In case you’ve recently purchased a new piece of real estate, you might be thinking about renting it out, as that can be a great way to have a steady income. However, if this is something you’ve never done before, you might not be sure where to start. There are several steps you should go over prior to placing an ad for your apartment. Here is how to get your property ready for renting.
Do a thorough inspection
For starters, it’s important that you do a thorough inspection of the place. That way, you will see which areas need fixing up. Furthermore, if you’ve had previous renters, you can see if they damaged anything during their stay. Make a checklist and go over everything from the floors and walls to the furniture and appliances. Also, remember to look for health hazards like insects, rodents, rot, or mold and handle them accordingly. There are experts that can fix these issues in no time, so there is no need to try DIY solutions that can only take up your precious time.
Make the necessary improvements
While you probably shouldn’t deal with pests and rot on your own, there are some fixes you can handle. For instance, you can plaster walls and give them a fresh coat of paint. While there are countless color schemes you can implement, it might be for the best to stick to neutral shades, as they are more likely to appeal to a wider audience. On the other hand, you might also be able to replace the floors on your own. Opt for a durable flooring alternative such as laminate, vinyl, or engineered wood. Of course, you should also ensure there are no gaps around doors and windows, inspect the plumbing and electrical work, and check the HVAC system to ensure your tenants don’t encounter any problems.
See if you need new furniture and appliances
If you’ve been renting out this space before, you might not need any new furniture or appliances. However, you should still check if any of it is damaged. In case you notice anything that needs repairing or replacing, you need to do this before you post an ad about the apartment. If it’s a brand new space, you need to decide if you’ll rent it out unfurnished or include furniture. In the latter case, you should invest in the necessary items that will make living in the space comfortable. While there is no need to opt for some high-end pieces, you also don’t want low-quality appliances and furniture that you will have to replace more often.
Clean the space properly
Before you furnish the space, you also want to make sure it is properly cleaned. You don’t want to miss anything, so make a list of the things you need to deal with. For starters, clean the windows. Then, vacuum and mop the floors. Moreover, tackle the bathrooms and the kitchen and see to it that they are spotless as this can be a deal-breaker. However, you simply might not have time for this chore. In that case, if your property is located in Australia, you can easily turn to professionals for end of lease cleaning in Sydney that will ensure the apartment is properly cleaned before new tenants move in.
Decide if you will allow pets
Something else you need to think about is whether you will allow pets in your rental or not. While it can seem dangerous as the pet might ruin the furnishings or rugs, keep in mind that you could attract a whole new audience as many landlords don’t allow pets. In case you decide this is a good move, you can choose furniture pieces that are less likely to be damaged.
Set the right rent
Keeping in mind everything you invested in the lot, such as its cost, updates, furniture, and appliances, you want to set the right price for your rental. Moreover, you also need to consider its location and size. You should also look into the prices of similar rentals in the area and how big the demand is. Making the price too high can turn people away while making it too low means that you are not getting a good return on your investment. If you’re renting a Sydney property, you can consult with local real estate professionals to see which price is best for your circumstances.
Prepare a contract that will protect you
Finally, it’s vital to remember that you should always have a contract in place when renting out your apartment. You want a legal expert to draft one for you and have every prospective tenant read it in detail before they sign it. This way, you are protecting yourself and setting some rules for renters. They can be asked to vacate the premises if they don’t respect the lease agreement.
If you’re thinking of putting an apartment up for rent, keep these tips in mind for the best results. From making the necessary adjustments to drafting an agreement, make sure you cover all the bases.
