Buying a property to put it up for rent is one of the best ways to make money. Becoming a landlord on the side can inject a huge cash boost into your regular income, and when you’re a good landlord who understands tenant needs, that can make you very wealthy! However, any rental property out there needs to be up to scratch – you’ll never secure a long-term tenant without a good bit of prep work. So, with that in mind, here are the main steps to getting a property ready to go on the rental market.
Keep Furniture to a Minimum
When trying to rent out a property, you can worry over what furniture to include. Do you outfit the whole thing to ensure your pool of potential tenants is as wide as possible? Or do you go minimal and just give them a bed and a table? It’s ultimately up to you, but in our minds, minimal is indeed the best way to go for long term tenants.
These are people who have a lot of their own furniture already, or are trying to find a place where they can settle down and accumulate. If you want to market towards this subsection of tenants out there, showcasing a good amount of space ready for them to make their own tends to be more attractive.
Target Even the Smallest Signs of Damage
Small signs of damage are still huge in a tenant’s mind. It’s why you’ll need to tackle any and all small spots of damp or mold, and call in someone like a leader in mold removal and remediation to ensure the whole house has been gone over carefully. Remember, if damage can be seen, a tenant will hone in like a hawk!
This could end up tanking your rent ability and you really don’t want that from the beginning. Similarly, take care of all cracks in the wall and wallpaper or paint that may be flaking. Make sure the floor isn’t chipped or scuffed, and that any inbuilt furniture (like bathroom and kitchen cabinets) are clean and don’t carry a musty smell.
Get Your Insurance Right
Now to get into the fine print. As a landlord, you’ll have access to various types of insurance policies, all with pros and cons. Landlord insurance as a whole is the most common, but you can also just take out Rent Guarantee insurance. This will protect you if your long-term tenant ends up being unable to pay for any reason, which can and does happen.
Even if they’re usually on time and have it in full, some months can be bad. It doesn’t make them a bad tenant, but it does mean you’ll lose out in the short term. As such, most landlords like to know this guarantee is there, just in case.
A rental property filled with long term; well-paying tenants is the dream. Set yourself up right and you’ll be more likely to attract them.