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How to Prepare Your Property for its Rental Potential

How to Prepare Your Property for its Rental Potential

Renting a new property out to the world can be a daunting experience. There is a lot of red tape, for example, that might prohibit you from renting. Then there is also the fact that you want to bring in only the best tenants that will treat your property like a home, not a dumping ground. Though there is never a guarantee, even with the most comprehensive background checks, there are still some great methods you can adopt to bring in the best renters to your home that you will be happy to host month after month.

Check You Are Able to Rent

Not everyone has the right to rent out their property. An obvious example is if you do not own your property then you will need to gain explicit permission from your landlord before you sublet or even rent out an extra room on a site like Airbnb. Once you have ensured that you are able to rent and have indeed obtained all the necessary certifications and licenses that apply to you, you will then want to look at landlord insurance.

Get Landlord Insurance

You know about home insurance. You know about car insurance. What you might not know about is landlord insurance. Critical for all rental properties, landlord insurance can help protect you financially in case of disasters like a fire, and on some plans in the worst-case scenario where your tenants maliciously attack or harm your property. To search which landlord insurance policy is right for you, visit cia-landlords.co.uk.

 How to Prepare Your Property for its Rental Potential

Tips for Decorating

Decorating a rental property is difficult. You want it to look nice, but you don’t want to overdo it. To help you make the right decorating tips that will increase your property’s value but not waste your money, you will want to:

1. Hardier, the Better

Skip the cheap furniture and take a visit to a secondhand furniture store when decorating your property. Shop for solid furniture items like bed frames, desks, or tables. Not only will you be able to save a lot of money by buying these second-hand, but they are also more likely to withstand heavy usage.

2. Splurge on Stain-Resistant Paint

By using stain-resistant paint you decrease the likelihood of serious damage or marks to your wall, meaning a small touchup might be all that is needed.

3. Prioritize Storage  

You can rent out a home to five roommates, but if you want them to live peacefully, you will need to give each room ample storage space. Aim for custom shelving in closets, bookshelves, and wardrobes. The more, the better.

How to Advertise Your Rental Successfully

Being a great landlord will help you keep the best tenants for as long as possible. You know the ones; they pay their rent on time, never have any complaints, and leave your property actually better than they found it. This will help you keep great tenants, but to attract these tenants in the first place you will want to:

1. Decorate your property well

2. Create a floorplan for the listing

3. Get professional photos taken of your property

4. Sponsor it on rental sites

When someone does want to rent your property, always remember to conduct a background check on them first. It won’t guarantee nothing bad will happen to your property, but it is a good start.