By Meghan Belnap
Renting out a home or apartment is a great way to build passive income, but this type of investment is going to require work. This includes a few important steps that you will need to carry out whenever you plan on having new tenants move into any of your rental units, including:
Add a Fresh Coat of Paint
Although landlords aren’t always required to paint their rental units in between tenants, that is still a good habit to get into. Adding neutral paint to the inner walls, outer walls, doors and trim will have a big impact on the appearance of the apartment and what type of tenants you attract. You might also want to spend a little bit of time patching any small holes that weren’t repaired by the previous residents.
Schedule the Proper Maintenance
No matter how much time and energy you spend on your rental unit, some maintenance will still need to be carried out before any new residents move in. At the very least, you should consider contacting an appliance repair company in your area so that all of the appliances can be inspected and serviced. This will prevent inconvenient breakdowns and other issues in the future. Some of the other areas that might need an inspection or maintenance include the roof, electrical system, HVAC system and plumbing.
Change All Locks and Passwords
Another important step in this process is making sure that every lock and password throughout the building is changed. Even if your previous tenants seemed trustworthy, it is very easy for other parties to copy keys and collect passwords without anyone realizing it. Luckily, an experienced locksmith should be able to change all of the locks in a matter of hours, and that project is usually relatively inexpensive.
Take Pictures of the Entire Rental Unit
Once the rental unit is ready for new tenants, you will then need to take as many pictures as possible. That includes pictures of every room, the entryway, hallways, attic, outlets, appliances and floors. After you have all of those pictures, you must save multiple copies so that they will be available if there are ever any disputes with future tenants.
In addition to these steps, you should also spend a little bit of time reviewing your insurance policy. Your landlord insurance is going to be your first line of defense against major financial problems if any damage ever occurs on your rental property.
Meghan Belnap is a freelance writer who enjoys spending time with her family. She loves being outdoors and researching new topics that help to expand her horizons. You can often find her buried in a good book or out looking for an adventure. Meghan recommends working with a company like Northshore Appliance Repair Inc for your appliance repair needs.