Sometimes, when you move out of a home, you may make the determination to rent your home. Such a venture can bring in some extra money.
Before you sign a lease agreement with anyone, though, you should prepare your home. Getting your home ready to be rented will allow you to make sure that everything is in order. You will not need to spend much money in getting your home ready, but you should make sure that it is set for renters. Potential renters will be most likely to stay with a home that is in good shape.
My grandmother, an interior design professor at the University of Texas once told me that I should have nothing in my home that is "tacky, crafty, or knick-knacky." This clever rhyme of hers was repeated through the years and followed diligently. If we ever picked up something along the way as a gift that broke any of these rules, we had our own special out-of-sight place for it. Extra clutter is unnecessary and makes the house look much smaller.
If you are knowledgeable about such things, check the electrical, heating, and plumbing systems to determine whether they have any problems. A qualified professional should be consulted to confirm that each system is ready for use. While you may be able to diagnose any minor problems, an expert can make sure that a system is up to code. Be certain that any paperwork and certifications which are required are up to date. Even after certifying that all the systems of your home are in good order, you should purchase an insurance policy to cover the home. You will want to protect yourself against any possible damages that may be done to your home.
Do not automatically place your furniture up against the wall in order to save room. Space it away from the wall just a little bit and it gives the room a much lighter and airy feel.
If presentation is the second most important thing in selling your home, then price is definitely the third.
However, the cost of repairing or replacing these items may greatly lessen the profit that you are able to make on your investment. While preparing your home, you must make the determination of whether or not it is worth including appliances with the property.
Before renting your home, you should be sure that any needed repairs are made. In general, these repairs should be made so that your home is chosen over others in the area.
You may have been intending on transforming that one room into an office or an exercise room someday, but as you never work or work out at home you have never actually gotten around to it. This is an opportunity to create a room that can add a lot of value to your home.
While you rent out the property, you will need to maintain the appearance of the property. Taking care of the property will prevent your renters from leaving. Also, they will be less likely to try to negotiate a lower rent. One of the easiest things to do to make your house look nicer is paint.
Don't just use the same old lights and fixtures that have been in the house for years. If you want your house to look warm and comfortable, you are going to need good lighting. Increase the wattage of your light bulbs and be sure to have a light every 50 square feet. Each room should have three types of light. First, is ambient, and this is the general overhead light. The second light is considered "task" light which is used only when reading or studying. The last type of light is called "accent" light, which would be a fixture on a table or against the wall.
A good way to do this is to walk through your house with a video camera. Then watch the video and imagine yourself viewing your home for the first time. You might be surprised at what ideas you can come up with.
Regardless of whether they are required or not, it is the decent thing to do to keep your tenants safe. You will also be protecting your rental property. When your home is ready, you should be sure to sign a lease with your tenants. The lease will protect both you and your renters. Before entering into this legally binding contract, though, you should get references from those who are applying to rent from you. Be sure that your potential tenants are good people who will not take advantage of you.
Before you sign a lease agreement with anyone, though, you should prepare your home. Getting your home ready to be rented will allow you to make sure that everything is in order. You will not need to spend much money in getting your home ready, but you should make sure that it is set for renters. Potential renters will be most likely to stay with a home that is in good shape.
My grandmother, an interior design professor at the University of Texas once told me that I should have nothing in my home that is "tacky, crafty, or knick-knacky." This clever rhyme of hers was repeated through the years and followed diligently. If we ever picked up something along the way as a gift that broke any of these rules, we had our own special out-of-sight place for it. Extra clutter is unnecessary and makes the house look much smaller.
If you are knowledgeable about such things, check the electrical, heating, and plumbing systems to determine whether they have any problems. A qualified professional should be consulted to confirm that each system is ready for use. While you may be able to diagnose any minor problems, an expert can make sure that a system is up to code. Be certain that any paperwork and certifications which are required are up to date. Even after certifying that all the systems of your home are in good order, you should purchase an insurance policy to cover the home. You will want to protect yourself against any possible damages that may be done to your home.
Do not automatically place your furniture up against the wall in order to save room. Space it away from the wall just a little bit and it gives the room a much lighter and airy feel.
If presentation is the second most important thing in selling your home, then price is definitely the third.
However, the cost of repairing or replacing these items may greatly lessen the profit that you are able to make on your investment. While preparing your home, you must make the determination of whether or not it is worth including appliances with the property.
Before renting your home, you should be sure that any needed repairs are made. In general, these repairs should be made so that your home is chosen over others in the area.
You may have been intending on transforming that one room into an office or an exercise room someday, but as you never work or work out at home you have never actually gotten around to it. This is an opportunity to create a room that can add a lot of value to your home.
While you rent out the property, you will need to maintain the appearance of the property. Taking care of the property will prevent your renters from leaving. Also, they will be less likely to try to negotiate a lower rent. One of the easiest things to do to make your house look nicer is paint.
Don't just use the same old lights and fixtures that have been in the house for years. If you want your house to look warm and comfortable, you are going to need good lighting. Increase the wattage of your light bulbs and be sure to have a light every 50 square feet. Each room should have three types of light. First, is ambient, and this is the general overhead light. The second light is considered "task" light which is used only when reading or studying. The last type of light is called "accent" light, which would be a fixture on a table or against the wall.
A good way to do this is to walk through your house with a video camera. Then watch the video and imagine yourself viewing your home for the first time. You might be surprised at what ideas you can come up with.
Regardless of whether they are required or not, it is the decent thing to do to keep your tenants safe. You will also be protecting your rental property. When your home is ready, you should be sure to sign a lease with your tenants. The lease will protect both you and your renters. Before entering into this legally binding contract, though, you should get references from those who are applying to rent from you. Be sure that your potential tenants are good people who will not take advantage of you.
About the Author:
Trade Wind Las Vegas provides professional property management services. Trade Wind Investments is a licensed, accredited and insured real estate brokerage. We provide complete assistance for investing in the Las Vegas residential or commercial real estate market. We specialize in real property investments and the management of those assets including single family homes, condominiums, town homes and commercial projects.
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