Rental properties can be excellent investments. In addition to the 2%-3% annual appreciation, you have tenants to pay down your mortgage for you. However, it is important to understand the costs of both time and money that should go into your rentals. You are responsible for maintenance, repairs, and remodels when needed. It is also on you to get things back in order after a tenant moves out. Here are some things that will likely need to be addressed to get the property ready for the next tenants.
Your property should be deep-cleaned, top to bottom, after your tenants move out. Your next renters don’t want to live in someone else’s dirt, and you will have a much easier time finding new tenants if things are clean during the property tour. Whether you handle the cleaning yourself or hire a cleaning service, every surface of the home should be scrubbed down. In addition to the obvious areas such as bathrooms, kitchens, and floors, don’t overlook the walls, floor boards, and windows. Dingy walls might even need a fresh coat of paint, and carpets should be shampooed. Finally, disinfect the refrigerator and run any other appliances through a cleaning cycle.
Fix Maintenance Issues
Vacancies are the perfect opportunity to fix up any maintenance issues. Do an inspection of the home to look for anything in disrepair. Check windows, doors, drawers, lights, plumbing, and appliances. You might be tempted to hold your renters accountable for any damage, but keep in mind that it is normal for there to be some wear and tear on the property after living in it for some time. Property damage often isn’t worth the trouble to go after a former tenant. It can cost more than it’s worth to push the matter. You can, however, retain the cost of repairs from the down payment.
Take Care of Any Remodels
While the property is empty, you might want to take care of any updates or remodels. Even if they are still functional, seriously dated features can decrease the amount of rent you are able to charge. Updates will attract new tenants and might allow you to increase rent. They could also save you time and money in future repairs.
Responsible landlords do their part to create a welcoming home for their tenants. Everyone deserves to move into a clean, beautiful, functional home. When your renters move out, take the time to make things nice for your next tenants. Remember, when you are good to your tenants, they are far more likely to be good to you.
Check out this article on whether or not a sparkling clean home sells for more!