There are many reasons that homeowners turn to renting out their property. This can be due to an inability to sell the house at the price you need, an inheritance of property you don’t want to sell, the desire to supplement income as a landlord, along with many other reasons. Regardless of the reason for converting a home into a rental property, preparation is key to creating a successful rental business. Here are some of the best ways to quickly convert your home into a rental property.
Financial and Legal Aspects
From a legal perspective, a rental property is different from a home. Standard homeowner’s insurance will not cover the property effectively if it is being rented out. For this reason, certain financial and legal concerns need to be taken into account when you convert your home into a rental property. You will need to obtain a landlord insurance policy to protect your property from unexpected damage. Additionally, there will likely be specific permits required in your area to ensure that the property is safe. You will also need to familiarize yourself with the applicable laws, such as the Fair Housing Act, to ensure that you are following all of these regulations throughout the rental process.
A clean home will look much better than a dirty one. Ensure that your home is extremely clean when you convert it to a rental property. You will also want to add a fresh layer of paint to the building. A paint job is an inexpensive, effective way to improve both the value and the appearance of the property. Anything that looks old or worn down should be upgraded. Keep in mind that any improvements that you make to the building will add to the value of the property, make the home more appealing to renters, and potentially allow you to ask for a higher rent. You should obtain professional inspections both at move-in and move-out to ensure proper documentation of any issues with the property.
Converting your home into a rental property can be an incredibly rewarding endeavor, but it can also be incredibly stressful. Hiring a property management company can be a useful step for minimizing the difficulty of maintaining a rental property. Contact us at the Keyrenter in Ft. Lauderdale today to learn more about the best ways to convert your home into a rental property.