So, you are thinking about renting out an apartment or duplex so get a little extra income? That is a great idea, but there is a lot you need to do before your little income generator starts to make a profit. Before anything, you may want to do some research into this great guide on turnkey real estate, so you have a better understanding and help this process become a lot less stressful. C and I have discussed if we are able to make the leap and purchase a bigger home in a few years. We have spent many evenings figuring out what would be the right thing for us, would we sell this home, and maybe make use of a bridge loan (like the ones we could get at https://tigerfinancial.co.uk/bridging-loans/)? Or would we look at keeping this home and maybe renting it out? We’d like to possibly rent out this house as an extra income source. If we do, we understand that it’s very important to make your property desirable to tenants, and here’s some of what should be considered… Of course, first, you may want to reach out to a commercial lease attorney so that you are able to compose a mutually beneficial and binding agreement between yourself and a future tenant; this way, you can avoid all sorts of headaches associated with property rentals. Anyway, on with our suggested considerations…
How to Make Your Property Desirable to Tenants
To make it attractive to those who might want to rent it, you need to do a few things. It won’t only make the job of renting easier, it will also let you know about any potential problems in advance.
Make it Look Good Outside
First impressions are the best as they say, so you need to make sure the outside of your property is looking its best. When people come to have a look, they will be making a decision the moment they arrive.
Deal with the lawn and any overgrown bushes or plants outside. Make sure you do the front, back, and sides if you have any that need attention. Remove any debris or rubbish outside and maybe add some potted plants to add a bit of color.
Give the Inside a Lick of Paint and a Clean
If you have recently acquired the property, then take a look around to see if there are any areas that need attention. Investing in some paint won’t do any harm, particularly if there are scratches or dirty patches on the walls. You also need to give the apartment a good clean as your tenants will expect it to be looking nice.
Don’t just concentrate on the inside, look at the outside as well. A little paint will make it look better and also work as protection for the wood and walls outside. Make sure you use the correct paint for the outside, or you will be making more work for yourself later on down the line.
Keep Things Neutral
When you are thinking about pain or interior fittings, the best idea is to go for neutral colors. You don’t want to put off your prospective tenants with bright colors or heavy patterns.
If you are going to allow them to decorate, you should stipulate that they must return the walls back to the neutral color before they vacate the property. This will help to cut down on the preparation for you, and it will mean the place is ready for new tenants quickly.
Where are you Going to Rent?
Once you have made your apartment ready, you need to think about the best place to post your property to get the best exposure. There are many sites that can offer a good portal for your property including rental duplexes such as Rental Ads.
Hopefully, when you have glamorized your property and found the perfect place to rent it, you should start to have lots of people coming to have a look. When they come to see the duplex, you should ask them any question you may have and only accept them if they are right for you. It is also advisable to carry out the credit checks that so many websites recommend, as you want to know if any potential tenants are actually suitable.
Renting means you need a good relationship with your tenants, so you need to have people who you are going to get along with in some way.
