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5916 N Lisbon St, Aurora, CO 80019
(8:00am - 6pm MST, Monday - Friday)
BY: KEVIN VOLZ | INSURANCE AGENCY PRINCIPAL
Making sure your Colorado home is rent-ready isn't just a matter of making it look nice for potential tenants. You also need to make sure it's in compliance with state and local laws, that it's safe and habitable, and that it meets the minimum standards for rental properties.
As a landlord, you also have to protect your investment, so it's important to take the time to do things right.
Below are a few tips to help you get started.
Interviewing property managers will give you an idea of what they look for when renting a property and what they think needs to be done to make your home habitable.
Some of the things you'll want to ask about include:
How do you screen tenants?
What kind of maintenance do you do regularly?
How do you deal with problem tenants?
What are your policies on late rent payments?
Request copies of their lease agreement and any other relevant paperwork such as:
The security deposit agreement
The pet policy
The smoking policy
If the property managers can provide you with references, follow up with them as well.
A comprehensive home inspection will help you identify any potential problems that need to be fixed before you start renting out the property.
Some of the things you'll want to look for include:
If you're unsure where to start, you can contact your local building department or the Colorado Division of Real Estate for more information.
Once you've identified any potential problems with your home, it's time to start making repairs. This may include anything from fixing a leaky faucet to replacing a broken window.
It's essential to have all repairs made before you start renting out your property. Not only will this help keep your tenants safe, but it will also protect your investment.
If you're not sure how to make a repair, you can always hire a professional. Just be sure to get multiple quotes and compare rates before hiring anyone.
Once all the repairs are made, it's time to give your Colorado home a good deep cleaning. This means shampooing the carpets, scrubbing the floors, and cleaning all the appliances.
You may also want to consider hiring a professional cleaning service to do a thorough job. This is especially true if you're not comfortable doing it yourself.
Once everything is clean, and in good repair, it's time to start showing your Colorado home to potential tenants. This may include taking pictures, creating a video tour, or even holding an open house.
No matter how you choose to show your home, it's important to make it presentable. This means removing any personal items, such as family photos or memorabilia.
You should also keep the home well-lit and free of any offensive odors.
Before you start renting out your Colorado home, it's important to do some market research. This will help you determine how much rent to charge and what amenities tenants are looking for.
You should also consult an insurance agent to ensure your property is adequately covered. Your landlord insurance options include:
Understand your policy and what it covers before you sign anything.
Once you've found the perfect tenant, it's important to get everything in writing. This includes the lease agreement, the security deposit agreement, and other relevant paperwork.
This will help protect both you and your tenant in case of any problems that may arise during the tenancy.
Taxes can be complicated, so it's essential to consult with a tax advisor before renting out your Colorado home. They can help you determine what taxes you'll need to pay and how to file them.
They can also help you take advantage of any tax breaks or incentives available to you.
As a landlord, you're responsible for the upkeep of your property. This means paying for things like repairs, maintenance, and insurance.
It's essential to have enough money coming in to cover these expenses. One way to do this is to optimize the cash flow from your rental property.
This may include raising the rent, lowering expenses, or finding more efficient ways to manage your property.
As you consider how much you'll need to price your property, consider factors like:
You'll also want to have a cushion in case of unexpected expenses. This will help you avoid financial problems down the road.
Brushing up on the state's landlord-tenant laws will help you understand your rights and responsibilities as a landlord.
It will also help you avoid potential legal problems that may arise during the tenancy.
Some of the things you'll want to familiarize yourself with include:
Colorado's landlord-tenant laws can be found in Title 38, Article 7 of the Colorado Revised Statutes.
Once you've taken care of all the preparations, it's time to create a timeline for renting your Colorado home. This should include everything from finding a tenant to collecting rent.
By creating a timeline, you'll be able to track your progress and be confident that everything is on schedule.
If you have any questions about rental or property insurance in Colorado, we're here to help.
Contact us today, and we'll be happy to answer any of your questions. We work with various carriers and can help you find the perfect policy for your needs. Thank you for reading!
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