Renting your property is a viable alternative to selling. This way, you’ll get a consistent stream of income and you’ll still have the option of selling when the time’s right. If you weren’t considering the idea, though, you’ll have a few questions. Take a look at this guide for all the basics you’ll need to know.
Make Sure Your Home Is Desirable
First off, you’ll need to make sure your home is desirable to renters. It’s no good having a property on the market that no-one wants to live in. The same rules apply as if you were trying to sell the home. Make sure everything is clean and tidy when anyone’s going to be shown around. If they see that the home is a complete mess, they’ll wonder if they can trust the landlord and, most likely, take their business elsewhere. When it comes to decorating, keep colours neutral to appeal to the biggest audience. On the condition that they re-paint the home back to its original style, you could also offer the tenant the option to paint it themselves when they move in.
Get the Right Insurance
Now that your home’s ready you need to make sure it’s properly covered. There are three main areas you need protected alongside your speciality landlords insurance: buildings, contents, and liability. Remember that even if you advertise the home as unfurnished, you’ll still need contents insurance to protect you against damage to white goods, floors, and fixtures. Liability insurance is essential in case someone were to get hurt on your property. If you plan to employ a cleaner for the premise, you’ll also need employer’s liability cover.
Properly Vet Your Tenants
Last, but not least, you need to make sure you’re getting the right tenants. Arrange a meeting in advance to find out about them. Question how stable their employment situation is at the moment as you don’t want them asking you for deadline extensions down the line. If possible, get in touch with their previous landlord. Put some extra time in to finding the right people. After all, you don’t want to go to all this work to end up with irresponsible tenants who damage the property and don’t pay the bills on time.
Remember these basics when getting your home ready for the market. Being in charge is a big commitment, though, so ask yourself if you are ready to be a landlord. You’ll make more money in the long haul, but you might find it eats up your spare time in ways you weren’t expecting.