An assessment of a rental house is important. A checklist is good to have when looking at the home. The checklist should include the roof and floors. These are the two most expensive repairs. Other items on the checklist are the electrical work and the walls. The checklist should also include the plumbing for any leaks. A water leak can create problems in the walls and floor. Adding the duct-work to the list is also a good idea. If there are holes in the duck-work they will need to be patch or replaced.
The costs of any repairs are sometimes high. Cash for the cost of the repairs is a good ideal. Paying cash for part or all of the repairs will be useful. Using cash for repairs and/or to purchase the property is more efficient. Any loans will accrue interest which means even more investment. The less money used to invest the sooner the profit will start to accumulate.
With any home another cost is the renter’s insurance and taxes. Also if investing in a rental home there will be a lot rent. This is another consideration unless land is already owned.
After completing the checklist for repairs of the property it’s time to start. Now making some calls to get pricing on the material. Now check around for a good carpenter. They often leave business cards at community stores or service stations. Getting several cards is recommended this gives a choice. Most carpenters will give a free estimate for a job. Now call the numbers on each card that you have to compare their prices. Write the estimates written on the back of each card. Most carpenters will give a free estimate. Some carpenters will charge by the hour but most charge by the job. Checking some references is not a bad idea. Then the best person and lowest estimate will be the one to choose.
After choosing the laborers if floor damage than floor covering may be needed. First decide what type covering will be used. The best quality is not suggested. Any carpet or tile business will be of help when selecting this. Of course, you will want covering that will last. If selecting carpet the first-rate padding is suggested. After all the padding is the life of the carpet. Also for larger rooms 16 inch tile is advised. However, the 12 inch tiles are alright for bathrooms but carpet is not recommended. Be sure to check for leakages in bathrooms for repairs. Check around the bathtubs and or showers. To save money it is suggested the commode donut be changed.
Before renting, a contract is recommended. Most rental owners use contracts. Therefore, a copy may be made or purchased from another owner. Any lawyer will write a contract for a small fee.
Keep in mind that any repairs that you do will save on the cost. Also, the home owner decides whether the appliances are supplied. When the list is completed the home is ready to rent.