If the thought of selling your home fills you with mixed emotions, then you have another option: you could always turn your property into a long-term rental instead. That way, you could still keep ownership of the property while earning an additional income. If that sounds like the choice for you, The Renovation Directory details exactly how you can go about getting your property ready for its next tenants.
What features make a rental property great
Suppose you have a property that you’re already pretty proud of because you know that it’s a great property in a great location with all the amenities anyone could ask for nearby. If it ticks all the boxes and more, then you’re pretty much guaranteed to find suitable tenants – and quickly too.
Getting your property in tip-top shape
Of course, you’ll want your property to look in tiptop shape before renting it out to tenants so that you create the best impression possible. For example, there may be minor repairs or renovations that you need to tend to get your property move-in ready. Or maybe you think the space is in dire need of a makeover before you would even consider showing it off to potential tenants. Whatever the case, ensuring that your property looks good and all is in order is an important first step in starting your landlord journey on a good note. A good place to start is by adding some color. Instead of painting, choose a wallpaper design from an artist across the globe to add some style to the place.
How to go about finding the appropriate tenants
Indeed, you’ll want to find reliable tenants who are able to pay the rent on time every month. And of course, you’ll want tenants who are going to take good care of your home while renting. A simple simple screening process can provide you with the information you need to select only the most suitable tenants for your property.
What is a property manager and should you hire one
Suppose you’re not that familiar with all the ins and outs of managing a property yourself, then hiring a property manager to take care of all the intricate details of property management may suit you better. Some of the details that a property manager will see to include finding the right tenants for your property. They can also oversee any maintenance that needs to be done and will liaise with the tenant directly, so you don’t have to.
Setting up the right company for your rental business
Of course, you’ll also want to make sure that you file for the right business type right from the get-go before the rental process starts. An LLC is an excellent option if you want more flexibility in filing and running your business, as well as offering you the assurance that your personal assets will be protected should anything go wrong in the future. To save on the extra cost of hiring a professional service to handle the filing process for you, you could file your LLC yourself or enlist the assistance of an affordable formation company to do it for you. Just be sure to check the filing regulations that may apply in your area, as these may differ from state to state.
In summary, renting out your beloved property so that others can enjoy it too can be a satisfying (and profitable) project provided you know the basics of what it entails. And it’s a great way to keep ownership of your property whilst keeping your options open at the same time.
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