Tips For Turning Your House Into A Rental Property

apparetmentAre you looking to turn your home or investment property into a rental?

Perhaps you are upgrading as your family or income grows, or are simply adding to your property portfolio. No matter what your reasoning, there are a number of important tips to consider before you put your home on the rental market – and at ACTON North, we are here to help.

Repairs and upgrades:

The better condition that your home is in, the higher your return – the same rules apply whether you are preparing to sell your home or put it on the rental market. If you’ve been putting off basic repairs for a while, are flirting with the idea of an upgrade or two, or know that a particular room or area of the house will let you down when it comes to naming a rental price, it’s time to reassess. Some simple repairs can make a huge difference to potential tenants, and upgrades – particularly to the kitchen or bathroom (time for a dishwasher, or to get rid of that old shower?) – can make a big difference to your incoming rent.

Check your insurance: 

Although you likely already have some form of home insurance, your policy will need to change as soon as your home becomes a rental property. It’s advised that you take out some form of landlord’s insurance, to protect you against any damage to your home, to cover rent defaults, and to ensure you aren’t liable if anything happens to your tenants while they live in the property.

Do your research:

Before you settle on a weekly price for your rental, or charge full steam ahead on getting your property listed, do a bit of research. Look into the prices of similar properties for rent in your area, and consider what the advantages of your home are. Do you live within walking distance to local schools or shops? Do you have an extra bathroom or ensuite, a big backyard or recent renovations? Think carefully about the sell points of your home so that you can talk it up to potential tenants.

Hire a property manager:

The best way to ensure that you are getting the best return on your rental property – without having to deal with all of the nitty gritty details yourself – is to hire a property manager. From advising you on how to get your property up to scratch, to explaining the rental process and options, listing your property and finding the perfect tenant, a good property manager will be absolutely invaluable.

ACTON North have years of experience in the Perth property market, and their friendly and professional property managers are on board to provide advice, assistance and manage your rental property. They will keep you in the loop every step of the way, and ensure that your property is in the best hands possible. Get in touch today to discuss putting your property up for rent – and how ACTON North can help.