Owning a rental property can be a great way to make money, especially if you have access to a space that is not being used. But there is a lot more involved in owning a rental property than you would have initially thought. There is a lot of work involved in preserving and looking after the asset that is your rental property, so you need to do some things to prepare the home and yourself before you decide to rent it out.
Get the property insured
One of the most important things that you need to do to prepare your property for renters is to get it insured. Because there is no way of predicting the future, you have no idea what may happen further down the road, so you need to protect your property from the things that could occur. If you get NRMA home insurance for your rental property, you will be able to protect yourself from anything that could happen to your rental property, so that you won’t have to pay out of pocket when things go wrong. If you have a rental property, it is recommended that you buy landlord insurance because your rental property will be covered for things like theft, vandalism and certain damage to your property. Buying insurance for your rental property will give you peace of mind because you won’t have to worry about anything happening to your asset, so you can feel safe when you allow new tenants into your property.
Clean up your property
You can’t have people living in your property without giving it a good clean, so you need to do this before you let your new tenants into the property. When cleaning up your rental property, you need to do more than just a surface-level clean, because you want your tenants to feel comfortable and accommodated in their new home. This means that you may need to hire professional cleaners to come in and help you clean every part of the property, especially areas like the bathrooms, kitchen and bedrooms because they will likely be used most often by your new tenants. You also need to get rid of any rubbish, debris or unwanted items before you let people into your home. You don’t want tenants getting upset or filing a lawsuit against you for negligence. If you have a lot of household rubbish that you need to get rid of before you rent out your property, you should consider hiring a professional to help you dispose of it. 1300 Rubbish are specialists at getting rid of trash and garbage around your home or garden, so you can get your rental property cleaned and ready for your new tenants to move in quickly.
Complete minor repairs
If you have a rental property that is not brand new, there is a chance that there will be things that you need to repair so that your new tenants can live in the space. Sometimes, you can fix things easily with a bit of know-how and a few of the right tools. For example, if there is a small hole in one of the walls, all you’ll need is a bit of gyprock and some paint to fix the problem. However, if you find something that is broken or does not work that you can not fix or your own, it is always a good idea to call in a professional to help you out. Whether this is an electrician to fix a broken power-point or you need a plumber to fix a leaky pipe, don’t hesitate to call someone to help you if you need it. Sometimes, you’re better off calling someone to help and fixing it straight away then trying to fix the problem yourself.
Think about furniture
You don’t have to furnish your rental property if you don’t want to, and in fact, some tenants will prefer to rent a property that is not furnished for a number of reasons. However, if you do want to furnish your rental property, you may be setting yourself up for a certain type of clientele. But if you are going to furnish your rental property, you need to think about what items you will be buying based on the customers you want to attract. So if you want to attract clients with more money, who will be more likely to keep your property in good shape, you need to invest in nice furniture. A beautiful dining room set can cost anywhere from $500 to $5000 depending on what you are looking for, so you will need to factor that in when you are getting your rental property ready. You will also need to invest in outdoor furniture if you have an outdoor area that is accessible to tenants, so you should visit retailers like Remarkable Outdoor Furniture to help you find the right outdoor pieces for your property.
There are many things that you need to think of when preparing your rental property for new tenants. At the end of the day, you can only do so much to make the property as perfect as possible, so don’t stress if things are not how you would like them to be. Once you tenants have vacated the property, you should go back in and make sure that everything is good for the next people to move in, so that you and everyone else involved has the best experience possible when renting out your property.