There are many and varied reasons that cause home owners to rent out their own home. It could be the need to move to a location closer to a new job, or due to other good fortunes, from renovating another property, to when the time is right to move in with your partner to name.
This is the result you want, and quickly too.
As an owner occupier in your own home, renting out your home for the first time, and even if you have not engaged in the process for quite a while, and I completely understand, this process can be quite scary, and can be a rather testing time, for you the home owner. However, with a bit of foresight, the experience can become an enjoyable (and if executed properly), and a prosperous one. Before renting out your home (or any property for that matter), it is important to take the following into consideration.
Does the house need any repairs, or perhaps a touch up somewhere? If the walls have not been painted for a while, it might be a good idea to either paint the walls yourself, if you have the time and inclination to do this, or hire a great painter to do this for you. Or a bit of both. Some cosmetic renovations may also be needed. For example, on one of her investment properties, yours truly only needed to clean, disinfect, and paint the entire the house, as well as polish the floorboards, replace the shower washer and a few light fittings, as well as install new blinds in every room all under budget, and was easily able to increase the rent on this house by $100 a week, and there were many applicants literally 'fighting' to live in this home in Sydney. The tenants (in this situation) still view the new asking rent as a bargain. Renovating pays, and so does some simple repair work.
Love seeing these statements in the mail every month more now.
Property rental sites such as rent.com.au, domain.com.au and realestate.com.au are excellent sources in gauging the asking and market rents for your area, regardless as to whether you appoint a property manager or not.
3. Cleaning and De-cluttering
Thoroughly clean and disinfect your home upon vacating, and if open houses are scheduled with your furniture still in tact, then still take care and allow yourself some time to properly clean your house in advance. Real estate agents are pedantic when it comes to bathrooms in particular. Your aim is to score a high quality tenant, and dust particles can also be a turn off, although they quickly accumulate.
Be a clean freak when it comes to renting out your home
4. Hiring a good Property Manager
Property management is usually a secondary function of a real estate agencies business. The prime business of a real estate agent is to sell houses. However, in saying this, there are some great property managers out there. Ensure your property management fees are only around 5.5-10% of your weekly rent, including GST. Ask your prospective property managers how many properties they manage, and whether or not they have had to take any of their tenants to tribunals and so on. Do your due diligence. A good property manager will go through each and every rental application with you, and will allow you to choose which tenant/s you want in your home. Property managers (at the end of the day) are more than just 'rent collectors.'
5. Know what you want
Some home owners, in making the transition from owner occupiers to landlords in particular are not fully clear on what they want their ideal tenant to be. Will you allow pets? If a one or two bedroom apartment, will you allow families to apply? Plan what you want, and then that way you're more prepared when discussing applications that come in with your new property manager. With allowing pets, you can command more rent from your tenants, yet you need to look at both sides of the equation here.
To allow pets or not allow pets
Furthermore, organising a rental appraisal in advance is also a good idea. All the very best in your transition from owner occupier to landlord of your home.