Home » Lettings » Tips for Turning A Home into Rental Property

Tips for Turning A Home into Rental Property

Rental Property
There is a trend of homes being turned into rentals and homeowners becoming the landlords. This happens because some folks cannot afford their homes, others might be relocating due to a job and unable to sell it. They simply want to upsize or downsize without taking a jolt from the current market.

Be Business Like

It is hard to part with a beloved home. Someone else living in our personal space can be strange or rattling. But renting is a business all such sentiments need to be put aside and the focus must come to practical matters.
Renting a home can be emotional, but it not need be complicated. Build confidence by researching pricing, talking to experts and planning well and accommodating the essentials of renting.

Important Tips

Pricing: Use real estate sites for rental search and check social sites including Craigslist to see how similar properties can be priced for rent. This will get you a snapshot of the market. Take note of the price per square foot and the amenities offered.

Talk to Rental Professionals: Talk to real estate agents and property managers and check if you can afford a property manager or real estate agent. Take advantage of the market savvy to understand the price your property will fetch and how to get a solid tenant.

Know the HOA rules: Talk to the homeowners’ association regarding rentals. Though some associations are easy going others have rules about the span of lease and strictures against renting to people having pets.
Furnish or not to furnish: Long-term renters prefer unfurnished properties, while seasonal renters prefer furnished properties. The latter will be ready to pay a bit more for the convenience. Depending on the goals and situation plan the landlord can plan the contents of the house.

Charging Extra for Furnishings: To rent home furnished means charging a bit more for furnishings. That is fully justified.

Inventory: Whether renting on a short-term lease or a year-long lease it is important that the tenant move into a clean space devoid of personal or valuable objects.

Staging: If you are renting a home on a seasonal or short-term lease and leaving your home furnished, put together an inventory of furniture and other items that you plan to leave in the space.

If you plan to rent your home for a year you have to put the carpets and floors cleaned and have the walls painted before the tenant moves in. Build all this into your budget. Make sure you have an adequate budget to remember when renting a house.

Tenant Screening

In the case of residential properties to rent in London the following questions can be expected from a landlord or his agent as part of tenant screening.

  • Why do you want to move from your Current Apartment?
  • Number of people going to live in the property, if rented?
  • Since how long are you working in the current job?

These questions will be standard and adhere to the Fair Housing rules that tests charges of discrimination.

Back to Top Image