There are more options for making money by renting out your home than ever before. Whether you want to earn some additional cash on the side with Airbnb or find tenants for monthly or yearly leases, you must first prepare your property. Continue reading to discover the steps to take before renting out your home.
Get an Inspection Done
Getting a home inspection done can help you avoid major issues once you let people stay on your property. Let a professional carefully assess everything, from the basics to the more complex repairs you may need to do before a tenant moves in. Make two lists; one for immediate maintenance and one for repairs you need to plan soon.
Make Sure Everything Works
Now’s the time to make any necessary repairs and complete maintenance tasks you’ve identified from your inspection. You’ll want to focus on making sure you clear your drains. Also, ensure your fixtures are in good working order. These are two of the most frequent problem areas. You might want to give your walls a fresh coat of paint as well.
Have a Cleaning Service Do a Run-Through
You can turn away potential guests and tenants if your home looks gross and uninviting. Hire a professional cleaning service to give everything, including carpets and furnishings, a deep clean. You could also do this yourself if you’ve got the time and equipment, but you’re probably better off letting the specialists handle it.
Figure Out How Much You’ll Charge
Look at similar rental property listings in your area to understand how much they’re asking. You want to keep your price competitive without losing money over time. Landlords often charge between 0.8 percent and 1.1 percent of the home’s worth in rent.
Understand What You’re Signing Up For
You need to be aware of all the obligations in store once you start renting out your home. Some crucial regulations and restrictions differ by state, and you should familiarize yourself with your state and local rules. These regulations will touch upon security deposits, liability, eviction proceedings, and much more.
These are some of the most significant steps to take before renting out your home, but each case will be slightly different. You can consider talking with a professional management company that has experience with renting out properties. They can give you additional guidelines to help set you on the road to success.