More people are renting property now than they have been in over 50 years.
So, if you’re thinking about getting into rental properties in the Denver area, there’s certainly no time like the present to make it happen.
Renting out a property is an excellent way to earn passive income, diversify your investments, and even get at least a bit of a hedge against inflation.
However, making your space attractive to renters, ensuring that a building is up to code and city requirements, and getting things spic and span so that you can get the best possible tenants in your rental property are all things that you need to take care of to get your place ready to rent.
What are the more important things that you need to work and consider on before you list your home on the rental property market?
Keep on reading this post to find out.
1. Start With the Legal Stuff
Before you start fixing things up, dreaming up design schemes, and coming up with tenant interview questions, the first thing that you should do is familiarize yourself with the landlord and tenant laws in Colorado and Denver.
Legally, you’re allowed to charge any amount of security deposit that you wish, but remember that you are legally required to return that deposit with a month after the tenant moves out (or up to 60 days later if specified in the lease.)
If you don’t, tenants can sue you for that deposit in an amount up to $7,500.
When determining your rental and deposit amounts, take current market conditions, the size and location of your property, and the amenities you offer into consideration. Tenants will know if you’re shooting too high, and your space will stay empty as a result.
You must give a minimum of 10 days notice if you’re going to increase the rent in a month-to-month lease, and your tenants can withhold rent if you don’t handle essential repairs in a timely manner (so make sure you always have enough cash on hand to cover these costs.)
Also, study up on the Housing Discrimination Act, eviction rights, and local ordinances in Denver like the city’s Noise Program.
2. Have Your Property Inspected
Before you’re ready to rent your property or even start renovations, you’ll need to have it completely inspected.
This will let you know if you need to fix your plumbing, handle any termite or pest infestations, take care of structural issues, repair the flooring, and generally ensure that it’s safe and comfortable to inhabit.
Now is also the time to note out the kind of property maintenance you’re willing to offer.
For example, will you take care of future plumbing problems, lawn mowing, and electrical issues on your own, or will the tenant be responsible for these costs? Additionally, think about the kinds of renovations, paint jobs, wallpaper, and other changes you’ll allow tenants to make to your property.
3. Cleaning and Basic Maintenance
Now, let’s go over some of the major cleaning and maintenance rent prep tasks you’ll need to handle.
Install smoke and carbon monoxide detectors, change the locks and any alarm or entry codes, and even switch up the air filters in the home.
You should also take care of any problems with lighting fixtures, ceiling fans, and either replace dirty carpets or have them professionally cleaned. You’ll also need to fill in any cracks or holes in the walls.
We strongly suggest that you hire expert deep cleaning services, especially if the previous tenant owned pets. They’ll handle things like cleaning the baseboards, windows, fridge, and more.
4. Work on Curb Appeal
Another huge part of getting your property rental ready?
Making sure the yard is in great shape.
Mow the grass, trim any unruly trees, replace broken concrete, and plant flowers and shrubs in the front yard (check out this list of low-maintenance flowers to come up with ideas.)
Also, repaint the door, add some flower pots and a welcome mat, and even include a bird feeder in the yard.
These small details can go a long way.
5. Decorate Your Property
Now that the serious stuff is taken care of, you can start decorating your space.
Decide whether you want to offer a fully or partially furnished home for rent, or if you’d like to have the tenant handle all their furniture needs.
We suggest going with neutral paint colors inside your rental property, like sand, off-white, beige, or light brown.
This makes it much easier to find furniture that matches the needs of your space or any furniture the tenant is bringing along.
Switch out the drawer pulls for an easy and affordable modern update, and add a few small area rugs which are affordable, but a nice touch.
The Final Step in Getting Your Home Ready to Rent
We get it — the number of things that you have to take care of before your property is ready to rent can easily feel totally overwhelming.
What’s more, you know that your responsibilities as a landlord are only going to increase tenfold once those tenants actually move in.
Especially if you live far away from the property, or if you simply don’t feel up to the task of handling all of these issues on your own, then we strongly suggest that you work with a property management company.
That’s where our incredible property management team at Began & Company comes in.
We can take care of rental maintenance, tenant screening, collecting rent, evicting tenants, and even helping you to lease your unit.
Click here to learn more about all of the incredible things we have to offer, and reach out to us when you’re ready to start getting the most out of your rental property.