Starting as a new landlord can be exciting but also overwhelming. With so much to consider, ensuring your space is ready for a tenant is important. This comprehensive checklist for new landlords can help you stay on top of everything.
The Safety First Approach
Prioritize safety before considering more fun additions like gazebos and hot tubs. Start by investing in areas that will make your property safer. Prioritizing safety gives your tenants peace of mind and protects your home or building from intruders or fires. Experts recommend focusing on the following areas:
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Fire Sprinklers
A fire sprinkler system is the most effective way to keep your tenants and property safe from fires. If your property doesn’t already have one, installing fire sprinklers ASAP is recommended. Make sure everything is installed correctly by professionals and up to code. You should also schedule routine maintenance and check-ups to ensure the system will work in an emergency.
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Security Systems
Installing security systems is a great way to increase your property’s value and ensure its occupants’ safety. A system with cameras, smart locks, and alarms will demonstrate to potential tenants that you prioritize their security. By integrating smart home systems, you can conveniently monitor a building’s security from anywhere.
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Emergency Exits and Plans
An emergency plan is essential and cost-effective. Mark all emergency exits clearly and provide your tenants with a readily accessible emergency plan. Additionally, all windows and doors should be regularly checked to ensure they function correctly if people need to escape.
General Maintenance and Repairs
Unless you start with a brand-new building, your next priority should be addressing any necessary repairs. Here are some examples of home systems that tend to malfunction more frequently than others:
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Structural Elements
It is essential to start by inspecting the foundation since it supports the entire building. Look for any cracks in the foundation, walls, or roofs, and address these issues promptly to prevent future problems for your tenants.
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Plumbing and Electrical
Plumbing and electrical systems should be next on your list. These are vital to keeping your tenant’s space habitable, so don’t overlook them. Fix any leaks, clogs, or electrical issues to avoid potential hazards and expensive repairs down the line.
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HVAC Systems
Climate control is essential for tenants because it affects the safety and comfort of their living space. Ensure all systems are functional and well-maintained. Replace air filters as needed and schedule regular HVAC maintenance.
Furnishings and Appliances
Consider how much to invest in furnishings and appliances, whether you’re managing a short-term or long-term rental. Keeping appliances well-maintained is a significant selling point for potential new tenants. You don’t necessarily need to go overboard, but you do need to focus on essential appliance systems, including:
- Refrigerators
- Stoves
- Ovens
- Dishwashers
- Washers and dryers
Furnishings are less common in long-term rentals but are often included in short-term options. This is another example of not needing to go overboard, but taking some time to design the space is recommended. Neutral colors or simple designs are best since they appeal to a broader spectrum of tenants.
Curb Appeal and Cleanliness
Once you’ve tackled the interior renovations and repairs, it’s time to focus on enhancing the curb appeal and maintaining the cleanliness of your property. Always ensure that the space is clean before showing it to potential tenants. Keeping the yard tidy is also important as it significantly influences a tenant’s first impression. This is also a great opportunity to thoroughly inspect for cracks or damage. Consider repairing any holes in the wall and freshening up the space with a new coat of paint to generate more interest in your rental.
Completing Your Landlord Checklist
Before showcasing your property, it’s essential to thoroughly review all the pertinent legal and administrative requirements, which may differ based on your specific location. Once you have addressed these vital details, you can confidently present your property to potential tenants. Remember that it’s crucial to prioritize the safety of both your tenants and your investment above all else.
