The sunny attitude that encourages entrepreneurs to look
at a box of lemons and think ‘lemonade!’ is widely admired, and it does seem to be a viewpoint that
successful people cultivate. For anyone who is determined to sell their Charleston
property—but only at a price the market is not yet willing to pay—well, the
turn-lemons-into-lemonade situation is entirely apt. After all, smart investors
are buying up and renting properties
like yours quite deliberately because they realize that a Charleston, SC rental
home is not just an asset that can appreciate over time, but one that can also
produce income at the same time.
Whatever your own reason for renting, when you put a
rental home in Charleston, SC on the market, experienced landlords tend to
prepare in the same general areas:
1. Repairs and Safety
Often using a rental safety checklist, a good first focus
is on heating, plumbing, and other safety issues. Especially if you have been a
longtime resident of the property, remember that some operational issues that
you may have grown accustomed to ignoring need to be brought up to snuff.
Repairs made now will save you time and money in the long run, and will
safeguard against increased damage (and worse issues down the line). Be sure
fire alarms and carbon monoxide detectors are in place, and double-check that
all windows, doors, and locks are in good working order.
2. Make it Pretty!
Of course, clean the house thoroughly, including closets,
fixtures, and appliances. Replace dirty carpets, polish wood floors, and remove
debris and trash from the entire property (if a one-time rubbish bin rental is
called for, bite the bullet!). Where needed, give each room a fresh coat of
paint in neutral colors; and outside, tidy up the grass and landscaping.
3. Documentation
Plan to inspect and document your Charleston rental home
before tenants move in; then once again immediately after they move out. It’s
imperative; will serve as documentation of damage caused by the tenant if that
warrants withholding the security deposit for repairs. Photos, a checklist—even
a quick iPhone video—can do the job.
4. Landlord Insurance
AKA rental property
insurance, landlord insurance is not the same as renters insurance, which
covers the tenant’s property. A good landlord insurance policy protects you; it
should cover everything from major damage inflicted by tenants to legal action
they might bring.
5. Know Your Leasing
Criteria
Before you prepare a rental application, it’s a good idea
to pin down the leasing criteria to help determine who will be qualified to
become your tenant. Some common ones:
No prior evictions…Good credit…No foreclosures or bankruptcies…
No criminal convictions…No pets…No smoking…References…
But whatever your choices, do remember to follow the Fair
Housing Act guidelines.
6. Assemble the Docs
There are basic lease agreements and other documents
available online, or you can have an experienced lawyer prepare (or just
review) them. Other rental home forms you might need include credit check
authorization forms, move-in checklists, and any other notices you wish to post
to tenants. They’re all available online.
Sound like too much work? If so, a property management
company can handle some or all of it for you—I’ll be happy to provide you with
good references. And if you’ve set your sights on purchasing a Charleston rental home as an investment, summer is near: that means now is a great time to start!
Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com
Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com
-Jeff Cook
Jeff Cook
Real Estate
Charleston,
SC
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