While a great source of income, a rental property is no easy task. Contrary to popular belief, it is not as simple as purchasing a property to rent. There is plenty of preparation and renovating you need to accomplish to ensure a secure, long-term investment. Here is a list of things to consider after purchasing your first rental property:
Change the locks
When a property is changing hands, keys are often forgotten. Whether you made an extra key for extended family or you misplaced a copy in your car, there is always the possibility of a key to the house being out and about. To be safe and in control, get the locks changed so you know who all has a key. Changing the locks improves security, while also updating the property.
Create a game plan
When purchasing your rental property, you may notice things that need changing. Maybe the wallpaper is decades old, or the carpet is well-worn. Whatever the case, list out the repairs in a logical order. For example, don’t update the carpet before the ceilings and the walls. Consider the wreckage renovations may cause and plan accordingly.
Examine doors and windows
Regardless of the age of the property, you should always examine the doors and windows. If the doors and windows don’t shut completely, you will incur higher electricity bills for heating or air conditioning due to the lack of sealing. Additionally, interior doors that have quirks tend to cause tenant complaints or service requests.
The exterior is as vital to your property as the interior. If the outside of your rental property looks disheveled and mangled, no amount of luxury indoors will attract renters inside. Repair the siding, the shingles and any possible landscaping mishaps. Consider if you would want to be invited into this dwelling when you are renovating the exterior.
Checking for these items will save you money and time in the future, making for a more enjoyable investment. If you are worried you might forget a necessary renovation to your new rental property or are unsure you can manage it alone, contact Dona Brown today!