A lot of
planning goes into preparing a property for rent. You can’t cut corners and get
it right. This is how I do it with my own properties in my real estate
investment venture:
1. Setting a
Target Market
I actually set a target market
before even investing in that particular property. Everything else is done
according to the set target market. Do I want to attract students, single
parent families, young couple, etc? Once I know the target market, everything
falls in place nicely.
My two
bedroom duplex is just perfect for a single parent. It’s close to every
facility that one can think of. You can walk your child to school, walk to your
work, pass by the supermarket to grab dinner on your way back and still make it
on time to pick your child up from school back home. It’s also big enough for
an arrangement like that and has a small cute, low maintenance garden for a
great playtime. My preparations for renting this place out includes child
proofing the garden.
2. Budgeting
The target
market will determine the budget for you. High end market tenants demand the
highest quality finishes and facilities. Easy as that. With my diversified
tenancy, I know how much I will spend on a stove for one property and not on
the other.
The location
of the property will also assist you in taking that decision. Think of the
returns on your investment. It is a waste of money over-investing in finishes
in an area where the rentals collected are the lowest in the city. Renters pay
extra for comfort, and it’s only fair for landlords to ensure that tenants get
what they paid for. A $7000 may prepare the rental unit fully in one
neighborhood and not even scratch the surface in the similar unit based in
another neighborhood. Stick to as low a budget as you can to get the best
quality space possible. Your contractor will definitely help on the estimates.
3. Specifics on
Preparing the Property for Rent
The house
has to be deserving of a prospective tenant. The exterior has to be welcoming
and neat. The paint has to be fresh, garden and lawn has to look alive and
flowers not in slumber. I usually get a garden service guy to freshen
everything up. Trimming the edges is essential.
The
walkways, porches and verandas are to be cleaned and completely de-cluttered.
Window treatments should look pleasant from the outside too. Everything has to
be cleaned and hanging and loose odds and pieces removed or replaced. The house
has to look picture perfect. Better than you would wish your home looked after
spring cleaning it. In my case, because I am hopelessly lazy, and always long
nailed, I get a cleaning team to help me out. I outsource any kind of cleaning
in general, so that decision is quite easy.
Enhance your
home’s interior by: The interior has to be as spotless as the exterior. I cannot
emphasize the hiring of a cleaning service company enough. It helps. I say this
from experience.
Kitchen
counter-tops are usually victims of clutter. Make sure your granite tops shine
with only the essential appliances. Check the window tracks for broken and
falling parts. Appliances should be in working order and so should the
plumbing, heating, cooling, alarm systems, etc. Do it all whilst trying
to save on costs where you can. You may need to invest in new cupboard doors
for instance, instance of changing the whole kitchen.
Please read
the article on how much rent to charge for more tips.
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