Thinking about how to prepare your home to rent? Many homeowners make the leap to landlord and rent their current home after they decide to move out. It can be a smart decision. The passive income that rental properties generate can be a great alternative revenue stream.
You’ve familiarized yourself with the basics of becoming a landlord and know what type of rental you want to become. You know where to find the applicable laws.
Now that you’ve decided to take that leap, how do you let your new rental shine? Here are the top items to check as you prepare your home for renting.
Safety First
They’re not the most glamorous parts of being a landlord (or even a homeowner), but they’re necessary. Part of how to prepare your home to rent is how to keep the place safe.
Change all the locks on your home. Locks with a keypad are even better. They add a layer of security as prospective tenants, contractors, and other people come and go.
Replace batteries in all smoke detectors and carbon monoxide alarms. If a device is approaching 7-years old, consider replacing it. The best chance to make these changes is now, not after a fire.
Alarm systems are bonus. They’re not usually on a tenant’s must-have list, but it will make your rental stand above the rest.
Think Like a Tenant
These next steps will lay the foundation to wow potential tenants. Again, these aren’t the fancy bells and whistles, but tenants will certainly notice if they’re not done.
Hire a professional carpet cleaner. There’s no substitute, especially when you want someone to rent your home. A professional will knock it out in a day, spot-treat any tough stains, and revitalize the floors throughout your home.
Spray for pests. In the piedmont of North Carolina, pests are a fact of life. But they can be controlled. Make sure to start on the right foot and spray prior to showing prospective tenants. Many companies offer a subscription program for regular treatment intervals. Consider that option as a perk for tenants, or roll the subscription price into your monthly rent.
Fix appliances, cracks, windows, and other eye sores. These are all things you’ll have to repair when someone moves in. Doing them up front helps your home to shine even brighter as a rental.
Neutralize the Space
Now that you’ve laid the groundwork, it’s time to take on the aesthetics. The goal is to help the tenant visualize themselves living there. If you’re leasing as a furnished rental, that means packing up all those personal pictures and mementos.
A new coat of paint will also help tenants imagine their life in the rental. Personalized tastes like accent walls and wallpaper put more focus on your taste than theirs. Give tenants a blank slate, pick a lighter, neutral color. Just like homebuyers, prospective tenants can have trouble seeing past specific aesthetic choices.
Sunlight is one of the best assistants here. Before showing tenants, arrive early to open up blinds and curtains. An abundance of natural light makes a space appear bigger.
Highlight Multiple Uses
Whether you’re renting furnished or not, staging a rental will help. All the best apartment complexes and rental management companies in the area stage, you should too.
When staging, keep it simple. A bistro table with two chairs at the eat-in kitchen. Arm chairs and a coffee table are all that’s needed in the living room. Some succulents and soap dispensers fit easily in the bathrooms. You don’t need to fully sell the kitchen, just a few food-related items help nudge prospective tenants in the right direction.
This is also your opportunity to highlight multiple uses. If the living room is big enough for a small home office, grab a desk, chair, and lamp to show off how flexible your home is. You can easily communicate a cozy reading nook in the main bedroom with a chair and throw blanket.
Prospective tenants want the most for their rental money. If your home can offer flexible spaces, show them off.
Now Your Home is Rent Ready
Prepping your home for rent is similar to selling, but there’s an added financial benefit. You now have a new revenue stream from the passive income. With a little effort, and an eye for the not-so-glamorous necessities, your rental can stand out from the crowded market. Hopefully now you’ve learned how to prepare your home to rent.
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