Renting your home is a great way to make some extra money while keeping your properties maintained and occupied. While renting out your home is easy through Real Investor Management, there are still some steps to consider before you begin accepting applications.
Before you open your property to renters, you want to ensure the space is safe to occupy. Home testing for mold, structural stability, radon and pest control are all wise options to choose before taking in renters. If you’ve lived in the home, you’ll want to remedy any maintenance issues you experienced while there. To-do list tasks such as leaky faucets, electrical problems and more are bound to bring down the value of the house.
Providing safety equipment in your rental home will protect your future tenants and yourself from any possible lawsuits. We recommend keeping fire extinguishers and smoke alarms on each floor up to date.
Time to Tidy
Dirty homes are a turn off to renters and homeowners alike. We recommend shampooing carpets, repainting walls and other surfaces. Cleaning services are also available to help you get a spotless home before you invite renters in. Beginning a lease with a clean home will also ensure that your renters take care of their space.
What to Provide
Furniture and appliances are a big part of moving into or out of a home. If you can trust renters with your existing furniture, you can rent the space out as a furnished home and earn more money. Appliances like microwaves, washing machines and dryers also attract renters and a better price without the pain of moving the heavy machinery.
Keep your Financial Institutions Updated
Whether you own a house, condo or other property, it’s important to notify your bank and insurance provider of your plans. If you’re still paying a mortgage on the home you’re renting out, the mortgage company has special rights to the home to protect their own interests. Depending on your mortgage provider, you may have to meet certain requirements before renting.
Like any business venture, you need to target the value of your home before you offer it to renters. Think of all the features in your home that boost its value, the mortgage price you currently pay and your own monthly costs to keep the house livable.
Real Investor Management
RPM of Wisconsin can connect you to great tenants in your area to keep your home well maintained and well-loved. We screen each of our potential tenants for criminal, credit and rental history to ensure you get the best rental experience. Call us or learn more from our Owners Portal today.