Turning your home into a rental property is often attractive for a number of reasons. Maybe you want to sell your home, but don’t think you can get a good value. Perhaps you inherited a second home or want a rental property to supplement your income. Whatever the reason, you’ll need to get your home ready to rent. Here are some tips for turning your home into a furnished Calgary rental.
Look for Insurance for a Furnished Calgary Rental
Regular homeowner’s insurance is generally not enough if you plan to rent the property. Look for a homeowner’s insurance policy for renters that covers potential injury to tenants and provides reimbursement for lost rental income.
Get Rental Property Permits
A permit is required for a residential property to serve as a furnished Calgary rental. Usually a local government inspector will check the house for safety concerns before issuing the permit.
Perform Repairs and Upgrades to Calgary Rentals
Getting your home in good shape adds value and makes Calgary rentals more appealing to potential tenants. Don’t spend too much, but make sure the home is clean and freshly painted. Consider replacing things that look severely dated.
Determine the Rental Rate
Add up your costs, including setting aside money for repairs, and what you’d like for a monthly profit. Then compare your desired rental rate to other Calgary rentals in your area that are similar in size to see if your rate is competitive.
Consider Rental Property Management
If you don’t live close to your rental property or would rather not deal with the headaches of being a landlord, consider hiring a rental property management company. They take care of the paperwork, repairs, and communication, as well as collecting rent from your tenants. Rental property management gives you the benefits of renting your property without the hassles.
Unison Realty is dedicated to helping you find your next home. We offer property management and home staging services to attract the right tenants and keep your property looking it’s best!
Unison Realty Group Ltd.
Calgary’s Choice for Property Management & Rentals
For any questions or enquires contact us:
Phone: (403) 219-3000
Email: [email protected]