Preparing Your Home for Rental

Preparing Your Home for Rental

Whether you purchased another home or are looking to downsize, renting your home can be a lucrative venture. However, in a competitive market, it’s important to prepare the home for rental tenants and showcase its best features. Therefore, in addition to preparing the home for premium tenants, ensure they carry the proper CT Renters Insurance to protect their assets and reduce your liability as a landlord.

Inspect your home.

When your home is empty, thoroughly inspect it and repair major problems. Address potential problem areas including roof leaks, sagging or clogged gutters, driveway cracks, leaky faucets or pipes, electrical outlets, and burnt-out light bulbs. Also, inspect your floors to make sure they are sound, says Realtor.

Safety first.

If only a portion of your home is for rent, ensure the renter feels safe. Provide a lock on their door, ensure smoke detectors are in good working order, and secure their separate space. Lastly, place at least one fire extinguisher in the home.

Clean up.

Nothing will turn off potential tenants faster than a dirty house. Shampoo carpets, put a fresh coat of paint on the walls, and deep clean the windows and blinds.

Notify mortgage and insurance companies.

It’s important to contact your mortgage and insurance company to let them know you won’t be living in the home. Your mortgage company has certain rights to the home to protect its security interests. Once you’ve notified your mortgage holder of your intent to rent out your home, you may have to meet specific mortgage-as-landlord requirements, says the article. Next, switch your homeowners insurance over to landlord insurance to protect your investment against any damage.

Determine market value.

Look at comparables in your neighborhood and determine how much monthly expenses are to determine a fair renting price. Don’t forget to highlight important features of the home such as location, new appliances, outdoor space, etc. to draw in attractive renters.

At Byrnes Agency, we specialize in safeguarding your property and your assets. We understand the risk implications of renting and seek to provide comprehensive coverage to give you peace of mind. To learn more about our coverage plans, contact us today at one of our three locations.

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Dayville Office

Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Woodstock Office

Phone: (860) 928-7928
1226 Connecticut 169
Woodstock, CT 06281
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

 

 

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