Recently, we have received a lot of calls from people who are inheriting a family home. In many cases, parents or family members have passed on, moved into assisted living facilities, or chosen to downsize from a large house. There’s often an emotional attachment to the home, and it can be difficult to sell it right away. There may not be a lot of expenses with the mortgage, so you may be wondering if you should hang onto it for a few years and rent it out for tax purposes.
Making Your Property Rent-Ready: Property Code Requirements
Give us a call, and I can come out to meet you and go through the property. I’ll make some recommendations on what should be done to bring it into rent-ready condition. We’ll have to talk about having the proper number of smoke detectors, carbon monoxide detectors, changing the locks, and handling a few other things that are required to prepare your home as a rental.
Attracting the Best Tenants: Upgrades and Updates
I can also offer some advice on upgrades. You might want to put in granite or quartz countertops, which have come down in price a lot, and will help you get a better rental return. With the flooring, we’re steering away from carpet because we only get 5 to 10 years of life out of carpets. Engineered wood or laminate flooring lasts longer and is easier to maintain. It’s worth getting a quote for both. Tenants seem to prefer hardwood or laminate flooring, and it’s also more durable for pets.
Calculating Your Rental Range
We’ll tour through the home and spend up to an hour together, talking about your property. Then, I’ll also give you some numbers on what the rents will be, how the competition looks, and what you can expect in terms of costs associated with your property. You can feel better educated on the rental option, and decide what to do with that family property.