How To Prepare Your Old Family Home For The Rental Market
There’s no place like home. And your family home is usually our home base for many years. Somewhere to raise kids, to live, laugh and love. A place to rest, party in, and share food, drink and merriment with your family and friends.
Many people live in their family homes for decades until the kids are grown up and have moved out into their own homes. If this is your situation, you might be ready to downsize. But what if you want to retain the family home as an investment property? This can be a great financial move and one that can guarantee you passive income for years to come.
However, older homes often need a spruce up to prepare them to be appropriate and habitable rental properties. This article will share how to prepare your old family home for the rental market. We’ll cover renovations, restorations, working with property managers and more. Read on to find out what you need to do.
You may need to renovate rooms or even the whole house in some cases. This will depend on how worn out your old family home is. You can head along to some rental inspections in your area to see the current market, and get a clearer idea of what sort of work your house may require.
For instance, a renovation may be in order if your bathroom is older, with outdated fittings and fixtures, loose tiles, and possibly some leaks.
Another room that sees frequent use is the kitchen. If your kitchen has seen better days, you could consider a minor renovation to bring it up to scratch. Remember that renters deserve a lovely home to live in. By renovating some rooms in your old family home, you can even increase the rent you can demand. Therefore, you will even see a return on the renovations.
Make Necessary Repairs
The next step is to give your home a thorough inspection. Check all appliances, lights, vents, fans, the roof, flooring and more. Make notes of damage, faults, cracks, chips, marks, and other blemishes. Then, arrange the necessary repairs.
If some appliances are pretty old (ten plus years), you may be better off replacing them with brand new items. Appliances such as your dishwasher, garbage disposal unit and other kitchen appliances are all things that have a limited lifespan.
A Fresh Lick of Paint
You’d be amazed at the difference a fresh lick of paint can make to a home’s appearance. Consider painting all interior rooms, especially bedrooms, to spruce them up. If your home has an external facade such as weatherboards, consider painting them.
Painting can be a large job, so be prepared if you’re doing it yourself. Remember to sand back first, and give each area an undercoat and then two complete coats of paint.
If you are time-poor, you could consider engaging a professional painter who will do a fast and thorough job.
Contact Property Managers
Unless you want to manage tenants yourself (we don’t recommend this), you’ll want to engage a property manager.
This professional real estate agent will manage your rental property, deal with the tenants, arrange repairs and maintenance, and collect rent on your behalf.
They do this for a fee, which is typically a certain percentage of the monthly rent. It is definitely worth it because a property manager tends to be across all the regulations and legislation that govern rental properties in your state. You pay for their expertise, and you also pay to let them manage any headaches that can arise when dealing with the tenants or other parties.
A property manager is also a local expert in rental properties in your area. So they can advise on the best rental price and will market your home to prospective tenants. A property manager is an excellent idea for this alone and their other knowledge.
One way to narrow down your choice of property managers is to contact a few and let them pitch to you. Then, make a list of the pros and cons of each of them.
Don’t always choose the cheapest property manager. This can be a red flag that the service isn’t up to scratch. An incompetent property manager is a nightmare for both landlord and the tenants.
Pick one that you have a good gut feeling about and one who is knowledgeable about your local area and all the relevant codes and regulations.
We’ve shared how to prepare your old family home for the rental market in this helpful article. You may want to consider renovations, especially if the bathroom and kitchen are worn out and outdated. Make all necessary repairs, and a fresh lick of paint can work wonders. Finally, engage a professional property manager to look after the property. A good property manager is worth their weight in gold.