How to Prepare Your Boca Raton Property for the Rental Market
Appfolio Websites • October 19, 2019
When you own a Boca Raton rental property, you have a lot to do to prepare it for the rental market. Before you can find a great tenant and start collecting rent checks, you need to clean it out, repair or replace anything that isn’t in great shape, create some curb appeal, and take some great marketing photos.
We’re sharing a few tips today so you can be prepared for renting out your Boca Raton investment property.
Clean Out any Personal Belongings
Maybe you’re planning to rent out a home that you once lived in. Or, perhaps you’re preparing the property after your former tenant moved out. Whatever the situation, be sure the property is completely vacant. There shouldn’t be any personal belongings left behind. Don’t leave furniture thinking that your next tenants might want it. They probably don’t.
Make any Necessary Repairs
Next, you have to make sure everything functions the way it should. Walk through the property and do a thorough inspection. Check every outlet and turn on every faucet. Look for leaks and drips. Flush all the toilets and run the appliances. Make sure the doors and windows lock and run the air conditioning and the heat. If there’s anything that needs to be fixed, make sure you do it before you list the property. Good tenants are not going to be interested in homes that still need work.
Consider Curb Appeal
First impressions are very important when you’re renting out a house, so make sure the place looks inviting and welcoming. There shouldn’t be any trash or debris in front of the house. Take a look at the driveway, walkway, and front door. Sweep away cobwebs and consider fresh paint if things look faded. The yard should be well-landscaped with the yard mowed, weeds pulled, and branches trimmed.
A little bit of curb appeal inside the home isn’t a bad idea, either. Think about making some cosmetic upgrades and updates. Fresh paint, hard surface flooring, and even minor things like new drawer pulls in the kitchen of the bathroom can make a big difference to prospective tenants.
Have the Home Professionally Cleaned
A professional cleaning is critical. You should hire a professional crew that will be extremely attentive to detail. Look for cleaners who will dust the ceiling fans, pull out the refrigerator to sweep and clean behind it, and scrub the baseboards. Everything should be sparkling. Good tenants will have no interest moving into someone else’s mess.
Take some Great Pictures
If the property is market-ready, then it’s camera-ready, too. Take some great photos that can be used in your listing. You’ll want to include pictures of the kitchen, bathrooms, and bedrooms. A shot of the outside of the property is a good idea as well as any outdoor space. Make sure you maximize your lighting and get photos from the best angles.
These are just a few of the things you’ll need to do when preparing your property for the rental market. Next will come pricing and advertising. If you have any questions or need any help, please contact us
at Florida Property Management Services.
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Legal Update from the Law Offices of Heist, Weisse & Wolk, PLLC Phone: 1-800-253-842
What is it? A cost segregation study looks at the different parts of a rental property to see which ones can be depreciated faster. This can allow investors to take some deductions sooner instead of spreading them out over the standard 27.5 years. Who uses it? It’s mainly used by real estate investors and property owners who want to claim larger depreciation deductions sooner on their rental properties. A qualified tax professional or cost segregation specialist typically performs the study. Where does it apply? Cost segregation can be used on residential rental properties, including single-family rentals, although whether it makes financial sense depends on the property and the investor's tax situation. The IRS specifically provides guidance for cost segregation studies involving residential rental property. When should investors consider it? It is often considered when purchasing, constructing, or making significant improvements to a rental property. Investors can also look at existing properties, but the potential benefit depends on the property's cost, improvements, and tax circumstances. Why does it matter? The goal is to potentially move some depreciation deductions into earlier years, which can reduce taxable income sooner and potentially improve near-term cash flow. It doesn't create new value in the property, it changes when certain costs may be deducted for tax purposes. Investor Takeaway: A cost segregation study can be worth exploring for investors with higher-value rental properties or significant improvements, but the potential tax benefit varies from property to property. It is recommended to always work with a qualified tax professional to determine whether a study makes sense for your situation.
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