These days, renting out properties is a great way to give yourself some extra income. The extra money can help you pay your bills or give yourself disposable income. However, if you’ve never rented out a property before it can be difficult to know where to start. This article will walk you through some tips you need to know about before renting out a property.
Table of Contents
Painting the Property
Chances are the property you have invested in needs some cleaning up and redesigning. A great way to do this is by painting the property. Start by painting the outside of the home. Paint over some outdated brick if needed. After that, you can focus on the inside of the home. It’s a good idea to choose white or a different neutral color to use throughout the home. Your future tenants will appreciate it if you keep the home looking nice by hiring professional painters as well. Use high-quality paint that will look nice for years to come.
Keeping the Property Looking Tidy
Keeping your rental property looking clean and organized is important to maintaining its value for potential tenants. A large part of making sure the property looks tidy is by focusing your efforts on landscaping. Consider adding trees and shrubs that are low maintenance and drought-tolerant. This will make it easier on you and your tenants to maintain. Make sure you do your part to maintain landscaping and make sure your tenants understand if they are required to help out with yard work. To keep the property tidy, you can do large remodels from time to time. Keep the kitchen and bathrooms updated. Update any fixtures or hardware that is old. This will help add value to your rental property and make it as comfortable as possible for your tenants.
Creating a Contract
Creating a contract for your potential tenants is possibly the most important part of getting started with renting properties. Meet with a lawyer who understands how to create rental contracts to make sure you don’t miss anything. Along with this, you will want to determine how much to charge for rent. Make sure you are fair with your rental prices based on the current cost of living trends.
After your rental property is in great living condition and you have written up a contract, you can start finding tenants for your properties. Utilize websites where you can place your listings. You can also use social media to post your listings. Make sure you do a thorough screening before choosing your tenants as well. You will need to do a background check and make sure their credit score is in good standing. Ask them for references to check their reliability.
Maintaining the Property
You will need to do continual maintenance for your rental properties. You will need to tackle any issues as they come. For example, if your tenant’s AC stops working, make sure you have someone you can contact to come fix it. There are services you can hire to help you maintain multi unit condominiums. They will manage finances and building maintenance. This will reduce stress for you and give you time to focus on other parts of property management.
It can be confusing to navigate renting a property for the first time. Seek help and assistance from lawyers and property managers to help you. You don’t have to do it alone. Remember the above crucial steps you will need to take. Keep your property well maintained, looking nice, and go through the correct legal procedures.