Preparing Your Buy-To-Let Property for a New Tenant
When a tenant moves out of a rental property, that’s your chance as the landlord to make improvements and changes to the property without having to work around those living there. If you do it right, you can even ask a higher price out of the next tenant. However, there are right and wrong ways to do it. You want to clean the property up and bring it up to date with current trends, all without breaking the bank.
It’s common sense (and common courtesy) to clean up your property when a tenant moves out. Good tenants will likely try to clean up as much of their mess as they can, but there are many things that residents overlook, such as unclogging drains and scrubbing down appliances. If the previous tenants damaged anything on the property, you’ll have to go about fixing those things, as well.
Besides what we mentioned above, there are a few more things you’ll want to look out for when cleaning up the property:
● Change the locks
● Ensure all the plumbing is functioning correctly with no leaks, clogs, or strange noises
● Verify that all appliances, utilities, and lights work
● Remove any stains, if possible
● Clean underneath counters, appliances, and other objects
● Get rid of any lingering unpleasant odors
● Look for any forgotten belongings or things left behind
● Make sure windows and doors are in good working order
Optimizing Your Property
Once your tenants have moved out, you’ll have as much time as you want to make improvements to the property. This can be anything from repainting the walls and replacing any old, stained carpet to installing modern fixtures and finishes. If you have the time and the money, it can sometimes be a good investment to renovate any old styles in the property at this point, too.
Newer buildings can almost always demand higher rent, so if you’re smart about your spending, you might be able to make a return on the investment right away. As a landlord, you’re allowed to pass on the costs of your renovations to your tenants, too, so if you play your cards right (i.e., don’t make your rent costs egregious, or no one will move in), there’s really no reason not to renovate.
As a landlord, getting as much return on your property investments as you can is probably one of your priorities. Besides the necessity of cleaning up between tenants, adding a few modern technological features here or there like smart appliances and electronics, in addition to updating finishes, colors, and décor can go a long way towards boosting the value of your property.
Guest Contributor, Cindy Trillo