There are plenty of reasons you might be considering turning your current apartment, home, or living accommodation into rentable space. You might have found a nicer place to live but don’t want to give up this one, you want more disposable income, you’re going on a prolonged vacation, or you have extra space in your home to accommodate someone else. Whatever the reason is, you have options when it comes to renting.
The best thing to remember when putting your place up for rent is that you have a lot of control over what to do. It could mean that you are looking to sublet or you are turning it into a true rental property, but it’s always good to know the steps before listing it. Here are some important moves to make before putting that space up for rent.
Hire a Management Team
If you’re new to the process it can be a little overwhelming and a lot intimidating, but no need to worry. A good solution is to hire a property management team because they can handle anything you don’t understand, especially maintenance. Renting a property can become easier over time when you start to get more experience, but if you want to learn some tips and tricks from people who know a thing or two, property management is a good choice until you get to that point. They’ll be able to help with snow clearing, renovation work, checking on the tenants, and yard work, all of which might be too much for you to deal with if you have a busy lifestyle. This is especially helpful if you’re renting while away on vacation too.
Touch Up Any Sore Spots
If you know your way around some of the basics of renovation you should consider doing some of the work yourself. This will save you money hiring someone to do it and help teach you some valuable lessons in making sure a rental property is all set to go for a new tenant. Some simple things you can do include replacing light fixtures, replacing blinds, repainting the walls or ceiling, fixing knobs or handles, etc. These are some small but useful updates that can go a long way in making the rental more livable, better looking, and help you find a tenant in no time.
Get an Inspection Done
It’s a pretty good idea to make sure your rental unit or home is up to code. You can get in a lot of trouble for renting a place out to someone and it poses a danger to their well-being, or even worse, if you know about the problems and were negligent in getting them fixed. Bringing in a property inspector will help you get a lay of the land, figuratively and literally speaking. They’ll not only inspect the foundation, ceiling, electrical, walls, plumbing, and heating, but they’ll also be able to check your property for any problems like zoning or boundary lines. Anyone thinking about renting a property should always bring in an inspector.
Furnish the Unit
If you want to up the rental cost, you can always furnish the home or unit yourself. Again, if you’re leaving the country or going on an extended vacation but don’t want to give up your place or want to still earn income while traveling, renting is a good idea and it’s hard to find a place to store all of your furniture. If you’re comfortable with it, you can always furnish the unit with the existing decor. Otherwise, it’s still not a bad idea to furnish it yourself as it makes it move-in-ready and makes it a more attractive listing for qualified tenants.
Draft a Good Online Listing
Before putting it up on any real estate site or on social media, you want to come up with a good listing post. It’s not like doing an English literature paper, but you should check out how other people have formatted and written their rental listing posts to see what information you need to include and how to really sell it as an attractive offer. Make a draft before you publish it to check for grammatical or spelling errors and to ensure that it looks good enough to grab people’s attention. Putting up a place for rent is a good way to earn some additional income, make use of a property that you aren’t inhabiting, and hone your real estate skills, so using these tips will help you get a good headstart when renting out a home or apartment of your own.