Getting an Income Property Ready to Rent

When you’re getting your property ready for the rental market, we always recommend doing research to see what other properties are doing in the area. You want to know what kind of rent they’re asking and how the properties show. Take a close look at updates. You are looking specifically at kitchens and bathrooms, the level of repairs and finishes that are happening in the market. This will help you decide how far to go in making upgrades to your own property.

Check Habitability Issues
When it comes to basic requirements, one of the main things landlords need to check are habitability issues. Ensure that heaters are working, windows and doors lock, and there is no mold or water intrusion. Make sure the roof does not leak, that all provided appliances work properly and that you have functioning smoke detectors and carbon monoxide alarms.

Create Curb Appeal
Create a budget for your upgrades and updates. Most people spend the the bulk in bathrooms, kitchens and flooring (which is a good investment) but don’t overlook the importance of curb appeal too. Check out other properties and know your competition. Owners generally get more applicants and higher rent when the outside of a property looks good too.

Timing is Important
Time is of the essence when it comes to turnovers, vacancies, and getting your property ready and on the market. Spending three months on a two-week job means lost rental income, but it’s also important to do it right. The goal is to make a rental property cost effective. Sometimes that means investing a little more money or time up front to increase durability or benefits of an update.