Sometimes, when you move out of a home, you may make the determination to rent your home. Such a venture can bring in some extra money.
Selling a home is an inherently complicated process that takes time. However, there are plenty of ways you can speed up the process and make your home more alluring to prospective buyers.
When you rent your home, you become a landlord. By law, landlords are responsible to make sure that the basic systems of the property are in proper working order.
What is the first photo people see in your home listing? Does it really zing? That photo is someone's first introduction to your house, and just like first impressions with people, they will probably make a snap judgment based on that initial image.
Do not automatically place your furniture up against the wall in order to save room. Space it away from the wall just a little bit and it gives the room a much lighter and airy feel.
You have no responsibility to provide any furnishings for your tenants. As you prepare the property, however, you may decide that you want to leave the refrigerator or other appliances in the home to be used by the renters. If you decide to leave these items, though, you will be legally bound to provide maintenance for them. It should be known that renting a home with more furnishings does increase the amount of rent that you are able to charge.
However, the cost of repairing or replacing these items may greatly lessen the profit that you are able to make on your investment. While preparing your home, you must make the determination of whether or not it is worth including appliances with the property.
Take a closer look at what other homes in your area are selling for. Don't be so stubborn about your listing price, because five or ten thousand down or up could mean the difference between getting an offer tomorrow and getting an offer never.
You should be able to make any needed cosmetic improvements such as repainting or putting down new flooring. It is wise, though, to employ a professional to make any serious repairs that are required. A better looking home will appeal to better renters. Furthermore, you will be able to ask more in rent.
If you're nosing around, a potential buyer might feel nervous about asking questions. They need to feel free to discuss the property with their agent without any distractions or drama.
Don't just use the same old lights and fixtures that have been in the house for years. If you want your house to look warm and comfortable, you are going to need good lighting. Increase the wattage of your light bulbs and be sure to have a light every 50 square feet. Each room should have three types of light. First, is ambient, and this is the general overhead light. The second light is considered "task" light which is used only when reading or studying. The last type of light is called "accent" light, which would be a fixture on a table or against the wall.
Once you have renters, you should take measures to protect the investment. As previously mentioned, you can get a good insurance policy that will protect your home and tenants should anything happen. In addition, you should install smoke and carbon monoxide alarms. These devices are required by law in many states.
Regardless of whether they are required or not, it is the decent thing to do to keep your tenants safe. You will also be protecting your rental property. When your home is ready, you should be sure to sign a lease with your tenants. The lease will protect both you and your renters. Before entering into this legally binding contract, though, you should get references from those who are applying to rent from you. Be sure that your potential tenants are good people who will not take advantage of you.
Selling a home is an inherently complicated process that takes time. However, there are plenty of ways you can speed up the process and make your home more alluring to prospective buyers.
When you rent your home, you become a landlord. By law, landlords are responsible to make sure that the basic systems of the property are in proper working order.
What is the first photo people see in your home listing? Does it really zing? That photo is someone's first introduction to your house, and just like first impressions with people, they will probably make a snap judgment based on that initial image.
Do not automatically place your furniture up against the wall in order to save room. Space it away from the wall just a little bit and it gives the room a much lighter and airy feel.
You have no responsibility to provide any furnishings for your tenants. As you prepare the property, however, you may decide that you want to leave the refrigerator or other appliances in the home to be used by the renters. If you decide to leave these items, though, you will be legally bound to provide maintenance for them. It should be known that renting a home with more furnishings does increase the amount of rent that you are able to charge.
However, the cost of repairing or replacing these items may greatly lessen the profit that you are able to make on your investment. While preparing your home, you must make the determination of whether or not it is worth including appliances with the property.
Take a closer look at what other homes in your area are selling for. Don't be so stubborn about your listing price, because five or ten thousand down or up could mean the difference between getting an offer tomorrow and getting an offer never.
You should be able to make any needed cosmetic improvements such as repainting or putting down new flooring. It is wise, though, to employ a professional to make any serious repairs that are required. A better looking home will appeal to better renters. Furthermore, you will be able to ask more in rent.
If you're nosing around, a potential buyer might feel nervous about asking questions. They need to feel free to discuss the property with their agent without any distractions or drama.
Don't just use the same old lights and fixtures that have been in the house for years. If you want your house to look warm and comfortable, you are going to need good lighting. Increase the wattage of your light bulbs and be sure to have a light every 50 square feet. Each room should have three types of light. First, is ambient, and this is the general overhead light. The second light is considered "task" light which is used only when reading or studying. The last type of light is called "accent" light, which would be a fixture on a table or against the wall.
Once you have renters, you should take measures to protect the investment. As previously mentioned, you can get a good insurance policy that will protect your home and tenants should anything happen. In addition, you should install smoke and carbon monoxide alarms. These devices are required by law in many states.
Regardless of whether they are required or not, it is the decent thing to do to keep your tenants safe. You will also be protecting your rental property. When your home is ready, you should be sure to sign a lease with your tenants. The lease will protect both you and your renters. Before entering into this legally binding contract, though, you should get references from those who are applying to rent from you. Be sure that your potential tenants are good people who will not take advantage of you.
About the Author:
Trade Wind Las Vegas provides inspired property management services. Trade Wind Investments is a licensed, accredited and insured real estate brokerage. We provide complete assistance for investing in the Las Vegas residential or commercial real estate market. We specialize in real property investments and the management of those assets including single family homes, condominiums, town homes and commercial projects.
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