Preparing property for rent is an important part in attracting a tenant, and also in ensuring that it is suitable to be lived in.
WHAT STEPS ARE INVOLVED IN PREPARING PROPERTY FOR RENT?
Preparing a property for yourself to live in is often a very personal process. The colour of the walls, the style of the furniture, and the overall design of the whole place will quite likely be all to your own style and choosing. It can be difficult to separate yourself from your property and imagine what style of house a tenant would want to live in. This separation, however, is necessary if you want a tenant to be attracted to your property and not to feel as though they are trespassing in someone else’s home.
Assigning a property agent to prepare a property can be an excellent idea if the owner does decide to rent and cannot find the time to prepare it. Regardless of whether it is a tenant or yourself who is living in the property, some useful tips to consider while preparing a property for occupation are:
INSPECT THE PROPERTY AND ENSURE SAFETY
Before even placing the property on the market, the first step which should be taken is a thorough inspection of the property. Things which you should be on the look out for include: sagging or clogged gutters, cracks, roof leaks, leaky faucets or pipes, electrical outlets, and even burnt-out light bulbs.
Other important things to ensure are the soundness of floorboards, ensuring that the smoke alarms are in excellent working condition, and that the kitchen and each floor is equipped with a fire extinguisher.
CLEAN, CLEAN, CLEAN
When going through the cleaning phase while preparing a property for rent, it is important to place yourself in the tenant’s shoes. By doing this you will recognise the importance of cleaning the property from top to bottom. Nobody wants to move into a place which is dirty, or which the owner themselves would not want to live in.
Areas which should be focused on are: floors, windows, blinds, and bathrooms. Consider touching up any paint in order to make the property appear brighter and fresher.
THE CONDITION OF FURNITURE AND APPLIANCES
Do they need to be changed and replaced? Though replacing old appliances may seem, to some, like an unnecessary expense, it is important to remember that replacing an appliance may well be cheaper than repairing it in the future. Consider replacing broken or old furniture with reclaimed furniture, or try upcycling the items you have if possible.
You must also take the sentimental value of objects into consideration. If something holds special meaning to you it is advisable to remove it from the property before the tenant moves in, in case it gets damaged.
NOTIFY MORTGAGE AND INSURANCE COMPANIES
It is important to notify your mortgage and insurance companies when preparing property for rent. This is important because your policy requirements may change once you become a landlord. The insurance company should be informed because you will need to change the homeowner’s insurance policy to landlord property insurance policy. This will be essential when it comes to any losses occurring due to the negligence of the tenant, fire or water damage, or even any natural disasters.
CONSIDER THE MARKET VALUE AND SOURCE POTENTIAL TENANTS
To ensure an accurate market value you should conduct some comparisons of similar properties in the same area.
The value of the property will ultimately affect the amount of rent you can expect to receive. This is why the preceding steps in preparing property for rent are so important. Part of preparing property for rent is selling the property to tenants in an attractive way, and showcasing how your property is the best option.
In addition to the market value, it is important to source potential tenants and select the most responsible and trustworthy of them. When sourcing tenants, subjects which should be covered include the name of their employer and their rental history.
If you do decide to rent out your property, the steps you should take to prepare it are all logical ones. What condition would you expect the property to be in if you were the tenant? By posing this question you will recognise the specific steps which need to be undertaken to prepare your property.
If you are interested in any of our services, book a free consultation with us to see what we can offer you.