Converting Your Home Into a Rental Property

Converting Your Home Into a Rental Property

When you’re relocating for a new job or need to upgrade to a larger house, you may not always find yourself in the ideal time period or situation for selling your home. If you’ve had your place on the market but haven’t been able to find a buyer, becoming a landlord may be the most practical option for you. Here are some checklist items to remember as you transition your home from primary dwelling to rental property.

 

Make Your Home Appealing to Potential Renters

If you want to find a tenant quickly, get your home in pristine condition. Hire home cleaning services houston to tend to the often-neglected areas of your home. A professionally cleaned kitchen and bathroom can do wonders to impress potential renters. Your house doesn’t need to be empty to look move-in ready. Consider renting a small storage unit to house bulky or superfluous items to help your home appear more spacious. Make sure all appliances are in top working order before giving any tours. You can also make your place feel welcoming by setting out green plants or fresh flowers and candles in comforting scents.

 

Find a Property Manager and Start Marketing

Depending on your situation, you may be able to find a trusted friend or relative to manage your property for you. This is especially true if you have a home that’s in good condition and will require little maintenance. If you know someone who has local experience as a landlord, ask them to walk you through the necessary steps for renting out a property in your area. They can probably offer advice on which websites and marketing techniques are effective for your neighborhood and which ones aren’t worth the money and effort. However, make sure you take a fair assessment of your situation. Sometimes, hiring a professional property manager is worth the money when you consider your actual needs.

 

Research Your Legal Obligations

Be sure to research the national and state laws for landlords before you start the process of finding a tenant and drafting a lease. Depending on where you live, you may need to make certain changes to your property, such as installing carbon monoxide detectors. You’ll also want to consider how becoming a landlord will impact your taxes. Talk to a professional to seek guidance on these topics.

Once you’ve decided to rent out your property, there are many factors to consider as you prepare to become a landlord. But with attention to detail and careful planning, it could be a successful venture for you.

 

Leave a Reply