Do you have an extra property you’re currently not using? Are you about to purchase a second home? Have you been searching for ways to make some additional income?
If you’ve answered yes to any of the above questions, then you might want to consider the option of turning your home into a rental property. If you already have a vacant house or apartment, then this is an easy way to monetize it, and add some extra income to your bank account each month.
If you would like to explore this avenue, there are some things you will need to consider first. Read on for a short and sweet guide on setting up your home to be a rental property.
If you want to go about things in the right way, then there are some practical considerations to take care of. You should make sure everything is above board, both for your sake and your tenant’s.
1. Get Adequate Insurance
When your property is making the switch from family home to rental space, you will need to source the right type of insurance. Landlord’s insurance is a special type of cover for those who are renting properties. It is more expensive than standard home insurance—something to be aware of.
2. Figure Out How Much to Charge
As the landlord, you must decide on how much rent you want to charge. To do this, consider your costs and survey the market to get an idea of a fair price.
3. Set Some Rules
It is a good idea to have an established list of rules when tenants move in. This could cover things like noise levels, whether pets are allowed, and when rent is due.
Getting Your Property Rental Ready
Aside from the paperwork and protocols involved with renting your home, a big part of getting your property rental ready is preparing the house itself.
You should take out all personal belongings, and anything you don’t want to get damaged. Make the home as neutral as possible for your new tenants.
You may also need to carry out a few home improvements to make it attractive as a rental prospect. This could include purchasing new white goods, fixing fences, or addressing any plumbing or electric issues your home may have.
Finally, you should make sure it is clean. Potential tenants may be put off your property if it is unclean or cluttered. It can be a good idea to hire a service such as Detail Cleanings to give the place a good clean from top to bottom.
Make Your Home a Rental Property Today
Follow the above advice, and you should have no problem finding a suitable tenant for your home. If you’re toying with the idea of turning your home into a rental property, what are you waiting for? Get started today!
If this guide has been useful to you don’t forget to check out some of the rest of our helpful advice.