How Homeowners Can Transform Their Properties Into Long-Term Rentals in 5 Quick Moves
If you currently own a house and you want to move, but you don’t want to sell the home, you may have considered transforming it into a long-term rental property instead. This creative move allows you to hold on to the property and even continue building equity while earning a side income as well. However, before you put the house on the rental market, there are a few crucial changes you may need to make. Whether the property is located in St. Petersburg, Florida, or Anchorage, Alaska, these five quick moves could help prep the home for long-term rental.
- Make Any Crucial Repairs and Get the Home Inspected to Ensure Safety and Legal Compliance
Before you can start looking up ways to boost your home’s value, you need to make sure it meets basic safety and livability standards. Getting the house inspected and doing visual checks yourself can help ensure legal compliance. Additionally, read up on your state’s rules for rental property amenity requirements.
You may need to make some repairs, so make sure you have money set aside for that. Double-check that basic amenities, such as plumbing and electricity, are working properly before putting the house on the rental market.
- Research Lucrative Home Updates and Decorations That Could Bring in Returns
According to one study, not all home upgrades pay off in the long run. That’s why you should carefully research potentially lucrative and sought-after updates that could actually help you bring in tenants and justify charging a higher rate. Many popular updates include features such as:
- High-end, stainless steel appliances
- Bright overhead lighting
- Built-in bookshelves
- Modern bathrooms
- Invest in Marketing the Property to Reach as Many Potential Renters as Possible
In addition to making some tweaks to your home to prepare it to be a rental property, you’ll need to dedicate time and effort to marketing it as well. Good marketing can make the difference between reaching a wide range of prospective renters and having a tough time renting the home out.
One clever marketing idea that can leave a lasting impression is offering business cards to prospective renters. Business cards are more tangible and visible than just sending emails, and they could help you and your property stick out in potential tenants’ minds. You can easily create business cards by making use of pre-prepared online templates. Use these templates for quick customization with your chosen font, photos, colors, and body text.
- Consider Hiring Your Own Property Manager or Making a Plan For Home Maintenance
When you rent out a house, you can’t be there every day to check up on the property. However, you’ll still be legally responsible for keeping it in good condition. That’s why you’ll either need to devise a plan for maintaining the home on your own time or start budgeting for a dedicated property manager. Benefits of hiring a property manager could include:
- Having a maintenance point of contact
- Freeing up your schedule
- Potentially increasing your rental profits
- Screen Prospective Tenants Carefully to Ensure Your Property Will Remain in Good Shape
Lastly, you may want to institute a tenant screening process to make sure your property stays in good condition and your neighborhood stays safe. You could implement tenant requirements such as:
- Credit checks
- Background checks
- Up-front rental deposits
Putting your house up on the long-term rental market can be a smart move. These five quick steps can help you transform the house and get it rental-ready in a jiffy.
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