If you have ever thought about turning your home into a rental home to receive a monthly inflow of rental income, here are a few quick and easy steps for converting your home into a property that is ready to be rented. The main idea is to try to not only get the most bang for your buck, but to do so in a way that appeals to the most general audience. Your goal should be to complete those projects that will appeal to the largest number of potential renters.
Interior and exterior painting can make a huge difference on the visual aspect of your home. The key here is to use a color that will appeal to a large audience of potential renters. Stay away from bright colors and stick to neutrals. Variations of whites, off-whites and grays are what you want to go with. Don’t use the most expensive paint either. You may have to touch-up paint ever so often, depending on whether or not your tenants cause any wall damage, so be sure to keep extra paint on hand. Be sure to label the buckets of paint with descriptions such as “Wall Paint” or “Ceiling Paint”, etc. This will make knowing what the paint is for much easier in future years.
Carpet is another project that can reap huge returns in attracting potential tenants. If you have old carpet, consider replacing it with new clean carpet. Many carpet companies and even large retail stores such as Lowes and Home Depot will occasionally offer sales with free carpet installation. Be sure to shop around to get the best deal. Again, remember that you want to stick with neutral colors. Don’t be too concerned with the colors YOU like, but rather what is a popular color that will appeal to the masses. Ask the carpet company what the home builders in the area are installing. Most home builders also stick to the same rule of appealing to the masses.
Before you rent your home out, a home inspection can be a good idea too. Be sure to let the home inspector know that the inspection is simply for yourself and that you are planning on renting the home. Many times a home inspector is hired for the sale of a home. Home inspectors are typically taught to find anything, regardless of whether or not there are actual problems. So by telling them that you are renting the home, they will know this is for your person use and the information he/she will find will be for helping you determine what may need repaired. A good home inspector will point you towards any potential problems. It’s best to catch problems before they become huge expenses. So paying several hundred dollars for a home inspector can reap huge rewards if there is something that can be repaired prior to becoming a major malfunction.
The final step is to advertise your home as available for rent in order to attract potential renters. Typically, all that is needed is to post your home for rent online. A popular online rental website, such as RentalAds.com is a great place to attract and advertise your new rental home. Potential renters will then either call or email you, so be sure to keep your phone handy and check your email regularly. Also, be certain to post professional photos of your new rental home. Within your online rental property ad, be sure to think of potential questions that a tenant may want to know about the home or the area. The more descriptive you are in the ad, the less questions renters will need to ask.
After you have posted your ad online, it is a good idea to create or purchase an already made rental agreement contract that will be the agreement between you and your renter. Always have a contract between you and your renter. The rental contract protects you from any damages that the tenant may cause and also helps both parties better understand what exactly is expected of them. After your home has been rented, sit back and enjoy the monthly stream of income!