You’ve found the perfect property to rent out. Maybe it is in a desirable neighborhood, or maybe it has just been fully renovated, or maybe it has the potential to be a multi-family home. These can be profitable aspects of a rental property, and you should definitely be pleased with your purchase if this is the case.
However, even with the perfect property, there is still work to be done. After all, as a landlord, does your work ever truly end? No, it does not. With this in mind, you need to plan out your next steps after purchasing the property.
In this post, you will learn what to do after buying the perfect property to rent out.
Ensure the Property is Safe and Legally Compliant for Rental
While you might think that the perfect property will be ready for rent as soon as possible, this is often a dream. Instead, properties will require some work to ensure they are safe and comply with laws and regulations. There are health, housing, and safety standards that rental properties should meet. This means the property should be safe and habitable, and this could include providing cooling, electrical, and/or heating systems.
It is also vital that you check factors like building codes, documentation, fire safety, lease agreements, and so on. This, as well as carrying out regular inspections, will ensure your property meets the requirements for legal and safety compliance.
Doing this will involve focusing on key areas, such as HVAC systems, lighting, and structural integrity. It is also necessary to ensure that carbon monoxide detectors, fire extinguishers, and smoke detectors are functional and placed properly. Regular inspections might identify issues with these aspects, but you must also address tenant concerns in a timely manner to remain safe.
Prepare the Property for Tenants
After checking that the property is safe and legally compliant, you can then begin preparing it for tenants. One of the first tasks to complete is a deep clean. This will include tackling appliances, bathrooms, and carpets to guarantee tenants are happy with the condition of the property upon moving in. It might be worthwhile hiring a professional to do this.
With the property now clean and safe for tenants, the focus should move to making it habitable and welcoming. You will need to decide if you want it to be fully furnished or not. If you do decide to include appliances and furnishings, these should be checked and included in a detailed inventory of the property’s contents and their condition.
Having a note of the condition of appliances can help you determine if anything is damaged during the tenancy. This can also prove useful during property maintenance. If you decide to partner with a property management company, like Del Condominium Rentals, they should be made aware of the property’s inventory as well. Repairs can be carried out quickly if everyone is sufficiently informed.
Begin Managing the Tenancy Efficiently
Once the property is ready and tenants have been found, the work does not stop. In fact, you should make more of an effort to stay up-to-date on the property and respond to your tenant’s queries quickly. Of course, if you have partnered with a property manager, they will complete these tasks on your behalf.
The tenancy will require open communication, especially at the beginning of the landlord-tenant relationship. It should be made clear how tenants can contact you or the property manager and when they can expect a reply. Any property-related matters should be spoken about clearly and transparently, ensuring tenants are aware of any changes that will affect them. This will help to foster a positive relationship.
Similarly, you should keep up with the property’s condition and complete maintenance as required. If repairs are needed, these should be completed promptly to avoid frustration and/or inhabitable conditions.
To conclude, there is a lot to do after buying the perfect rental property. As a landlord, your work never truly stops, and you must be prepared to make the right calls to ensure tenants are happy and safe in your property.
