If you know the rules of the business, renting can bring you lots of money. And, if you’ve decided to rent out your property, there are certain steps you need to take before taking any legal action.
Inspect the House First
The majority of property owners frequently overlook a house inspection; some don’t even conduct one until one of the tenants reports an issue with the property. Property inspection is very important because renting your property is probably the largest investment you will ever make and it is advisable to make a smart decision based on all the facts you gather on your property.
Renting a home – be it long-term or short-term – is not an easy decision and many would want to get everything in just one go – a master bedroom, an air conditioning system, a home security system and an outdoor area. And, if you want your property to thrive amidst the dangerous competition reigning in the rental market, you need to make sure you are providing most of the features buyers would want to pay extra for, especially when you are planning to rent a fully-furnished property. Hence, a home inspection is a must; you need to carry out an inspection and see whether you have all the necessary appliances and fixtures –you can’t be renting out a fully-furnished property when there’s no kitchen equipment, for example.
The house may look great on the outside, but it’s also important to figure out if it’s also great on the inside. No one wants to buy a money pit so make sure you inspect all potential problem areas like clogged gutters, leaky faucets and damaged electrical outlets. It’ll be unfortunate if you forgot to check an appliance for damage and a potential tenant discovered the “defect” during the house hunting process. So, even if the oven is newly-bought, for example, turn it on and off and make sure it works properly. And, if major repairs are required, make sure you note them down properly and set reminders if needed.
And, after an inspection, you will have a much clearer understanding of the property you are about to rent and will be able to make a confident decision.
Think of Safety
There’s no such thing as “knowing you are safe when you live with your loved ones or when you are familiar with your surroundings.” Today, no matter how comfortable or friendly you are with your neighbors or how safe your neighborhood is, you ought to have a home security system. And, that’s one of the main requirements of most tenants.
While your property may be found in a neighborhood that’s safer than the others, you should never assume that your tenants are immune to crime; their safety is your top priority.
While most burglaries are the result of impulse decisions, some are planned. However, with a security system installed, your tenants along with your property are completely safe.
In addition, many security systems now come with fire detection features that serve as an early warning against fires. So, if your property is equipped with smoke detectors, for example, make sure they are working properly.
Evaluate All Your Appliances and Furnishings
Different countries have different rental guidelines and in most countries, short-term rentals consist of renting out a fully-furnished property; in that case, a fully-furnished property means renting out a kitchen with cooking utensils and silverware and a bathroom with toiletries and extra towels, for example; however, that doesn’t mean you should provide valuable furnishings and fixtures – basic kitchen equipment should be provided, for instance, but renting out your expensive China tea set isn’t compulsory.
More than an exorbitant price, a dirty place can easily turn off a potential tenant.
In general, it is difficult to know how deep you need to clean before renting out your property. But, it is recommended to hire professional cleaners instead of cleaning it yourself. In Western Australia, for example, professional vacate cleaners carry out the job according to a checklist provided by REIWA.