Posts Tagged ‘preparing rental property’

5 Reasons Why Single Family Homes Are Better Investment

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5 Reasons Why Single Family Homes Are Better Investment.

Tips on preparing your rental property for new tenants.

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Having a rental property for investment purposes can be very exciting endeavor! To ensure you take the correct steps in preparing your property for rent I made a list of a few things to keep in mind.

  • Set up a repair budget for the investment property to help stay on task
  • Make a list of repair priorities
  • Fresh paint (keep the color neutral)
  • If you decide not to paint, clean the walls well
  • Clean all rooms (baseboards, windows, walls)
  • Consider hiring a professional cleaning service
  • Repair any leaks
  • Add new knobs to cabinets for more appeal
  • Have someone come out and evaluate your roof (ask for a free quote)
  • Insure the lawn is mowed, pruned, and weeded for curb appeal
  • Check all bulbs and replace dead ones
  • Replace all air filters in the ventilation system
  • Put down new carpet (neutral color)
  • If you decide to not replace carpet, get them cleaned (shampooed)
  • When considering whether or not to change the carpet remember it can contain mildew, mold and pet stains which can be hazardous to one’s health
  • If the appliances are older, consider buying new ones that will be energy efficient and be covered by a manufactures warranty
  • Insure all windows open and shut properly (especially after painting)
  • Consider updating your kitchen,bathrooms and fixtures for a higher rent return
  • Contact the post office to divert your mail
  • Remove anything from the property that you don’t want stolen or damaged
  • Consider setting up a reserve fund for the investment property (unexpected emergency maintenance issues arise all the time, why not be ready for it?)

The goal is to make the rental property as attractive as possible while sticking to a budget that secures the property as an investment, not a money pit. Securing your investment with property preparation techniques will keep renters renting and home values strong.

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