If you are contemplating renting your home or residential property, you are probably wondering want you need to do to prepare it to rent. Cincy Rents, residential property management and leasing services in Cincinnati, has compiled a list on how to prep your home, apartment, or condo to put on the market for rent.
Inspect Your Home for Repairs
Once your rental property is empty of any current occupants, inspect it for repairs that need to be completed prior to listing for rent. Be sure to look for any potential issues such as leaks, clogged gutters, cracks in the foundation, plumbing issues, or fire hazards. Get these issues fixed before showing your rental property.
Along with inspecting your home, ensure that your rental property is properly equipped with any smoke detectors or fire extinguishers. Safety is a top concern for most renters.
Clean and Maintain Your Property
Nothing will deter a potential renter than a dirty rental property. Make sure to clean the floors, windows, blinds, bathrooms, kitchen, and outside area of the property. If the property has carpets that are stained or dirty, shampoo them before showings start. If the property owner is unable to personally perform the cleaning tasks, it is a good investment to hire someone to come in and clean.
Cleanliness also applies to any furniture or appliances you may be providing the renter in your rental agreement. Providing a rental property fully furnished or with appliances can benefit the renter usually with a higher per month renting income, but if those appliances need constant repair or fixing then it may cost you more than what its worth. For these reasons, make sure they are in good enough condition for your potential renters. Also, if the furniture you are furnishing your rental property with is worth any value (sentimental or not) to you, consider not placing it in the property. You wouldn’t want it damaged or ruined.
If you want your property to appear brighter and cleaner, repaint the walls in a neutral color. Consider painting especially if prior property owners had odd colored walls that could alter the renters opinions of the property.
Consult your Mortgage and Insurance Companies
Property owners should notify and consult with their mortgage and insurance companies before renting out their property. Different mortgage holders have different requirements, and you may meet the mortgage-as-landlord requirement or benefit from other tax deductions on your mortgage. You’ll also want to switch your insurance policy to a landlord property insurance in order to save yourself from any loses caused by tenants.
Safety, Regulations, and Guidelines
Refer to any current regulations or safety guidelines your property needs to meet. As the property owner, your property will need to meet all of these or you will pay the penalty.
There is a lot that goes into putting your home, condo, or apartment on the market to rent; it is not as easy as putting a for rent sign in your yard. Prepping your property for rent is just the beginning. Next steps include advertising, showings, tenant applications and contracts, rent collection, maintenance, evictions and more on monthly bases.
If you are interested in assistance with any of the above property owner tasks, contact Cincy Rents, one of the largest and most experienced residential property management in Greater Cincinnati. Our professional property management team offers a number of different services to meet your needs, click here to learn more and to contact us about your property today.