How To Prepare To List Your Home as a Rental Property
Homeowners choose to rent out their space for a number of reasons. Whether you want to go into business as a landlord or simply hope to make some extra cash on a portion of your home that you don’t use, getting your property rent-ready can take some time. Consider a few things you’ll want to add to your to-do list before you start searching for tenants.
Address Legal and Financial Concerns
Working with renters often entails taking on a degree of liability. This is why it’s so important to complete the necessary legal documentation before a tenant moves in. Make sure the lease you and your prospective renters will sign is legally binding and covers all of the tenants’ responsibilities. Additionally, communicate with your current insurance provider to discuss obtaining a landlord property insurance policy.
It’s also essential to carefully consider the price at which you will list the house so this business venture is a profitable one. Be sure to look into your property’s actual value and estimate the amount you must spend each month to keep it up and running. It may also be a good idea to survey what similar rentals in your area cost.
Spruce Up the Property Inside and Out
Take some time to walk through the building and the surrounding yard and thoroughly inspect each nook and cranny. It’s much easier to take care of maintenance issues now than to do so after a renter moves in or while you are trying to show the property. The home will likely require a deep clean, a fresh coat of paint, and a bit of landscaping work. Additionally, be sure to physically check that each light, appliance, door, and locking mechanism functions properly.
Take Safety Precautions
Though you hope your property and its tenants won’t encounter any major issues, it’s important to do what you can to prevent mishaps. For instance, make sure you re-key the locks if someone other than yourself has lived in the building or if you have misplaced a key. Further, fire extinguishers and smoke detectors should be checked and updated when necessary. If you will be listing your property as furnished, you may wish to remove and replace furniture and decorations if they are especially valuable.
Make a Great First Impression
Finally, the way you present your house using words and pictures can have a big impact on the level of interest it receives. When it comes to the written description, make sure you include as many details as possible without being redundant or droning on. Highlight features such as overhead lighting, granite countertops, closet space, off-street parking, and proximity to desirable destinations.
Be sure to wait until your space looks picture perfect before you start taking photos. For the best results, it’s a good idea to hire a professional photographer to do a shoot on a sunny day. Your photos should include all rooms, paying extra attention to the kitchen and any special features.
If you are looking to expand your list of rental properties in Southern California, contact La Cresta Real Estate at (951) 837-1650. Our La Cresta homes are carefully selected and are located in some of the area’s most beautiful neighborhoods. Browse our active listings online today.