7 Tips for Transforming Your Home Into a Long-Term Rental
Maybe you’re planning on moving somewhere new, but you don’t want to put your family home up for sale. Instead, you’d prefer to maintain ownership and find tenants. As you plot your big move, you can apply these tips to turn your home into an attractive rental.
Consider Your Potential Profits
First, it’s important to think about how much money you could realistically make by renting out your home. This means looking for comparable rentals in your area and setting a reasonable rental price based on the local market. Consider your home’s amenities, location, and monthly mortgage price.
Carry Out Repairs
Before you welcome any tenants to your home, you need to make sure that any necessary repairs are taken care of. You want to ensure that your home is move-in ready when your first tenant applicants come by for tours! Updating your locks, HVAC fixtures, light fixtures, smoke detectors and any outdated appliances is a start!
In addition to more labor-intensive repairs, you can also add some cosmetic upgrades to your property to entice tenants, like new bathroom fixtures, kitchen cabinet handles, or backsplashes. You can also refresh your walls with wallpaper. You can choose from elegant patterns and durable materials. Plus, today you can order peel-and-stick wallpaper with adhesive backing to simplify application - you can remove and reposition it as needed!
Should You Work With a Property Manager?
Owning a rental property means taking care of maintenance, responding to your tenants, and handling other responsibilities. It can leave you with a full plate! If you’ll be living far away from your rental, or you simply don’t have lots of free time, you may want to hire a property manager. Fortunately, Pioneer Enterprises can help you maximize your rental business and provide exceptional customer service to your tenants.
Market Your Property
You’ve finished your renovations, you’ve connected with a great property manager, and you’ve settled on a fair monthly rental price - now, you just need to find the right tenants! In order to attract applicants, you’ll need to start advertising your property. To market your rental, use social media and letting your social and professional networks know that you’re putting your home up for rent. Make sure to highlight not only the amenities that your rental offers but the perks of living in the neighborhood, from great schools to cute shops to access to nature.
Manage Finances with Accounting Software
If you own and are renting out multiple properties, you’ll need to find a way to keep tabs on your finances. To help with this, business accounting software can simplify the process by making it easier to track expenses and manage bills. With balance sheets and profit and loss statements, you’ll also gain more insights into the health of your business.
You’ve been advertising your rental, and now, you’ve started to get your very first tenant applications in. Depending on where you live, you might get lots of applications, or you might only get a few! Either way, you’ll want to screen possible tenants so that you know you’re choosing reliable people to live in your rental. But how can you effectively screen tenants? You’ll want to run a credit check and a background check, as well as contact their former landlords or even their employers for references. You can also schedule private tours to meet with possible tenants in person. That way, you can get to know them before renting out your home.
Becoming a landlord is a big responsibility. But renting out your home can allow you to hold on to your property, even when it’s time to move somewhere new. With these tips, you’ll be prepared to take the leap!
Searching for a property manager you can trust? Pioneer Enterprises can help you manage your rental, screen tenants, and handle maintenance issues.