7 Things To Do Before Renting Your House
Hey everyone! Spencer Sutton here with gkhouses. And today I want to talk to you about the 7 things to do before renting your house.
Now, these may seem like common sense. Although, what I have found is a lot of the time common sense is not common practice.
So I want to encourage you, to knock these things out before renting your house. If you do this you should be ready to rent!
The First point
The first thing is to make sure you have good landlord insurance. Yes, landlord insurance is different than normal homeowner’s insurance. This insurance is going to protect you from certain things that normal homeowner’s wouldn’t.
It will protect you against lawsuits, any kind of liability or damage that someone could pin on your property. Landlord insurance will also protect you against damage caused by the tenant.
To make sure you are getting the right type of insurance specific to your home, reach out to your normal insurance provider. They will be able to help you get landlord insurance and answer specific questions.
You could even suggest that the tenant get renters insurance. This way they will be covered in case of lost property. This is not required at gkhouses, but could be beneficial.
The second point
The next thing you want to do is you want to find a good accountant. That’s right. Being an owner means you have entered the business world.
When you start collecting money and providing a service or a product, which is your house, then you’re in business.
You need to make sure that you are following the proper requirements to report everything to the government. All the income needs to be tracked as well as expenses.
If you are not financially minded in that realm, you definitely want to find a CPA. One that can help you and explain to you where numbers are coming from.
If you already have a CPA that you work with maybe for other things, then have that conversation before you start renting. Ask them if there is anything that you need to be aware and if they can help you get started.
The third point
The third thing you’re going to want to do is get an attorney to look over your lease agreement. This is to make sure everything is in line and you have covered all of your bases.
It would be great if you could get them to take a look at it and give any kind of feedback or suggestions. We suggest using an attorney that deals with real estate law. It is important that you do not just go online and grab the first lease agreement you find. Your lease will be specific to your property.
gkhouses has signed thousands upon thousands of leases, so we feel very strongly about our lease agreements. And even though we have seen so many, we still have attorneys look over lease agreements.
The fourth point
The next thing you are going to want to do is establish screening criteria.
Have specific criteria while also making sure there is not any kind of discrimination. It is important to not break any kind of landlord or tenant law.
The fifth point
The fifth point is having all of your paperwork ready.
This paperwork will include what kind of questions are you going to ask on application, an example of your application. You should check what you can and cannot ask by looking at tenant and landlord laws. Be careful there. It is easy to miss something that could end up being very important. You will also have move-in documents, receipts to give the tenant when they pay rent, and move-out documents.
Any document associated with the tenant moving in, living in the property, and moving out.
The sixth point
The sixth out of 7 things to do before renting your house is having a punch list of any kinds of repairs that need to take place in the property.
I am a big believer in taking care of even the small things in your house. The tenant will notice if you pay attention to the details. If you take care of it you are more likely to have a better relationship with the tenant. This can be beneficial in the long run.
To do this, walk through your house and make a punch list of all the different things that need to be taken care of before the tenant moves in. This will serve you well because when a tenant comes to look at the property and they see things that need to be fixed, they are going to be less likely to rent from you. It will make a strong impression on them if you pay attention to detail.
The last thing you want is for a tenant to move in and find a number of small issues. gkhouses always does a walk-through a few days before the tenant moves in. We check the small things that some people may not even think about. The garbage disposal, every light in the house, making sure hot and cold water are coming out of the faucet, and that every commode flushes properly.
the seventh point
And the last point we suggest is painting the property and cleaning the house very well.
Make sure the carpets are clean and the home is free of any debris. No tenant wants to move in and find old boxes sitting around.
Have the mindset of showing your home. It should be clean and ready to rent when tenants come to view the property.
It will be different if you are showing a home that comes fully furnished. Although, it should still be spotless and the furniture should be in good shape.
Not only should you pay attention to the interior but also the landscaping. Cutting the grass and pulling the weeds can make a big difference.
The initial impression someone makes when they first drive up to the property is very important.
Follow this guideline of 7 things to do before renting your house and you will be ready to rent!
I hope that’s been helpful. If you have any questions, email me, [email protected]
Thanks so much.