1) Insurance: Traditionally, property insurance for long term rental homes is cheaper than for vacation homes in Central Florida simply because someone lives there year round. You will need to maintain insurance on the buildings, fixtures and fittings. A good liability insurance policy will cover you for loss of rents, storm damage, slip and fall in case of an accident in your home. The recommended amount would be $1,000,000 coverage.
2) Tenants Insurance: All tenants should be made responsible for insuring their own furnishing and personal belongings. It’s usually cheaper for them to obtain it from the same company that insures their car. Typical tenants policies costs around as little as $120 per year.
3) Furniture: If your home is furnished and you want to enter the long-term rental market there are a few things you should consider. Firstly, furnished homes tend to achieve a lower monthly rent in Florida. I can see that you may be thinking of getting into corporate lets however, realistically there are very few big corporations that would need a steady supply of executive homes. See my blog post on renting out your home furnished.
4) Stock the home with white goods; washer/dryer, fridge, freezer, dishwasher, stove, microwave; and patio furniture (if applicable). Of course they need all window treatments and flooring, blinds, carpets etc. Check with us or another reputable long term management company in your area for details.
5) Lube all doors, locks, change all blown light bulbs, batteries in smoke detectors, replace grout and caulk where needed. Check any fire extinguisher or any other emergency equipment your home may have. Change out A/C filters and write on the side of the air handler the size.
6) Write the codes and brand of the paint for your home on the side of the air handler. That way anyone who may paint it on your behalf the tenants or your maintenance crew, know where to find them. There are at least 50 shades of white and every other color so it’s important that the paint codes are easily accessed. This way you can have the paint touched up or paint a wall without needing to pant the entire room or home.
7) Cleanliness is vital. Once everything has been spring cleaned, behind fridges, ranges, air vents, doors, blinds, windows, vinyl, garage, tiles, grouting and carpeting etc..doubled check it again with a good check list.
8) Video or photograph everything in the home inside and out remembering to set the date set on the camera. For example, gardens, pools, landscaping, each room with a wide angle view and close up where needed. Take photos of inside your oven, showers, fridges, under sinks, inside sinks, blinds open and closed, A/C filter plus much more.
9). Take at least 20 photo’s for advertising purposes and while you’re in the home take a note of some of it’s best features for when you write your advertisements.
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