Are you thinking about turning your home into a rental property? You’re not alone.
Many homeowners are considering the same option right now because they have listed their homes for sale and haven’t sold them.
Thankfully, you can turn your home into a rental property quickly by following these tips.
Tip #1 – Get A Home Inspection
The first thing that you should do before renting your house is to set up a home inspection.
A home inspection is important because a licensed home inspector will let you know if any alterations or repairs are needed before you list your house for rent.
Making necessary repairs, or upgrades, before your tenants move in, is a smart thing to do because you want to eliminate any potential health or safety concerns that could cause problems for you after your tenant moves in.
Tip #2 – Find Out If a Permit Is Needed
Depending on the location of your rental property, you should also contact your city hall to determine if you need a permit before turning your home into a long-term rental.
Tip #3 – Get the Right Insurance for Your Property
Another important thing to do before your tenant moves in is for you to get the right insurance for your property.
Yes, you may have owner's insurance right now, but the reality is that landlord's insurance is the policy you need to have because this policy will cover the wear and tear of your property from your tenants.
A typical landlord insurance policy will cover:
· Damage to the exterior of your home.
· Damage to the pool shed or additional outdoor amenities.
· Damage from fire, lightning, or hail.
· Minor accidents to your tenants or guests that occur onsite.
· Loss of rent that occurs due to property damage.
Tip #4 – Hire A Property Manager
Let’s face it if you’re working full time, and you have a family, your life is already busy, and taking on the responsibility of managing a rental property can be a lot of work.
Thankfully, when you hire a property manager, you can continue to live your normal life while having peace of mind that all day-to-day aspects of property management are being done for you.
At GoldenWest Management, we specialize in managing single-family and multifamily properties in San Diego, Phoenix, and Las Vegas.
To learn more about the property management services we can offer you, contact us today by calling (866) 545-5303 or clicking here to connect with us online.
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