So, you have made the choice to rent your property long term. Great! With almost 70% of the population in the United States renting homes, renting your property can be a good investment. However, there is a bit more to it than just placing a “For Rent” sign on the lawn. Step by step preparation of your property for long term rental can prevent costly future expenditures. Southern Coast Management can help you prepare in order to help you make the most profit from your property as a long term rental.
Everyone knows that placing the right tenant in a property is key to preserving the home. We pride ourselves on finding the right tenant for each property, but step one of preparation begins at the property, not with the tenant. Step one of preparation is to make sure your property presents well and is in good repair. Using a property condition checklist will help you address all the basic needs like clearing gutters, cleaning carpets, and checking for leaks. Accomplishing the checklist will help your property earn its top potential and help the property look presentable. For example, if you have a lawn it should be mowed, the sidewalks edged, and the hedges trimmed. Make sure it is cleaned and smells nice. A clean property will attract the type of long term tenants you desire, equaling a steady income, which is the goal of each homeowner.
Step two is considering a warranty for appliances. Updated appliances can prevent pricey repair bills, but only having a warranty on appliances can give you the peace of mind that repairs will be covered. The average out-of-warranty repair for a major appliance can be around $150. Though it is not mandatory, a home warranty usually covers all functional failures that arise with only the payment of a deductible, usually $75 to $100. A home warranty also covers items like the HVAC system and hot water heater.
Step three is having a plan in place to deal with future and structural repairs. For rental properties it is important to respond quickly and reduce stress when those situations arise. We suggest working with a great property management team as they often have preferred and trusted local providers who can respond quickly. A property management team can also respond if tenants should need to call you for say, just a squeaky hinge. This is one of the many reasons having a property management company can filling in the gaps of a plan with your long term rental property.
If you are not already working with a property management team like Southern Coast Management, we suggest step four: once you have everything set and you think you are ready for your tenant, it is time to bring in someone to walk your property. It is important to get an unbiased opinion. This needs to be someone who can honestly point out flaws that they may see or smell. Encourage this person to be a second set of senses. If they notice a strange smell from the dishwasher or a weird stain in the hall, then your future tenants will too. Outside of work or school, home is where people spend most of their time. A clean and well maintained property will make the choice easy for those looking for a new space and ensure steady monthly income for you as well.
Your property has the potential to earn you income long term. Following our suggested steps can make preparation for a long term rental a pleasant and stress-free investment. Contact Southern Coast Management today 843-663-6063 to speak with a professional rental property manager and receive a property condition checklist.