Updated on June 20, 2018
Turn Your Home into a Rental Property in 5 Easy Steps
If you are planning to invest in real estate in Adelaide, now is the best time to start. The prices will more likely increase in the next few months making Adelaide home and land packages more expensive. As per the recent Hotspotting Price Predictor Index, 47 suburbs in Adelaide had soaring sales activity. This is due to increase demand and frequency that led to the price spike.
Even if you will not immediately use any home and land packages Adelaide has to offer, you can still use them as investments. There are a lot of ways you can turn any Adelaide home and land packages into potential investments, like converting your home into a rental property, for instance. When you decide to turn your home into a rental property, there are steps you need to take before you start.
1. Acquire Needed Permits
This is very important when you plan to turn your home into a rental property. An inspector from your local government will usually inspect the house for any safety hazards, like electrical, heating, exits and other health and safety issues. Besides, permits are required.
2. Complete Repairs and Upgrades
Consider it as a marketing advantage. When you fix your home and complete any needed upgrades, you can easily attract potential renters. Any upgrade you make on your Adelaide home and land packages will increase its value. Simple cleaning and applying a fresh coat of paint on the property will be sufficient to give your home a brand new look. You can also replace dated items as long as it will not put a great dent in your budget.
3. Finding a Tenant
Finding a good tenant can be tricky. You have to understand that there is no such thing as a “perfect renter”. You can’t always rely on your gut feelings as well. It would be better if the renters are recommended by family and friends. This will ensure that your home is in safe hands. But if not, you will need an attorney to help you make your own application and contract and a property management group to help you with rental paperwork.
4. Hire a Property Management Group
A property management group will handle all the day-to-day task of being a landlord for any of your Adelaide home and land packages. They will handle all the paperwork, take care of repairs, collect rent and communicate with tenants on your behalf. If you need to evict tenants, the property management company you hire will assist you with the legal procedures.
5. The Right Price
Knowing how much you will charge will help you provide a better offer to potential tenants. List all the costs including any premium for repairs you will have to make during the lease. You can also check the rental rates in the area and compare it with the price you have come up with. This will give you an idea of how competitive your rate will be.
The above are a few important steps you need to complete before you can transform your home into a rental property. If your property is accessible to basic conveniences, you can easily find potential renters. Since Adelaide is a fast-growing city, you can easily find Adelaide home and land packages at Lanser Communities that will suit your requirements.