid of any personal items. This includes family photos, keepsakes, and anything else that would make it feel like your home. The goal is for prospective tenants to be able to see themselves living in the space, and that’s difficult to do if the space is full of your personal belongings.
2. Crunch the numbers
Before you can start earning money from your rental property, there are a few calculations you’ll need to make to ensure everything is running smoothly. First, you’ll need to research the average rent prices in your area. Once you have an idea of how much you can charge, you’ll need to calculate the costs of any necessary repairs or renovations. Additionally, you’ll need to factor in the cost of utilities, property taxes, and insurance.
3. Get the proper insurance
If you’re renting out your home, it’s essential to have the proper insurance in place. This will protect you if something goes wrong, such as a fire or a tenant causing damage to the property. You should speak with your insurance agent to ensure you have the coverage you need.
4. Screen your tenants
Once you’ve found a few potential tenants, it’s crucial to screen them thoroughly. This includes running a credit check and speaking with their previous landlords. You want to ensure you’re renting to someone responsible who will take good care of your property.
5. Draw up a lease agreement
Once you’ve found the perfect tenant, it’s time to draw up a lease agreement. This document should outline the terms of the rental, such as the length of the lease, the rent price, and any rules or regulations. Both you and your tenant should sign this agreement before they move in.
6. Perform regular maintenance
Once your tenant has moved in, it’s necessary to perform regular maintenance on the property. This includes checking the smoke detectors, changing the air filters, and mowing the lawn. By performing regular maintenance, you can avoid larger repairs down the road.
7. Be available for your tenants
As a landlord, it’s crucial to be available for your tenants when they need you. This means being available to answer their questions, address their concerns, and resolve any issues that may arise. By being available for your tenants, you can create a good relationship and ensure they’re happy living in your rental property.
8. Collect rent on time
One of the most important things you can do as a landlord is collecting rent on time. This means setting up a system for collecting rent, such as using an online service or setting up automatic payments. By collecting rent on time, you can avoid any financial problems down the road.
9. Follow the law
As a landlord, it’s essential to follow all state and federal laws. This includes:
- discrimination laws,
- fair housing laws,
- and the Americans with Disabilities Act.
By following the law, you can avoid any legal issues down the road.
10. Hire a property management company
If you’re having trouble managing your rental property, you may want to hire a property management company. These companies can handle all aspects of the rental process, from finding tenants to collecting rent. If you are interested in details, see it here to find out more. While they may charge a fee, their services can save you a lot of time and energy.