Tips to Turn Your Home into a Rental
Ensure house is up to code and is safe
government has a set of building codes in place
Depending on where your property is located, these codes may cover maintenance, sanitation, electrical, ventilation, and fire safety. Do your research on your local and state regulations and make updates that are needed.
Depending on what type of mortgage loan you have, you might need to live in the home a certain amount of time before you can turn the property into a rental. Some loans won’t cover an investment property at all (only a primary residence), so double check with your mortgage lender on what you’re legally allowed to do. In many cases, you might need to refinance your loan before you can start transitioning your property.
There are also several easy cosmetic changes you can make without breaking the bank. Modernize your bathrooms by putting in new vanities and updating the light fixtures. Add a fresh coat of paint to the living room and bedrooms. If the house has carpet, get it cleaned. If you have hardwood floors, consider getting them resurfaced. With just a few updates and upgrades, you can make your home appealing to future residents.
You know what they say: you only have one chance at a first impression. When your future prospective tenants come to visit your single-family home, you’ll want them to be impressed the moment they step foot on your property. Power wash your sidewalks and gates to give the house a boost in curb appeal. You should also consider livening up the outside of the property by adding flowers and shrubs, removing weeds and stumps, trimming any trees, and mowing the lawn.