Things You Need To Check Before Renting Out Your Home
Renting out your home can be a great investment property. By doing so, you can generate extra income while someone else pays your mortgage and upkeep costs. In 2022, Realtor.com® expects house prices and mortgage rates to continue increasing, similar to rental rates. The increasing competitiveness of the housing market implies that those who can’t compete for a house will most likely continue to rent, boosting rental demand.
COVID-19 has now passed, and more families who moved in with their relatives are ready to move out and resume renting, boosting the need for rental homes. Whatever the reason, if you’re thinking about renting out your property, there are a few things you should check off before officially listing it as a rental. Here are five of the most important:
Have it professionally cleaned
One of the most common problems homeowners faces when renting out their home is not having it cleaned professionally before their tenants take over. This can lead to various problems, such as dirt and dust building up, allergens being released into the air, and even pests being brought in. This can be a major turn-off for potential tenants, so ensuring your home is clean and move-in ready is vital.
To avoid these problems, it’s essential to have your home professionally cleaned before you start renting it out. Professional cleaners can clean your home quickly and efficiently, ensuring it’s up to standards. Once your potential tenants see how clean and well-maintained your home is, they’ll be more likely to want to rent it, for they don’t have to worry about doing a deep clean before they move in.
Change the locks
It may appear to be a no-brainer but changing the locks or rekeying them before a new renter takes occupancy is essential. Some problems that may arise if you don’t change your house locks are:
- Your old tenants may have made copies of your house keys and not returned them to you. This means they could have access to your home even after they move out.
- If you’ve ever lost your house key, there’s a chance that whoever found it could make copies and use them to enter your home without your permission.
By changing the locks, you can be sure that only those you give keys to will have access to your home. This will not only provide security for your tenants but also protect you from any liability if something happens while they’re living in your rental property. This can be an expensive move, but it offers much-needed peace of mind for you and your tenants.
Inspect the roofs
One of the most neglected parts of the house that landlords often overlook is the roof. In fact, surveys show that 1 out of 4 roofs in America need repairs or replacement. And yet, most landlords don’t bother to inspect their roofs regularly, let alone make any repairs.
This can be a major problem because a damaged or leaky roof can lead to all sorts of problems for your tenants, such as water damage, mold growth, and even structural issues. Not to mention, it can be extremely costly to repair a roof that’s in bad condition.
To avoid these problems, have a full roof inspection and checkups from a professional residential roofing company as soon as you decide to rent out your home. This will allow you to catch any potential problems early on and make the necessary repairs before they cause more damage. These experts can analyze whether it’s more cost-effective to re-roof, replace or repair a roof.
Replace filters in the air conditioner and furnace
Another critical but often overlooked maintenance task is replacing the filters in your air conditioner and furnace. These filters can become filled with dust, dirt, and pollen over time, which can cause allergies or respiratory problems for your tenants.
In addition, old or dirty filters can also lead to a decrease in your heating and cooling system’s efficiency, costing you more energy bills. To avoid these problems, replace the filters in your air conditioner and furnace at least once every three months.
Install smoke detectors and CO2 alarms
Smoke detectors and carbon monoxide (CO2) alarms are necessary for any rental property. In fact, most states have laws that require landlords to install these devices in their rentals, but that doesn’t mean they’re always present or working properly.
Smoke detectors can help alert tenants to a fire in the home, giving them time to evacuate before it becomes too dangerous. CO2 alarms, on the other hand, can detect high levels of carbon monoxide and sound an alarm to warn tenants of this potentially deadly gas.
To be sure your rental property is up to code, install smoke detectors and CO2 alarms in every room and test them regularly. You should also include instructions on testing the devices and what to do if the alarm sounds in your lease agreement.
To wrap up
By following these tips, you can be sure that your rental property is safe and well-maintained. This will not only protect your tenants, but it can also save you money in the long run by avoiding costly repairs. You may begin promoting and finding renters, vetting them, and renting out your home once you’re ready. You’ve come a long way. Congratulations!