There’s no doubt that rental property can be an excellent form of investment. Not only that, rental property can potentially turn into passive income. But for the idea to pay off, you need to get the property rent ready.
If you’re wondering how to do that, we’ve got an article for you.
Make It Look Good
No doubt looks matter in real estate. If one property looks better than the other, chances are potential renters or buyers will decide to go with it. As a property owner that looks to start earning passive income by renting, the first thing to do is to make the property look good.
To do this, you will need to address any underlying external issues. You should address issues such as cracks in external walls, redoing the facade, and more. But it’s not only the external look of the house that matters. Most homeowners are well aware that the yard and landscape also play a hand.
According to Bankrate, landscaping plays a role with 71% of homebuyers. Even if you’re not selling your home, it plays an equal part when renting your property.
So as a general tip, make sure to also work on the landscaping. Remove any sort of trash and debris in your yard and look to brighten it by planting trees, shrubs, and giving the whole yard new grass.
Make Necessary Repairs
You won’t find tenants if you don’t make the necessary repairs. When looking at this one, do know that doing one single thing won’t cut it. To make the necessary repairs, you’ll need to go through the property and write down what needs repairing.
This could be replacing burned light bulbs, adding new screws to shelves and cupboards, fixing cracks in internal walls, and hundreds of other things. Determining what part of the property needs repair can be a long and hard process.
So make sure to do that checklist and tick off items as you fix them. This will make sure you’re doing everything by the book. Not only that but the more things you repair, the higher the chances people will want to rent your property.
Replace What Cannot Be Repaired
Not everything you go over can be repaired. If you’re constantly repairing a particular system or appliance and it keeps breaking down, then it might be time to replace it.
Some appliances are also old and worn out while others might look ugly because of old age. So when that’s the case, it’s much more feasible and better for your buck to replace them altogether. New appliances and systems are much more appealing to tenants instead of older units.
As a general rule of thumb, never keep appliances more than 20 years older – if they constantly break down. If you’re looking to seriously grow a real estate business through rental property, then you won’t attract too many tenants with old and worn-out appliances.
Keep It Clean
Even before you list your rental property, you have to clean it thoroughly. This is an equally important part when getting a property rent-ready as is making necessary repairs and replacements.
Tenants won’t get a good first impression if you invite them into a home that is messy and full of stains. While it might cost you to get the carpets to the cleaner and even hire a cleaning service to do a deep clean, it will be well worth it.
Dust, debris, stains, and even breadcrumbs can convince tenants to stay clear from your property. That’s not something you want when running a real estate business. So before you decide to put the property on the market, make sure to clean it and keep it clean until you find your first tenant.
Inspect For Mold And Similar Issues
Once you get everything sorted, don’t forget to check for mold and any potential leaks. The attic and basement are easily susceptible to mold in the case of any leaks. Since these are the two areas of the property that get most in contact with water, it’s best to check there first.
The last thing tenants want is to live in a moldy home. Not only does mold emit quite an unpleasant smell, but it also presents a health hazard. To remove mold, you will have to hire a professional mold removal service. These services know how to remove mold and recommend steps to prevent it from returning.