Having a rental property can be a great way to create passive income, build equity, and invest in your long-term wealth.
But how do you prepare a property to be a rental?
At Guardian Property Solutions, we’ve spent quite a long time investing in real estate in the Philly Suburbs… so we thought we’d drop by with some tips.
Here’s what’s recommended for preparing your property to be a rental.
Inspect & Repair — The first thing to be done is to inspect the property for problems and make the necessary repairs. As a landlord, you’ll be largely responsible for the safety of the tenants as it relates to the quality of the home being rented. So don’t skimp on the repairs.
Clean — Obviously, the property must be thoroughly cleaned if it’s going to be rented out. People won’t want to live in a dirty place. So, make it as sparkly clean as possible before it’s time to start showing it.
Notify Insurance — It will be necessary to let the mortgage and insurance companies know what the new use of the property is going to be. It’s also important to get landlord insurance.
Determine Price — How much should the charge per month be for the rental property? You can determine how much it’s fair to charge by looking at demand, market conditions, and other similar properties that are being rented out in the area. Try to charge enough that there’s a little bit of income every month but stay competitive.
Screen Tenants — It’s better to let a property sit unoccupied for a couple of months than it is to have your property destroyed by bad tenants. So, take the time necessary to find the right tenants for your property.
Hope that helps!
Oh — and if you want to get a fair cash offer on your property, give us a call at (610) 569-9042. We can pay all closing costs and close in as little as two weeks!