Through research, experience, and support, FamilyHomesGa can guide you to the right decision for your family. Contact us today to learn more! Call or Text Amy Fuchs of The FamilyHomesGa Team 404.439.1031, affiliated with Keller Williams Chattahoochee North Office 678.578.2700
How to Turn Your Home into a Long-Term Rental
Renting out your home as a long-term rental is becoming increasingly popular as an alternative to selling. It offers flexibility and freedom to explore different opportunities and allows you to retain ownership of the property in the future. With some planning and research, homeowners can successfully transform their homes into successful long-term rental properties. Here are some tips for homeowners who want to turn a home into a long-term rental rather than sell it, presented by FamilyHomesGa.
Protecting Your Assets with an LLC
Creating a legal entity is essential if you want to rent out your property. Forming an LLC (Limited Liability Company) makes your business official and will help protect your assets from any potential claims or lawsuits against you as the owner. You can form an LLC in Georgia with ZenBusiness, which ensures all the paperwork will be filed accurately and on time.
Home Repairs When Selling
Before listing your home, take the time to make necessary repairs. This will ensure the safety and attractiveness of your property and ultimately save you money and time in the long run with maintenance during tenancy. Make sure you check all areas, including plumbing, heating, electrical systems, doors, and windows, before listing.
Enhance Your Home’s Curb Appeal
Curb appeal is an important factor to consider when renting out your home. A fresh coat of paint, well-kept lawns, and landscaping can make a huge difference in attracting potential tenants and creating an inviting environment that encourages people to rent from you. With the right improvements, your rental property will stand out from the crowd and be more attractive to renters.
Choose Reliable Renters
It is important that you find trustworthy tenants who will take good care of your property and pay their rent on time each month. You can run background checks on potential renters or ask for references from former landlords or employers in order to get an idea about how reliable a tenant might be. You can also pass along forms such as rental applications, credit reports, and proof of income so that you can make an informed decision before signing off on any tenant agreements.
To help ensure you find the right renters, it’s best to work with an experienced real estate agent who will list your property for lease. The FamilyHomesGa team will help you decide on the right rental price for your property, then list it on the website with attractive, high-quality photos that will get your home rented to a reliable tenant!
To Hire A Property Manager Or Not
Avail points out that hiring a property manager can be incredibly helpful for those who own rental properties. They will offer tenant screenings and advise you on local housing markets, as well as deal with rent collection and maintenance requests. Most importantly, they provide peace of mind that everything runs smoothly with your properties at all times.
Evaluating Rental vs Sale Prices in Your Area
Homeowners need to stay informed about their local housing market if they want to make the most informed decision when it comes to renting out or selling their property. Doing research on current market trends can help them identify which option offers more financial benefit and helps them achieve their goals. Homes in Duluth, for example, have increased in value over 15 percent since last year. Knowing the state of the market is a crucial step for any homeowner to ensure they are taking advantage of every opportunity available.
Turning a home into a long-term rental can be a great way to gain additional income while diversifying your investments. However, it is essential to do the proper preparation before listing the property in order to protect yourself and ensure success. This can include forming an LLC, making necessary repairs and upgrades, addressing curb appeal, and more. Setting up properly upfront will pay dividends over time as you reap the rewards of a well-thought-out rental strategy.