If you are wondering how to rent your apartment, then you got dollar signs on your brain. Becoming a landlord can be a lucrative investment, but how do you prepare your property for rental? Around 40 million people are currently renting real estates in the U.S., but it is expected this number to increase.
But, before you post a “for rent” sign and advertise your property, you need to take some time to prepare your apartment. We have a couple of advice for you, which can help you attract premium tenants.
Inspect your property
When you empty your apartment, inspect everything in details and repair major problems. For example, if you have any potential holes, leaky faucets or pipes, electrical outlets and burnt out bulbs. Also, you should check out your floors, windows and kitchen appliances and make sure they are all right. Any potential issues can reject possible tenants.
Think about safety
Tenants will feel more at ease if they have a safe place to live. Make sure that smoke detectors are in excellent condition and also equip your kitchen with a fire extinguisher. It would be good that building has supervision, but if not, install an intercom.
Nothing can turn off a potential renter more than a messy and dirty place. Declutter your space and throw anything you won’t use anymore. Make sure to clean your apartment, floors, windows, and blinds. Remove all stains from carpets and repair walls with neutral colors to make rooms cleaner and brighter.
Check out furnishings and appliances
Cleanliness applies to furnishings and appliances as well. If your appliances are valuable and costly, then you don’t want them stolen or damaged. Renting a home with appliances can boost up the value of your property. On the other hand, if you provide a furnished apartment, then make sure that everything is working correctly.
Notify mortgage and insurance company
It is essential to set up a meeting with your mortgage and insurance company and let them know you will be renting your space. After all, they have specific rights to your home, and they want to protect their interests. Once you notify your mortgage holder about your intentions to rent your place, then you will have to meet precise specifications. In this case, you should also switch your homeowner’s policy to a landlord property insurance policy. This should cover any damage tenant makes.