Tips For Turning Your Home Into A Rental Property

Whether you have to relocate to a new place for your job, or you have an inherited property where you cannot stay and do not even want to sell, you can turn your house into a rental property. Often people rent out their additional property because they are not able to sell it or they are waiting for a boost in the market. If you are one of them who want to rent out house, you need to focus on certain things before renting out your property.

Legalities

Before you rent out your house, it is crucial that you familiarize yourself with the legal requirements such as landlord and tenant laws of your state. You may also need to discuss it with your mortgage company. Having their permission to rent out the house is important. Change the status of your house and for this, you need to check your municipal laws. Another important thing is to change your homeowners insurance and into a landlord policy. You also need to consult your homeowners association before turning your property into a rental unit, as every HOA has its own rules and regulations regarding tenants.

Prepare your home for staging

Once you have decided to rent out your house, you have to make the place ready for your tenant. It is your decision whether you want to rent out furnished house or not. If you are leaving your electronics for the tenant to use, make sure they are in working condition. For staging, remove all the personal belongings and make sure the place is clean and well maintained. Increase the curb appeal and go for any repairs that are required. You can paint your house, remove all the clutter, and mow your lawn and clean the garage to get the attention of tenants.

Research pricing

It is important that you know what the current market rates are to rent out your property profitably. Research the local real estate market or ask your neighbors who have rented out their property to know the worth of your property.

Find tenants

Another crucial thing is finding the right tenant. You can advertise in the local newspapers or on Internet to find a tenant. If you do not have time, you can consider hiring a real estate agent or a property manager, who will not only help you find a tenant, but also ensure that you complete all the legal formalities. They help you screen the tenant and make sure that you find the right people to live in your house.

Having a property management company to look after your property and rental needs is worth, as they take care of everything ranging from renting the house to collecting rent, handling day to day maintenance and inspections.

Tips To Decorate Your New Rental Apartment

 With strict landlord laws, often decorating a rental apartment becomes a challenge. Living in a house that is not your own gives a strange feeling, as you cannot make drastic changes such as moving walls, alter the physical structure and add any fixtures. By using some inexpensive ways, you can add a personal touch to your new home and decorate it in your own style without breaching any agreement. Here are some economical tips that will help you decorate your new rental apartment.

Rugs and carpets:
If you do not like the flooring offered by the landlord, you need not rip off the carpet or install new tiles. By simply buying some beautiful rugs, throws and carpets, you can add a touch of style and brightness to your rooms. Moreover, you can easily take these rugs away when the lease is over.

Add color to walls:
If your lease allows you to repaint the walls then its good; otherwise, you can use various other cost effective ways to add color to your walls and make them impressive. An array of wallpapers is available in the market which can be easily installed and removed later on. These wallpapers come in vivid colors and patterns. You can also use wall art including wall decors, paintings, posters, prints and framed photographs to personalize the space. By installing designer mirrors you can create the illusion of space and make the walls attractive.

Furnish the apartment:
Adding beautiful, functional furniture enhances the appeal of the apartment. You need not spend a fortune on the furniture; just buy some economical and simple furniture that can match with any décor. You can even restore old pieces to furnish and decorate your apartment. You can clean old furniture, sand it, use primer and repaint it to give it a new look.

Replace curtains and blinds:
To treat your windows as you want, you can replace the curtains with those of your own choice. Beautiful curtains, shades, blinds and drapes can transform the look of your house. By using full-length curtains and hanging curtains outside the frame, you can make your small windows look large.

Increase storage space:
By using freestanding shelves and bookcases, you can not only add storage space to your apartment but also increase its appeal. To make the décor aesthetically appealing, match your shelves and bookcases with the furnishing.

Liven up the interiors with lighting:
Though you cannot alter the lighting fixtures in a rented apartment, you can liven up the space by using freestanding lights and table lamps. If your apartment already has a chandelier, you can replace it with one of your own.

These tips will definitely help you personalize your rented apartment and make it a home.

Finding The Right Rental Apartment

If you are looking for a place to stay temporarily or till you can buy your own house, getting a rental apartment can be your best option. With the right rental apartment, you can have a nice place to stay for yourself and your family without having to worry about large one-time payments, mortgages and legal documents regarding ownership and taxes. Finding the right rental apartment is not a simple job. It can be stressful considering multiple choices and figuring out what is best for you and your requirements. To counter the stress and to significantly cut down the time and energy consumed in the process, you can employ a few simple steps or you can hire Hunter Rentals & Property Management services for finding the perfect property to rent for you.

Knowing Your Requirements

The first and most important thing while looking for the right rental apartment is to know your exact requirements. Take out the time to figure out what you really want in an apartment. Decide whether the location is important, how much closet space you need, how many bedrooms and bathrooms will serve your purpose, what should the ideal size of the apartment be, whether you need parking space or any other specific amenities etc. Forming a clear idea about your requirements will make your search much easier in the long run. You can also try to form a list of priorities to know which requirements are essential and which are optional.

Staying Organized

During your search for the right rental apartment it pays to stay organized every step of the way. You are likely to look at a number of different apartments and you need to properly document each visits to make sure that you can recall them at will later while forming an opinion and making a decision. Note down addresses, names and details of owners, your opinion about the apartment during the visit and any terms and conditions already discussed. Make sure you store these observations so that you can refer to them at a later stage.

Dealing with Stress

It is important for you to try and not get stressed out while searching for the right rental apartment. The process might require you to look at a number of different places before you can make up your mind. With each passing day, things can become more difficult and stressful. Try to stay focused on your goals and remind yourself that eventually you will find the perfect place for your requirements. Try not to get influenced during your search and ensure that you get the most value for your money.