It is important that your rental property meets certain requirements to ensure that your property rents quickly, is safe for your new tenants and for your own protection and sanity.
It is important that you share any completed upgrades and items that will assure them that they will be safe in their new rental home. We also recommend leaving as many appliances as possible. We suggest this because many new tenants will generally have enough money for move in expenses only and any additional expenses they might need to incur could mean the difference in renting your property or not.
- Ensure that the electrical, plumbing and heating are in good working condition. As a owner , you are required to provide your tenants with functioning electricity, water and heat while they are living in your rental property. Don’t try to cut corners by inspecting the property yourself. Hire a qualified professional to inspect your house before renting it out. This could reduce your liability in the event of an unforeseen accident.
- Keep your house insured. To protect your investment and the property of your tenants, you’ll need to make sure your house carries adequate insurance to cover any losses that may occur due to tenant’s negligence, natural disasters, fire or water damage. Talk to your insurance agent about rental property insurance coverage.
- Decide which appliances you will leave. While you’re not required to provide your tenants with a refrigerator or washer and dryer, you are required to maintain any appliances you leave on the property for tenant use. Renting your house complete with appliances may help you earn a better rental income.
- Make any repairs before you show the house to potential tenants. You’ll be able to rent your house for more money if you are able to show a property free of maintenance issues. Sagging gutters, overgrown landscaping, peeling paint and outdated flooring will not appeal to most tenants. You may have difficulty receiving a constant flow of income from your house if it doesn’t meet the standards of other rental properties in the neighborhood. Hire a contractor or make the necessary repairs yourself to prepare your house before renting it out. You’ll attract a better class of tenants and earn more money every month.
- Apply a fresh coat of paint to make your house more appealing to tenants. Few things do more to improve the look of a house as inexpensively as a fresh coat of paint. Choose a neutral color scheme to make rooms look bigger, cleaner, brighter and more appealing.
- Install working smoke alarms. Many states have made it mandatory that owners install working smoke detectors in their units before renting them out. Even if your state doesn’t require them, install smoke detectors on every floor of your house and take the initiative to protect your investment and your tenants.