In the current real estate market in the greater Sacramento region, many solvent homeowners are becoming reluctant landlords. These homeowners have to move for a job change or choose to move for other reasons. They have looked at selling, but with the current market being what it is, selling may not be a viable option. Basically, selling may involve giving the property away or it may simply take too long to locate a suitable buyer in that price range.
Converting an owner occupied property into a rental property is straightforward, but it is not the same a selling the property. Purchasers of real estate are not as concerned about small maintenance issues like paint condition, carpet condition, or cleaning. This makes sense because a purchaser of a home is looking at the long term prospects for the house and will cover the small items for the sake of a good deal on the purchase. But a renter wants an immediate payoff as rents paid today are lost forever. The renter has to be sold on the immediate benefits of renting your property. There are no long term benefits to renting.
So, what should be done to make a house rent ready to rent? Here is my list that we use as property managers at HomePointe Property Management.
1. Paint the walls. No shortcuts here, if the walls don’t look like they have just been painted, paint them. This is a cheap way to make your home appear its best. If you see any marks on the walls, paint them. I suggest you use a neutral color on all the walls. A common choice is Frost, an off white. Do not think that your prospective tenant is going to want you to keep the third bedroom walls pink in case they have a young daughter. The more you have customized the walls, the fewer tenants will want your place. I rarely hear that a prospective renter has complained that the walls are all off white. Neutral color is best.
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