When you find yourself with a good bit of spare space in your home, it’s common to want to fill it up and make a bit of money off of it!
Empty nesters, new property owners, people who’ve been left to handle the mortgage all on their own, etc., can all benefit from opening up their properties to people who’d love to call the space their own too.
However, welcoming relative strangers into your home and getting used to living with them day in and day out isn’t the easiest thing to do. It’s something you’ll have to prepare yourself for – and you’ll need to prepare your home for it too.
That’s what this guide is here to help with. If you’re about to welcome tenants into a spare room or two, here’s how to set you and your property up for success.
Make as Many Fixes as Possible
Most homes need their owner to have a whip round looking for repair issues before they welcome any tenants. If you don’t, you could lose out on good profit; a tenant may spot a problem before you do, and walk away from the viewing without a second thought.
Of course, the range of your DIY skills may be a bit lacking here, but that’s OK. With the rental income you’re going to be bringing in, you’ll likely be able to more than cover the cost of hiring a pro to come round for a quick fix.
But before you pick up your toolbox, paint cans, and cram brushes into your hand, there’s a few things you’ll want to think over first.
Remember: you don’t want to waste time, money, or energy undergoing ‘fixes’ that either don’t need to be done or simply won’t increase the rental value when you’re trying to find tenants.
What rooms will the tenant be using?
The room they’re paying for month by month, of course! But there will also be other spaces in the house where your tenant is likely to go, and that’s something to keep in mind too.
Because if your tenants(s) are going to be using that space, it needs to be in good condition for them.
Your own bedroom can look however you want it to, as tenants won’t be going anywhere near it.
But the hallway that leads to their room? The bathroom on the upstairs landing that is for everyone to use? The kitchen where you all cook and clean? The dining room, where tenants may sometimes want to eat, or use the table for work?
These are all potential shared spaces that you need to go over with a fine tooth comb.
What will the tenants be allowed to change themselves?
Does the room come furnished already? Does it have a bed and mattress? A wardrobe and/or chest of drawers? Is there a desk in there? Or even a rug?
When you live in the same house and have had the spare room for a long time, it’s likely to have picked up a few bits of decor and furniture.
However, will these be conducive to a tenant being able to use the space as well? And if not, will you need to remove them before they sign the lease, or is that something you’d like the tenant to decide on?
And after all that, you also need to think about the decorations your tenant may want to put up. If they want to hang art or posters on the wall, will it be OK if they use blu tack, or pop a nail into the wall?
All in all, it’s no point going all out to ‘fix’ up and redecorate if you’re happy for the tenants to rearrange their own space as they like!
Separate Yourself as Much as Possible
You and your tenants are already going to have your own private spaces, with a few communal areas in between.
If you have a shared kitchen or living room, for example, you’re going to come into contact multiple times throughout the week. And if anyone has to share a bathroom, this also means you’re going to have to wait your turn from time to time!
That can be a difficult thing to get used to, especially if you’re used to having full reign of your house 24/7. But now you’ve got tenants in the building, you cannot enter their space without any prior warning, or without their explicit consent.
And while you’re getting used to these new physical boundaries within your own home, it can be difficult to try and remain professional around your responsibilities as the landlord.
But you can make it easier for yourself and your tenants.
You can use a property management company to bridge the gap, get yourself a property agent that steps in to handle all property related issues (including rent collection), and make sure you remain hands off for at least the foreseeable future.
This helps to remove a level of tension between you and your tenants. For example, it can be uncomfortable for a tenant to know the landlord they’re in a dispute with over bathroom mold is currently using the kitchen when they’d like to make dinner!
But it also means you’re less likely to feel like you’re tip-toeing around the people you’re now sharing a house with.
Getting Ready for Tenants: What to Keep in Mind
Preparing both yourself and your home for a tenant or two isn’t the easiest challenge to face.
Even when you know you’re going to be making a good rental income, and you’re happy to welcome people into your space, it’s very easy to get off on the wrong foot. It’s also very easy to get a bit protective over your house and the way it’s being used!
And that’s why you should get prepared right now with tips like those above. Get the lease right, separate yourself from the problems, and be careful with the decor!
