If you’ve lived in the house for a while, there may be broken or worn items that you’ve overlooked. Security issues and even legal issues need to be resolved before you put your home on the market. You’ll want to do a little homework before you put up your “for rent” sign.
Repairing structural or system defects should be at the top of the list. Tighten handrails, repair steps and eliminate hazards inside and outside the house. Make sure all heating, plumbing, and electrical fixtures are up to code. Raised decks, railings, floors, and frames must be inspected by a Class A contractor for structural safety. Your goal is to keep all systems running smoothly and efficiently.
Pay special attention to regularly used appliances like the refrigerator, stove, microwave, washer, dryer, etc. These appliances receive heavy daily use and must be in good working order. Bathrooms, toilets, showers, and tubs should be clean in appearance and free of mold. Replace missing tile grout and reseal tub and shower with a fresh bead of caulking. Is your carpet stained or worn? Cleaning the carpet or, if necessary, replacing it, will freshen up your home. Make sure there is at least one working smoke detector on every level of the home and replace old batteries with new ones.
Make sure the property has a neat and clean appearance inside and out. Remove all personal items from inside and outside the house and yard. Take old used paint cans to the dumpster along with yard waste and other items you don’t need. Clean the garage and remove dirt and cobwebs to make the space fully usable. Enhance curb appeal by trimming bushes and shrubs and touching up peeling paint on house or porch.
When thinking about making an improvement or upgrade to your potential rental property, consider the competition and price range of other rental homes in your neighborhood. Think about who your target tenant will be. Your location along with price will be the deciding factor in who will be interested in your home. Will it appeal to college students, a family with younger children, or singles? You don’t want to over-improve your home and put it out of the rental market in your area.
Lastly, who will care for and manage your home? Do you plan to manage the property yourself or hire a management company? If you manage the property yourself, you will be the sole contact for the tenant: collecting rent, performing regular property inspections, routine maintenance, and emergency repairs. Hiring a property management company will relieve you of these responsibilities and partner with you to make your investment profitable.
