Understanding The Differences In Preparing Your Home To Rent And Sell
Once you've decide to move, you can expect some preparations before you go to sell it or rent it. Because the real estate market changes constantly, sometimes you are forced to rent out of a house when you just can't get the price you want for it. On the other hand, you could be forced to sell a house if you struggle finding renters for it. Whatever you decide to do with the house, the way you prepare it will differ depending on whether you sell it or rent it out. In an effort to prepare it properly, you need to understand what the differences should be and what to look for before you place it up for sale or rent.
Upgrades
When it comes to making upgrades, you have to think about the potential tenants in the house when making the right selections. When you go to sell a home, you expect the new tenants to live there for quite a while. You also want to make sure you are getting as much money for the house as possible. Making more expensive upgrades can often translate to a higher sale price, but it may not always translate to a higher rental income. Things like crown molding and hardwood flooring can really help sell a home for more. However, most tenants won't care too much if there are a lot of upgrades because their priorities are different. Rental tenants are not likely to stay as long and they understand it is a temporary situation.
Repairs
If you plan to sell a home, you want to make sure all the appliances are working properly. If a buyer knows they are going to have to replace certain systems in the near future, they are likely to back up and move on to a different house. When you are renting a home, however, the tenants are not worried about the appliances as much. They know that you are responsible for repairs anyways so they don't care if the air conditioner only has three years of life left.
Aesthetics
When you go to sell a home, you want to provide the new buyers with a blank slate so they can turn it into their own home once they move in. No buyer wants to put a lot of work and money into something they just purchased. With renters, you have more options. Because you own the home, you get to decide how you want it to look. You are not necessarily trying to appeal to buyers, so you can have it painted whatever you prefer. You still want to be careful that you do not isolate potential tenants and lose money with a vacant house.
If your goal is to rent, look into hiring property management services, such as from CNY Property Management.