Thinking about listing your house as a rental property? Great idea! Having a rental property has so many benefits including extra income, tax breaks, and the freedom to move around as you please knowing that your house isn’t left vacant and vulnerable!
Still, there’s a lot that goes into making your house a good home rental. We’re going to give you some landlord tips as to what you need to do and why each step is so important to the process.
Talk to a tax advisor
The very first—and possibly most important—thing that you should do before you rent out your home is to talk to a tax advisor. They’ll be able to help you sort out all of the requirements and give you some good landlord tips.
1. Have your property inspected
Even though you might be perfectly comfortable with the condition of your home, a renter (or property management company, for that matter) might not find it acceptable.
Call in a reliable home inspector and have them take a look at all of the nooks and crannies in your home. This will give you a clearer picture of what you have to do as far as replacing and fixing things around the house.
2.Clean, clean, clean!
Cleanliness at move-in is one of the most important aspects of a good home rental. Essentially, a tenant wants it to look like they’re the first person who’s ever lived there! Indicators of living in another person’s space can make a renter uncomfortable. That is, of course, unless the property comes furnished.
It’s highly recommended to hire a professional cleaning team whether you’re renting your home furnished or not.
3. Paint every room
It’s customary to give every room a fresh coat of paint before a new tenant moves in. It just gives every room a really fresh and clean look! It’s usually recommended to go with a neutral color like white, eggshell, light grey, or cream. A pop of color may be appropriate depending on where you live and what kind of renter you want to attract.
For example, if you live in a city and want to attract a creative professional, you might go with a turquoise accent wall. If you want to attract a business professional, white may be better.
4. Replace flooring
Original hardwood flooring is GOLD for a life-style tenant (one who chooses to rent long term). If your hardwood floors are in good condition, you might just want to give them a fresh polish and then you’re good to go. However, carpet, laminate, and tile should be replaced if it looks worn-down. Consider long term investment. Most laminate “hardwoods” are better than the real thing as they are more resistant (and cost efficient!)
5. Lock-out closet
It’s not a bad idea to have a utility closet with a lock just for you or your property manager. This might be where you keep move-out cleaning supplies, records, and manuals for appliances, tools, etc.
6. Test EVERYTHING
Go around your home and check all appliances, lights, plumbing, etc. to make sure it’s fully functioning. If it’s been a while since the last time you replaced things like lightbulbs or batteries it wouldn’t be a bad idea to replace them ahead of time.
Call a property management company
A property management company can help you take care of everything on this checklist and more! If you’re renting your home in Hartford or Central Maryland, give Mood Ridge Property Management a call.