When we search for properties to rent out for ourselves, millions of things to-inspect are running in our minds. We are going to pay, so no harm in being extra scrutinizing and cautious? That’s how everyone else also wants it to be, when they rent out our property. So, why not before putting up the ‘for rent’ sign on the house, we get into the shoes of the to-be-tenants and prepare the property beforehand, just as we would want it to be prepared for us. To make things easier and slide past smoothly, here are few important tips to perform:
Perform a thorough inspection of your house. Look for any cracks in the walls, pipe leakage, clogged gutters, broken tiles, chipped paint, fused light bulbs, jammed heating and cooling systems, any infestation in the kitchen, and many smaller things that often get neglected. Get them fixed immediately to organize the house and make it presentable.
- Change your insurance policy:
When you are renting out the house to your tenants, the second most important part is to get your insurance scheme changed from homeowner’s policy to landlord or rental dwelling policy. Although, the landlord policy costs extra, but it covers everything that needs insurance when you no longer can look after the house. The previous homeowner’s policy does not cover for the damages sustained by tenants and while in their supervision. Landlord policy provides property insurance coverage for physical damage incurred to the house by storm, fire, lightning, wind etc. It also covers for any equipment and possessions you may leave for tenant’s use such as electronics, snow blowers etc. If your property is furnished, make sure to insure with Landlord Appliance Insurance from a provider like Row.co.uk. Lastly, your tenant’s possessions are not covered in your newly-changed policy, so it is better to inform the tenants.
- Clean your house:
This may seem a trivial and insignificant task to even discuss but honestly, this is what makes the biggest difference. Clean and tidy things appear attractive and pleasing to the tenants. It is a small gesture that may prove to be beneficial in the future relationship of you with your tenants.