Are you planning on moving to a new home and have decided to keep your current home as a rental property? Or, maybe you’ve decided to invest in a rental property by purchase a home with the intention of renting it out. If you are planning to rent your home, there are a few key things you’ll want to do to get your home ready for new tenants and to maximize your earning potential.
Ensure That Your Home is Up to Code
The first thing you’ll want to do before renting your home is to ensure that everything in your home meets all required building, safety, and fire codes. You won’t be able to rent your home if you have any violations. Look up the local codes for your state and see what will need to be fixed or modified.
Make Sure Everything is in Working Order
Survey your house and make sure that everything is in working conditions. You will need to keep things in working order for your tenants, and if something isn’t working now, you’ll just need to fix it later! It is much easier to address this from the beginning!
Steam Clean the Carpets
Make your carpets look brand new by giving them a good steam cleaning. You can either do it yourself by renting a steam cleaner, or you can pay to have a professional carpet cleaning company come out.
Have the Home Professionally Cleaned
You definitely won’t attract any potential renters with a dirty home! Hire a cleaning company to come give your house a thorough cleaning and make it shine!
Paint the Walls
A new coat of paint on the walls can do a lot to make your space look fresh and clean. Whether you decide to paint yourself or decide to hire a professional company, painting the walls is definitely an investment in your home that you’ll be glad you made to attract new renters.
Spruce up the Front of the House and the Yard
Curb appeal is real! If your front yard is overgrown or a shutter is falling off the side of the house, you’ll want to address those issues. You want your potential renters to have a good first impression of your home!
Determine How Much Rent You Will Charge
Finally, after you have cleaned up your home and repaired anything that needed your attention, you’ll want to decide on the amount of rent you want to charge. You can consult with a Realtor or look at the rent for similar homes in the area. This article from Forbes contains a lot of useful information to help you set the right price for your home to ensure it gets rented and you make money from your new rental unit.
Here’s one extra tidbit: once you rent your home, be sure to keep records of all the income you make from renting it as well as any expenses associated with your rental. You will need to have this information on hand when you file your taxes. You can read more about including information related to your rental unit on your taxes on the IRS website.
If you prioritize what needs to be done and spend your money wisely, you’ll be able to have your home ready to rent in no time. By focusing on some of the finishing touches like carpets, painting, and the curb appeal of your home, you’ll attract renters and be able to get top dollar for your new rental property!