Have you been thinking about renting out your Central Valley home in 2019? If so, here’s how to turn your home into a rental property.
Make sure it’s worth it
The cost of renovations has to be able to pay itself back within two years rent. Scout out local markets, get a professional opinion, and be sure to watch Income Property. Because, hey, who doesn’t want to make a couple of bucks on something they need anyway?
Tag team, if you can
To use a cliché, two heads are better than one, and home-owning is no exception. Getting to your desired final product is a journey, and having a teammate to share frustrations, anxieties and most importantly, costs with is invaluable.
The best way to learn is to go through the experience
As one homeowner in the show puts it, “you can read as many books as you want, but you have to experience it.” Every home is unique, and every home will reveal its own problems and potential solutions.
Whatever you budget, add 25 per cent
When renovating your space, despite what a professionally quoted budget says, add 25 per cent, just in case. If you don’t go over, nothing lost. But if you do, at least you were expecting it.
Houses are like onions
The more layers you peel back, especially while demolishing, the more problems you’re going to find. Count on hidden gems like mould, live wires and any other hidden costs, just in case.
Consider all the options
If you have a three-story plus basement house, why just rent out only the basement? As we learn in the first episode, doubling the space not only allows you to live mortgage-free by increasing the rent, it also increases the value of the home. But it also may not be the option for you, especially if you plan on expanding a family or you want access to your backyard.
Make sure the space is livable
If the kitchen has zero counter space and the bedroom can only fit a bed, not only is it going to be hard to find someone to rent out your unit, but think of the types of people who might be wanting to rent out your unit.
Get Property Management Here
Don’t manage your rental property yourself, let us save you the time, money and hassle of managing that property! Contact RPM Central Valley by calling us at (209) 572-2222 or click here to connect with us online.