Purchasing your first home was a major milestone for you and the family. You may have outgrown that home, however, and you’ve already bought another one. That first home is a perfect property for rental purposes. You can build a lot of wealth when you rent the first home and use that income to pay down your original mortgage. To make the most out of your rental property, you should properly prepare it for the new tenants.
Paint the Interior
The best way to know if your property is being properly cared for is by painting the interior a fresh white color. The tenants will appreciate the clean interior, and you’ll be well-aware of any damages as time wears on. Paint the home several weeks before the tenants move in, however. You want the fumes to completely air out of the house before anyone moves in.
Clean or Replace the Carpets
Most rental homes have wall-to-wall carpeting as their flooring choice. To save money, hire professional carpet cleaners to thoroughly scrub the carpet fibers. If your carpet is entirely worn, it’s a smart idea to completely replace it. The new tenants will place a cleaning deposit down when they move in. If the carpet requires any repairs in the future, that deposit will cover any charges.
Run Background and Credit Checks
When you rent any property to a party, you need to run basic background and credit checks. You can perform this task as an individual owner, or you can hire a company instead, such as the staff found at http://www.tdipropertiesinc.com/residential-property-management-los-angeles/. You want to know if the tenants have a reasonably good credit score and whether they have any serious crimes in their past. In most cases, your tenants will pass with flying colors.
Test Every Major Household System
The tenants’ security deposit should cover any major damages to the household systems. However, you should still check them before move-in day. Run the HVAC, plumbing and electrical systems over the course of one day. They should all work without any interruptions. Repair any issues that arise before the tenants arrive. If an issue occurs after move-in day, you can use the security deposit as a means to fix it.
If you can’t secure long-term tenants, you may need to purchase rental insurance to cover the losses during vacant months. Consider your financial situation, and price insurance among different companies. In the end, your rental property should offer you profit instead of significant losses.