Buying a home that you want to rent out for the first time opens you to another realm of opportunities. However, being an investment property owner has its fair share of difficulties. Do you have any idea how to make your home “rent-ready?” Real Property Management in Troy, Michigan offers some fundamental steps to help guarantee that your property is ready for rent.
Creating an environment where prospective tenants can envision themselves to live and thrive is the reason why home preparation is important. To achieve this, you have to see yourself into a prospective tenant’s perspective. Once you achieve that, you will be able to find the curb appeal that you need that includes:
- Landscaping – grass, plants, weeding
- Hardscaping – ramps, sidewalks, steps
- Painting
- Roofing
- Parking
If there is any construction going on or major remodeling that needs to be carried out, don’t attempt to show the house. Doing this ruins your tenants’ first impression of the home. It is because these tenants will not be able to see themselves living there if you do. They may not leave the property in full confidence when they move out since they will never forget those unsightly flaws they saw. When it comes to showing the interior portions, do the same thing as well. Make sure that potential renters can find themselves residing, growing, and changing while they are inside. Also, they should leave your property in good condition upon moving out. To do this, you need to do the following:
- Fix things that needed repair, putting safety issues as priority.
- Make sure that the doors, windows, appliances, and locks are all in good working condition.
- Repair cosmetic concerns.
- Go through the plumbing.
- All detectors must be in working order and with new batteries.
- Any mold problems must be solved.
- Hire professionals in cleaning the home. Shampoo the carpets before showing.
Once done with those steps, you can determine the rent rate for both the area and the home’s condition. Going too low may increase the risk of inviting the wrong tenants that will hurt your profit. On the other hand, going too high will result to longer vacancy duration.
In the long run, take note that all the costs required to make your property rent-ready will be worth it. It will prolong tenant satisfaction which will positively result to lesser vacancies for your property.
