Renting In the LOWCOUNTRY |
The experience of renting out a home can be both rewarding and challenging. If you’re pondering on the idea of renting out an existing residence or purchasing a property for the purpose of renting it out, there are a few things to know before you get started.
CHOOSING THE RIGHT PROPERTY
The popularity of investing in a home as a rental property has increased over the years. Right now is an ideal time to purchase a home for investment. With interest rates low and a multitude of homes on the market, many homeowners are choosing to purchase a home solely for the purpose of renting it out. Investors are looking to sell the home later to make a bigger profit.
When searching for a rental property, the location should be a top priority. In the Lowcountry, it’s not difficult to find residential properties with ocean front lots, golf course views or an array of fabulous amenities. Purchasing a home that backs up to the green or is close to beach is desirable to many tenants and can get the property rented quickly. Other amenities to consider are gated communities with swimming pools, tennis courts, playgrounds and fitness centers.
Tenants want a home with easy access to desirable schools, shopping and entertainment. Keep in mind that homes with updated appliances, hardwood flooring, fireplaces and open floor plans are some of the most requested desires of tenants. But overall, the best possible location will help you to achieve consistent tenants at an ideal monthly rent.
PREPARING TO RENT
With numerous rental homes to choose from, it’s essential to make yours stand out above the rest to attract quality tenants. Put yourself in the shoes of a potential renter looking at your particular rental home. Would you want to live there? Think of yourself as a renter and what you would look for in a home. Think about what will make the home stand out from other comparable homes in the area.
If the rental home is up to date on all of its repairs, then think about giving the home a mini facelift. Come up with a reasonable amount you are willing to spend and stick to it. Single family homes tend to attract families. And if you allow it, many of these families will also be bringing along pets. Sturdy flooring and stain resistant carpeting is a good investment. A mid priced durable carpet may hold up better than the cheapest ordinary carpeting. Instead replacing it when the tenants move out, a professional carpet cleaning can do the trick. One of the most inexpensive ways to update any home is with a fresh coat of paint. Property management companies say to stick to modern neutral colors both inside and out. Potential renters want to picture their own furniture fitting into the home. No one wants to fit furniture around patterned wallpaper or bold colors. Avoid cold, stark white walls which can make the home feel uninviting.
One of the most important rooms in any home is the kitchen. Old outdated appliances can give off the appearance of a run down home in need of repairs. If it’s within the budget, update to stainless steel appliances to give the kitchen a fresh and modern look.
MAKING A GOOD FIRST IMPRESSIONHow can your rental home make a great first impression? The answer is curb appeal. To attract the best quality tenants, the exterior of the home must be in tip-top shape. The outside appearance of the home portrays to the tenant how well the house has been maintained.
Freshen up your landscape
- Maintain the exterior by trimming shrubbery, pulling weeds, planting fresh flowers and keeping the grass trim
- Place easy to maintain potted plants at the front entrance.
- Make sure the windows are clean and free of bugs and cobwebs.
- Clean out gutters.
- Pressure wash walkways and driveways.
- Make sure the yard is free of leaves and pine needles.
- Hire a landscaper to help maintain the yard. This is an attractive incentive to potential renters and one less responsibility for you to have to worry about.
LOWCOUNTRY FRIENDLY DECOR
Thinking of renting out your primary residence for a short term lease? There are plenty of tenants looking for a short term stay in the Lowcountry. Some are looking for a beach getaway for a few months while others need a temporary place due to job relocation. Whatever the reason, tenants may need a furnished home.
In the Lowcountry, it’s essential to choose the right kinds of fabrics to endure to the areas environment. Upholstered fabrics can be prone to mold, mildew and fading. Sand can even be an issue if the home is close to the beach and tenants are making trips to and from the shore. Choose furniture that is durable yet modern to appeal to tenants. One of the most popular maintainable choices for rentals near the beach is wicker due to its beachy appeal. But with all of the durable, modern furniture on the market, there are more stylish choices other than wicker. Micro-suede sofas and chairs are easy to maintain and hold up well to stains and wear. Leather couches are the toughest of them all costing a pretty penny but lasting for years.
TIPS FOR DECORATING- Place rugs on hardwoods to avoid scratches and wear.
- Use slip covers on couches and chairs. It’s easier to replace a slipcover than have to purchase a new living room set.
- Avoid light weight fabrics in pastels or whites. Choose neutrals in greens and browns.
- Install wood blinds to keep out the sun and keep your furniture from fading.
Being responsible for a rental property is more than just collecting rent every month. Once you find tenants, be sure to ask for a security deposit that amounts to one month’s rent. This is for your protection in case the house is not the way it originally looked before the tenants moved in. Specifically state in the lease agreement how the rental property should be left in order to have the security deposit refunded. If the carpet needs to be replaced or other minor repairs are needed, the deposit can cover those costs.
Although being responsible for a rental property can be rewarding, some find that it requires too much time and energy. Some owners find themselves not prepared to take on the role of a landlord. Being a landlord comes with multiple responsibilities including knowing landlord and tenant laws to becoming an on call handyman. It’s hard to know what to expect from any tenant until they move in and have lived in the residence for a few months. But late payments or numerous complaints can be a lot to handle. With all of this responsibility, many owners decide to hire a property management company to handle the rental property. You’ll have to fork over a percentage of the monthly rent to the management company but it can also make renting the property a less stressful situation.
