5 Steps to Transforming Your Home Into a Long-Term Rental
Ted James • October 29, 2020
Making the Most of Home Ownership
If you no longer want to live in your current property, but you don’t like the idea of selling it, either, you may be wondering what your options are. After all, paying two mortgages out of your own pocket might not be feasible.
However, if you’re willing to take on the responsibilities of a landlord, converting your former residence into a long-term rental could be the perfect solution. Because of the COVID-19 pandemic, you’ll have to take certain precautions during this process. But if you follow these steps, you’ll be able to get your property ready for renting and find the perfect tenants!
Making Repairs
If your future tenants have maintenance issues
after they move in, you’ll probably be responsible for covering the costs of those repairs. That’s why it's best to take care of any repairs
before you lease your property. Inspect each room, and make sure there are no structural issues and that all of your appliances are working properly.
Updating Fixtures
When it comes to making updates, browse listings for rentals in your area to see what other rentals have. You may find that you need to modernize certain rooms to compete! Realty Times recommends installing new faucets
on sinks and handles on cabinets, upgrading light fixtures, and even investing in hardwood flooring if your home currently has carpeted floors. If you have a front or backyard, you can also take some time to focus on landscaping and arranging some tasteful outdoor decor.
To minimize your potential exposure to COVID-19, it’s ideal to focus on projects you can complete without hiring a contractor. However, in some instances, you’ll have to rely on seasoned professionals
to handle tasks like carpet cleaning, HVAC maintenance, and electrical and plumbing issues. When considering contractors, just be sure to ask about their safety protocols.
Online Listings
With fewer people looking for properties on foot at the moment, putting up a “For Rent” sign may not prompt much interest in your property. This means that you’ll have to put some extra effort into making your online listings stand out on different real estate search engines.
Before you create an online listing, you must decide on a rental price
based on the average monthly rates for similar properties in your area. Next, you’ll want to take some high-quality photos
of your property and get ready to film and upload a virtual tour so that prospective tenants can get a feel for the space even if they can’t see it in person.
Virtually Connect with Tenants
When you get inquiries about your property, it’s important to respond quickly and thoroughly answer any questions — remember, renters are also stressed out about the pandemic, so let them know that you’re willing to go the extra mile to help them move in safely! Be prepared to screen tenants
by running credit checks and background checks before approving them.
Opt for Property Management
If the idea of handling the day-to-day issues of a rental property is too overwhelming, look to an agency like Ski Town Commercial
who can handle everything from listing your property to screening tenants to handling maintenance issues. Having an experienced property manager handle all the necessary tasks for your property can free up your time and offer peace of mind.
Owning two properties can be a lot of work. However, if you’re not quite ready to let go of your current home, renting it out is a great way to maintain ownership of your previous home and your new home while bringing in additional income to cover the costs. Although landlords face extra obstacles because of the COVID-19 pandemic, converting your home into a rental is still a smart financial decision. And you can always rely on a full-service company like Ski Town Commercial to help handle all your property management needs!
Call (970) 871-0002 today to learn how Ski Town Commercial can professionally manage your property and increase the value of your investment!
Photo via Pixabay
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