Getting A Property Ready For Rental
There's a significant difference between owning your own home and owning a rental property. The first thing to remember, is that you don’t own it to live in it. You own it for someone else to pay you to live in it! If you keep that in mind, you’ll look at the potential profitability in a different light. As an example the expense of custom colors is unnecessary, the expense of high-grade floor coverings is unnecessary, the expense of ornate plantings in your landscape is unnecessary. If you purchased a property as a rental I generally recommend that it be clean, comfortable and functional.
Important things to look at are curb appeal, how does the house look from the street. Is the yard weedy? Is the trim and paint flaking? If so, clean it up! You only get one chance at a first impression. If the exterior appearance isn’t appealing, your prospective tenants will continue to drive by, leaving you with a vacancy. Are the carpets clean, is the grout clean, are the kitchen cabinets clean and functional, are the window coverings filthy, are there dead bugs, do the doors open and close easily and quietly? Are the air filters clean? All of these factors are taken into consideration by a prospective tenant along with price and location.
Remember that time is money. The longer you take to get a property ready to rent, the less rent you collect for that month. So roll your sleeves up and get busy and let’s make this a profitable investment.