How to Transform Your Home Into a Rental Property

 Transforming Your Home into a Rental Property: 10 Essential Costs to Prepare For

If you're planning on turning your primary residence into a rental property, there are several costs you need to consider. From increased home insurance to legal fees and property management costs, there are many expenses that may not have been on your radar. Don't get caught off guard by unexpected costs - read on to learn more about what you can expect when you switch to being a landlord. It's time to start budgeting for the financial realities of renting out your home.

Home Insurance

Your home insurance costs will likely increase when you turn your primary residence into a rental property. This is because you will need additional coverage for things like loss of rent and liability for tenants. Be sure to shop around for the best rates and make sure you have the coverage you need.

Maintenance and Repairs

As a landlord, you are responsible for maintaining the property and making any necessary repairs. This includes everything from fixing a leaking faucet to replacing the roof. Be prepared for unexpected repairs and budget accordingly.

Legal Fees

You may need to hire an attorney to help you draft a lease agreement and handle any legal issues that may arise.

Marketing and Advertising

You will need to advertise your rental property to attract tenants. This may involve placing ads in local newspapers or online and paying for signs and other marketing materials.

Taxes

When you turn your primary residence into a rental property, you may no longer be eligible for a homestead exemption on your property taxes. This means that your property taxes may increase.

Property Management Fees

If you hire a property management company to handle the day-to-day tasks of being a landlord, you will need to budget for their fees. These can vary greatly but expect to pay anywhere from 8-12% of the monthly rent for their services.

Tenant Screening Fees

It is important to carefully screen potential tenants to ensure they are reliable and take good care of your property. This may involve paying for background checks and credit reports.

Cleaning and Staging

Before you begin showing your rental property to potential tenants, you may need some cleaning and staging to make it more appealing. This may involve hiring a professional cleaning company or purchasing new furnishings.

Tenant Move-in and Move-out Costs

When tenants move in or out of your rental property, you may need to pay for things like cleaning, painting, and repairs. Be sure to include these costs in your budget.

Vacancy Costs

It is inevitable that there will be times when your rental property is vacant. Be sure to budget for these periods and have a plan in place to minimize the financial impact.

Conclusion

By keeping these costs in mind and budgeting accordingly, you can be better prepared for the financial responsibilities of being a landlord. Remember to consult a financial advisor or attorney for additional guidance on managing the financial aspects of renting out your primary residence.

Turning your primary residence into a rental can dig deep into your wallet. Leaf Management is here to help finance the costs of turning your primary residence into a rental property. They can provide guidance on budgeting for the various expenses you may encounter as a landlord and help you find the most cost-effective solutions. We work with landlords to develop a financing plan that meets their specific needs and goals. Don't hesitate to contact us.

Landlord Supply List

 A Handy Home Supplies Checklist for Landlords

As a landlord, staying on top of maintenance and repairs in your rental properties can be difficult. From broken appliances to plumbing issues, it's important to have the right supplies on hand to take care of these issues promptly. To help you get prepared, we've put together a handy home supplies checklist for landlords. This list covers all the essentials you need to make repairs and perform maintenance on your rental property, so you can keep it in good shape and your tenants happy. Read on to discover the must-have supplies every landlord should have on hand!

Cleaning Supplies

The right cleaning supplies are essential for keeping your rental property in tip-top condition. Regarding cleaning, landlords should have all the basics, like sponges, paper towels, and a bucket. You'll also want to stock up on detergents, fabric softeners, disinfectants, and other cleaning agents, as well as a vacuum cleaner and mop.

Light Bulbs

Light bulbs are essential for keeping any rental property well-lit and inviting. Whether it's a lightbulb that's burned out or an energy-efficient LED bulb that you need to switch in, it pays to have some extra light bulbs on hand. You may also need to replace bulbs that have become discolored or emitting too much heat. 

Batteries

Batteries are one of the essential supplies to have on hand for rental properties. They are essential for powering small electronic devices such as smoke detectors and carbon monoxide detectors, and you never know when you might need them for other devices. It's a good idea to stock up on various battery sizes, including AAA, AA, C, and D. 

Tape

Tape is an essential item to have on hand for quick repairs around the rental property. It can repair small holes in walls, secure loose items, and mark areas that need attention. When it comes to repairs and maintenance, having various kinds of tape is important.

Different types of tape include electrical tape, duct tape, packing tape, and masking tape. Electrical tape is great for covering exposed wires and protecting them from damage. Duct tape is useful for temporarily patching together objects and surfaces.

Packing tape is good for sealing boxes and packages. Finally, masking tape helps mark walls or flooring when painting or renovating a room. 

Nails and Screws

Nails and screws are essential for making small repairs and installing fixtures around the rental property. Having a variety of sizes, shapes, and types of nails and screws on hand will ensure you're always prepared for any repair or installation job.

Nails and screws come in different finishes, so you can choose the one that best fits the decor of your rental property. 

Hammers and Screwdrivers

Every landlord must have hammers and screwdrivers for their rental properties. Hammers are the go-to tool for fixing, building, and hanging things around the house. Screwdrivers are a must-have when repairing the furniture, small appliances, and other household items. 

Pliers

Pliers are a must-have tool for any landlord who rents out their property. Pliers are great for loosening, tightening and cutting wires. They can also pull out nails and other small items stuck in tight spaces.

Pliers come in various sizes and styles, so you'll want to ensure you have the right ones on hand for the job. It's best to have both needle nose and slip joint pliers as they are versatile and can be used for various tasks. 

Wrench

A wrench is an essential tool for landlords to have on hand if they need to perform maintenance or repairs on their rental property. A wrench can loosen or tighten nuts, bolts and other fasteners.

Depending on the size of your rental property and the types of repairs you may need, you may want to consider having several types of wrenches in your home supplies checklist. Adjustable wrenches are great for general use, and socket wrenches can be used for jobs that require more power. 

Saw

A saw should not be overlooked when it comes to handy home supplies for landlords. Depending on the type of rental property you own, you may need a saw to do various jobs, from trimming trees to cutting wood for repairs. If you're not familiar with saws and their uses, it's important to educate yourself before making a purchase.

Hand saws are ideal for straight cuts in wood and other materials. They're also good for precision cuts in tight spaces where power saws won't fit. You can choose between a bow saw or a coping saw. A bow saw has a blade on an open frame, which is great for long, curved cuts, while a coping saw has an adjustable blade that can make intricate cuts.

If you need to make heavier-duty cuts in thicker materials, a power saw such as a circular, jigsaw, reciprocating, mitre, or radial arm saw will get the job done quickly and efficiently. Be sure to follow safety instructions when using a power saw, and always wear protective gear, including safety glasses. 

Conclusion

Having the right supplies is essential for any landlord, as it can make maintenance and repairs much easier. Having the right supplies also ensures tenants feel secure and comfortable in their rental properties. 
For more information, contact us on our website.

Managing Your Property Managers

 How To Know if Your Property Manager Is Slacking

Many landlords and tenants find themselves worried or unsure if their property managers are not doing a great job. Fortunately, there are signs to look out for that can indicate whether your property manager is slacking off. In this blog post, we'll discuss the warning signs that you should be aware of when determining if your property manager isn't doing a good job.

You Don't Receive Timely Responses

One of the major signs that your current property manager isn't doing a good job is if you don't receive timely responses. If you find yourself waiting for a response to a question or issue for days or weeks, it could be a sign that your property manager is not working efficiently. When you reach out to them, and there is no response, it can be frustrating and make it hard to run a successful rental property.

There Is a High Turnover Rate

If you notice that your property manager keeps hiring new people to manage your property, it could signify a larger problem. A high turnover rate can mean that employees are not properly managed and that morale and job satisfaction are low. It also could mean that the job expectations for the property manager are too high, and they cannot meet those expectations. 

Maintenance Requests Are Never Completed

When it comes to property management, one of the most important jobs is ensuring that maintenance requests are completed promptly. If your property manager isn't taking care of these tasks promptly, it's a sign they're not doing their job well.

A good property manager should be able to work with tenants to ensure that any maintenance issues are handled quickly and efficiently. They should also have a system to keep track of all requests and follow up with tenants as needed. 

You Are Constantly Being Billed for Things You Didn't Request

If you're constantly receiving bills for services and items you didn't request, it may be a sign that your property manager isn't doing a good job. Unauthorized expenses can quickly add up, so it's important to pay attention to the bills that come in and ensure they're accurate.

If you've received bills for services or items you never requested, this could be a sign that your property manager isn't keeping accurate records. If your property manager is responsible for managing a budget and approving expenses, it's their responsibility to ensure everything is accurate. If you're getting billed for something you never requested, it may be time to reconsider your relationship with your property manager.

You Never See Your Property Manager

One of the biggest signs that your property manager isn't doing a good job is that you never see them. This can be especially true if you live in an area where the manager manages multiple properties and cannot visit them regularly. In this case, the manager needs to stay in touch with their tenants, even if they aren't physically present. Regular communication, such as emails, phone calls, or virtual meetings, is essential for maintaining tenant relationships. 

Final Thought

When managing your property, you should always expect the best service. With Leaf Management, you can be sure that you will receive top-notch service and support for all of your rental needs. 

Guide to Moving Back Into Your Rental Property

 The Ultimate Guide to Moving Back Into Your Rental Property

Are you considering turning your rental property back into your primary residence? Congratulations! It's an exciting process but can also be a bit overwhelming. After all, you need to make sure that your rental property is ready for you to move back in. This guide will provide you with a step-by-step approach to preparing your rental property for your return. From legal considerations to cleaning and repairs, we'll cover everything you need to know to make the transition back to your rental property as smooth and stress-free as possible. So if you're ready to get started, let's dive in!

Understand Your Lease Agreement

Before you move back into your rental property, it is important to take the time to understand your current lease agreement. This document outlines the rights and responsibilities of both you as a tenant and your landlord. Make sure that you are aware of any clauses that may affect your ability to move back in, such as the time remaining on the lease or whether or not subletting is allowed. 

Notify Your Landlord

If you are considering turning your rental property back into your primary residence, one of the first steps is to notify your landlord of your intentions. Doing so will ensure that you are compliant with all relevant laws and regulations, as well as with your lease agreement.

It is important to notify your landlord and give them a written notice of intent to move in. Be sure to include information such as your expected move-in date, the terms of the lease agreement that have been agreed upon, and any additional conditions or requests you may have. 

Give Yourself Time to Move Out

Moving out of a rental property and into your primary residence can be daunting. It's important to give yourself enough time to ensure everything goes smoothly. Start by giving yourself at least two weeks for the entire process. This will give you plenty of time to complete all the necessary tasks and avoid unnecessary stress.

If possible, extend your lease until you're ready to move in. This will give you plenty of time to move out and take care of any unfinished business with your landlord. Make sure you discuss any extended lease options with your landlord first to ensure they are on board.

Hire a Professional Cleaning Service

When hiring a professional cleaning service, it's important to ensure they are reputable and reliable. Research different companies, read customer reviews, and ask for references.

Make sure the company you choose offers comprehensive services, including carpet cleaning, window cleaning, and deep cleaning. It's also important to ensure that the company is insured and bonded to protect you and your landlord. 

Inspect the Property

When turning your rental property back into your primary residence, it is important to inspect the property before moving in. This will ensure that everything is in order and that the property's condition meets your expectations.

Start by inspecting the interior of the property. Check all walls, windows, doors, floors, and other fixtures for visible damage. Next, inspect the exterior of the property. Check for any signs of damage or deterioration. Look at the roof, siding, and gutters for signs of wear and tear. Finally, check for any signs of pest infestation.

Move Your Belongings Back In

Once everything is safe, it's time to start bringing your items inside. Place each item in its respective room and carefully unpack your belongings. Be sure to take your time when unpacking to ensure everything is put away in the right place. This will help make a move easier and save time.

Also, double-check each room once all of your items are moved in. This will allow you to ensure everything is where it needs to be and that all your items are accounted for.

Change Your Address

Once you have finalized all the necessary paperwork, it's time to change your address. Moving back into a rental property after renting it out can seem overwhelming, but updating your address is an important step to ensure that you receive mail, packages, and other communications.

Start by notifying the post office of your new address. You can do this online, or you may be able to pick up a change of address form from the post office. Once you submit the change of address form, it can take up to 7 days for mail to start being delivered to your new home.

Set Up Utilities

The first step is to contact the utility companies to set up an account in your name. You may need to provide your contact information, address, and payment method. You can usually do this online or over the phone.

It's important to make sure that your utilities are active before you move in. To prevent any potential outages, you may want to ensure that all utility providers are aware of your move-in date so they can have the services set up in time.

Enjoy Your New Home!

Now that you've completed moving back into your rental property, it's time to enjoy it! Start by sprucing up the interior. Redecorate with furniture, art, and décor that reflects your style. If possible, make improvements to the space, such as painting the walls, installing new light fixtures, or updating the floors.

Also, look for ways to personalize the exterior. Plant trees and flowers, install window boxes, and repaint the front door. Consider adding a fence for extra privacy. These small touches will make your home feel more like yours.

Conclusion

Moving back into your rental property can be a daunting and complex process, but with the right preparation and knowledge, it can also be exciting and rewarding. Enjoy your new home, and don't forget to take pride in knowing that you are ready for whatever life throws your way!