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There are many reasons to use a rental property as an additional source of income, but no matter the condition, it will likely need some work before the place is rental ready.
Even if the place seems like it's in perfect shape, chances are there is at least one issue that needs to be worked out before tenants move in or is likely to come up as a result of use. Therefore, when getting ready to rent your place, preventive maintenance is a must.
Turn on all the lights and appliances, run the water on hot and cold, as well as testing out the heating and cooling systems. If anything is out of order, make sure to get a service technician in there before people move in as having tenants in the property will only make it more costly and time consuming to get the work done.
After testing all these systems and correcting any defects, it’s time to focus on the cosmetic touches that will allow you to attract desirable tenants and establish rent at a good price. Peeling paint and water stains are an immediate eye sore that will turn away renters, even if leaks are not active and it poses no health or safety concern. It's generally advisable to repaint major surfaces in their entirety after a unit that has been occupied for an extended period of time, however you may be able to get away with some minor repairs if the place is new or in good shape.
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