If you have purchased an Austin property with the intention of becoming a landlord, your question is probably what now? How do you go from being a property owner to a landlord? There are a few steps you should take before you even think about placing clients in your property. You need to make sure that you know what you need to prepare a property to become a rental.
Inspecting the Safety of the Property
Hopefully, some version of this was done when you purchased the property. If you lived in the property that you are intending to rent, though, it may be necessary to inspect the property again to make sure that everything is still up to code and functioning properly. If you think everything is fine, do a quick check over the property yourself. Look for leaks in the roof or signs of water on the walls and floors, gutter abnormalities like sagging, leaking plumbing, or other signals of property degradation. If you find any sign that the property might not be as sound as it once was, bring in a professional inspector. This could help you down the road with legal culpability.
Clean, Clean, and Clean Some More
Most of the time, rental property professionals advise landlords to see their rental property as just that: a rental property. First-time landlords sometimes get attached and make unnecessary renovations because they see the property as a home. When it comes to cleaning, however, imagine the property was your home. How clean would you want it to be when you moved in? This will help you gauge how clean your rental property should be when you hand over the keys to the new tenant. So pull on the latex gloves and use some elbow grease to make sure that your property looks as clean as it possibly can.
Deal with the Mortgage and the Insurance
You can’t just decide that a property will be a rental and then treat it like one. Your mortgage policy requirements will be different as a landlord than they would as a homeowner. Your insurance policy will also need to change so you are covered if any damage to your property occurs as a result of its rental property status. The insurance is especially vital since without it you could suffer serious losses from tenant damage or other property damage.
Get Professional Help
If you are drowning in the responsibilities associated with becoming a landlord, it could be a sign that you will need professional help. Being a landlord is a lot of work, especially if you live far away from your rental properties. How are you supposed to keep them properly functioning without outside help? It would be difficult and require near-perfect organizational skills. If you do not have the patience or skills required as a landlord, it doesn’t mean you should give up your dreams of being a rental property owner. Instead, you should consider hiring a property management company. Keyrenter Austin offers a lot of property management services to help you get the most out of your rental property. If you need help managing your Austin, Texas property, give us a call and find out if we are the right fit for you.