Converting your home into a rental property
You may be in a position in which you are exploring the possibility of turning your home into a rental property. There are many reasons people decide to do this, but no matter what the reason, there are some general considerations:
- Contact your insurance company: Current homeowner’s insurance does not apply when the house is turned into a rental. Buying a landlord insurance policy is highly recommended. It protects you from liability and offers property protection.
- Take an inventory of the condition of your property and make necessary improvements: Determine if there are upgrades that need to be made. Are there any repairs to the home or property that need to be made? For example, consider.
- Curb appeal – The first impression a potential tenant gets is when they see the exterior of the home and property. It’s important that these are attractive. This includes a welcoming entryway. Landscaping or painting may be two things that will need to be done.
- HVAC system – Consider the condition of your HVAC system. Have it inspected to ensure it is in good working order.
- Appliances – The washing machine, dryer, refrigerator as well as any other appliances should all be functional.
- Cleanliness – You may want to hire a professional cleaning company to do a deep clean of the home.
- Obtain the required permits: Florida has certain requirements regarding rental properties. Before you can get the permit, your property will need to be inspected to ensure that it is in compliance with relevant laws.
- Understand the laws: The Fair Housing laws were created to prevent discrimination based on gender and race against potential clients. These laws must be adhered to when renting a property.
- The lease: There are many things to consider when developing the lease that will be signed by both you and the client. Among these are:
- What utilities is the tenant responsible for?
- Will you allow pets, and if so, will there be a pet deposit?
- Who is responsible for yard maintenance?
- A clause that states that you will have access to the property at pre-determined times to do maintenance checks.
- Hire a property management company: There are many benefits to having a rental property. However, it can get very technical and time consuming. David M. Burks Property Management has the expertise to guide you through and handle all the tasks associated with renting a property including collecting rent, handling maintenance issues and more.