Owning rental property can be a fantastic way to invest in your financial future while adding supplemental income to your current financial well being. In markets such as South Florida, owning rental properties can be a great hedge on the current inflationary pressures in the economy as well. Furthermore, more and more Americans are opting to relocate to the South Florida area in recent years and many of these transplants are creating an even higher demand in the rental housing market. Assuming you have a rental property or multiple rental properties, we share some items to remember when preparing your property for a new tenant.
The checklist
If you own rental property, it is inevitable that you will ultimately have to deal with a tenant moving out of your property and needing to prepare it for a new tenant. Below we list a few key items to consider when preparing a rental property for a new tenant.
- Change all locks and passwords: This is perhaps the most critical item that should be considered prior to renting a unit to a new tenant. Even if your previous tenants seemed like law-abiding and trustworthy people, you never know what other parties may have keys or passwords to a property. Therefore, it is paramount that these items are addressed.
- Apply a fresh coat of paint: Whether you are preparing a property for sale or for a new tenant, a fresh coat of paint can make a significant difference in the appearance and appeal of a property. In doing so, it is highly recommended that you apply a light neutral tone of paint while also taking the time to patch any holes in the walls, etc… Fortunately, this upgrade will not prove to be a costly venture either.
- Schedule/conduct proper maintenance: As with any property, preventative maintenance can go a long ways in ensuring that you limit future issues. If a property becomes vacant, this might be a great time to service your air conditioning unit and ensure that all other systems are functioning appropriately. If you are unsure of what items to address, you could even consider having a general home inspection conducted to ensure that there are no issues at the property.
- Have professional photos of the property taken: When marketing a property for rent or for sale, it is critical that you have professional photos taken to properly showcase the property. In addition to presenting your property professionally, these photos may also serve as documentation should you ever have disputes with tenants in the future.
- Review your property insurance and other documents: Whenever you have a vacancy, this is a great opportunity to review your insurance and any other documentation to ensure that everything is up to date. This information is critically important to ensure that you are ready to handle any potential issues down the road.
Summary
Adding rental properties to your investment portfolio is a great way to diversify your savings while also providing passive income. Given the popularity of South Florida as a relocation destination, we are continuing to see strong demand for rental housing in this market as well. Accordingly, rental prices have been steadily rising as this demand has increased. If you are considering adding rental properties to your portfolio, the South Florida market is an excellent place to start.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
