Landlord to Homeowner

From Landlord to Homeowner: A Guide to Returning to Your Rental Property

Are you tired of being a landlord and ready to move back into your rental property? Whether you're downsizing, looking to save money, or simply miss living in your old home, transitioning a rental property back into a primary residence can be a daunting task. However, with a little planning and preparation, you can turn your rental property back into a comfortable, welcoming home.

Perform Maintenance and Repairs

After being used as a rental property, it's likely that your home will need some maintenance and repairs. This could include things like replacing old appliances, fixing any damage to the walls or flooring, and making sure the plumbing and electrical systems are in good working order. It's important to address any necessary repairs before moving back into the property to ensure that it is safe and comfortable.

Make Improvements

While you're going through the process of turning your rental property back into your primary residence, you might want to consider making some improvements to the home. This could include updating the kitchen or bathroom, adding a fresh coat of paint, or landscaping the yard. Making these improvements can not only increase the value of your property, but they can also make it feel like a brand new home.

Reapply for Homestead Exemptions and Insurance Coverage

If you previously had homestead exemptions on your property (which can reduce your property taxes), you'll need to reapply for them once you start living in the home again. You'll also need to update your insurance coverage to reflect that you're now living on the property. It's important to take care of these details to ensure that you're not paying more than you need to in taxes or that you're not underinsured.

Create a Budget

Before you start making any changes to the property, it's a good idea to create a budget to help you plan for the costs involved. This can help you make informed decisions about improvements and how much you can afford to spend.

Consult with Professionals

Depending on the extent of the repairs or improvements you want to make, you may want to consult with professionals such as contractors, electricians, or plumbers. These professionals can help you determine the scope of work needed and provide estimates for the costs involved.

Consider Working With a Financing Company

If you need financial assistance with the maintenance, repairs, or improvements you're making to your property, Leaf Management Financing Corporation can help. They offer various financing options to help you get the money you need to turn your rental property back into your primary residence.

Wrapping Up

By following these steps, you can make the process of turning your rental property back into your primary residence as smooth and stress-free as possible. Whether you're downsizing or simply didn't find being a landlord to be as profitable as you'd hoped, moving back into your home can be a great solution. Just be sure to take the necessary steps to get your property in good condition and to update your homestead exemptions and insurance coverage. With a little planning and some financing help from Leaf Management Financing Corporation, you can make the transition back into your home a success. Get in touch with us, we are always ready to help.