Letting out a property to tenants is profitable, but it is not an armchair investment. You need to find the right property, which is where an experienced realtor such as Cedar Isles Dean Real Estate Minneapolis comes in handy. And, unless you hand over the keys to a letting agent, you will have to do some work to prepare the property and take care of day-to-day tasks. This will include routine maintenance, fixing things when they break and preparing the property for a new tenant.
In this article, we are going to look at the things you need to do before you welcome a new tenant.
Renovate and Decorate
In many cases, the property may need some form of renovation before it is suitable for a tenant. This could include modernizing the kitchen and bathrooms, fixing electrics, and sorting out any other problems with the fabric of the building.
You will also need to decorate before a tenant moves in. It is best to stick to neutral colors, as these appeal to the maximum number of people. Cream or white is perfect. Look at flooring too. It is pointless buying expensive flooring unless you are marketing to high-end tenants. Rental homes are subject to far more wear and tear than a regular home. Look for hard-wearing floorings such as laminate or nylon carpet. In most cases, flooring will need to be replaced every three years, so factor this into your cost calculations.
Health and Safety
Health and safety are very important. As a landlord, it is your responsibility to keep your tenants safe. All electrical installations must meet local building codes. There should be fire safety equipment in place, such as smoke alarms, CO detectors, fire blankets in kitchens, fire doors, etc. if you are not sure what the property needs, speak to a fire safety expert.
Conduct a thorough risk assessment of the property. Have appliances been tested and checked? Is the property secure and free from damp, mold and pest infestations? Is it warm enough in winter and cool enough in summer? Would you want to live there? If there are any problems, have them fixed before your tenants move in. If this is not possible, plan to get them fixed as soon as its practical to do so.
Clean and Tidy
Rental properties need to be clean and tidy. They don’t always stay that way, but the very least you can do is ensure everything is in shipshape condition on day one. Have carpets cleaned and if the last tenant left the place in a horrendous condition, hire contract cleaners to go in and clean every room from top to bottom. Make sure there is no rubbish left behind or waste dumped in the backyard. If there is, arrange for it to be removed before it attracts pests.
Have a checklist and tick off jobs as you complete them. This will help ensure you don’t forget to do anything before your tenants move in.