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Owning a rental property is no easy task. From finding reliable tenants to dealing with maintenance issues, many tasks go into managing a successful rental property.
But what happens when you decide it is time to turn your rental property back into your primary residence? From updating the space to dealing with tenants, there are some things you should consider before making the transition. Let’s take a look at seven of them.
Inform your tenants
When turning your rental property back into a primary residence, the first step is to inform your tenants. Notify them on time and explain why you are making the transition. Offer to assist in finding suitable alternate housing for them if necessary and explain any terms or conditions that will apply during their move-out period.
Depending on their lease type, they may need to be out within 30 days or even sooner, depending on the situation.
Research Local Laws and Regulations
In the same way you have to read through the terms and conditions before playing at the Fair Go Casino Australia, you should also do some research into local laws and regulations regarding rental properties.
You may find that there are certain requirements for rental homes or that you need to apply for a permit if you want to make certain changes or updates to the home.
Knowing these ahead of time will help ensure everything goes smoothly when it comes time to move in. It’s always best practice to err on the side of caution here since ignorance won’t protect anyone from penalties if something goes wrong down the line with local authorities.
Have a professional home inspection done
Before you move back into your rental property, it is a good idea to have a professional home inspector take a look at the place. They can let you know what repairs or updates may need to be done for the home to meet safety and habitability standards.
Create a budget for maintenance
Sprucing up a rental property to turn it back into a primary residence can be costly. Create a budget for necessary repairs and updates to ensure you have enough money to complete the job.
Check with local contractors or handymen for estimates on the cost of any larger jobs that need to be done. The good thing? You do not have to break the bank with expensive renovations. Even small updates like painting, changing lighting fixtures, and cleaning carpets can make a big difference in the look and feel of your home.
Update the Space
If you haven’t been living in your rental property for a while, it may look a little worse for wear. Before you move back in, be sure to update any appliances, fixtures, and other items that need replacing.
Also, check for any plumbing leaks or broken windows that might have occurred during the tenancy or just due to age and weathering over time (like peeling paint or cracked tiles), and get those fixed up as soon as possible before someone gets hurt or damage gets worse.
This step is especially important if children are part of your family who might be playing around inside without knowing about potential hazards outside their view (like broken glass shards).
Redecorate as Needed
After updating any necessary items in the home, it’s time to start redecorating, choose colors and furniture pieces that reflect your style, and make sure everything is functional for day-to-day living as well as entertaining guests when necessary.
Taking some time now to customize the space will save you headaches later on down the line when trying to adjust from temporary living arrangements back into permanent ones.
Consider Hiring Professional Cleaners
Getting professional cleaners in can help bring life back into an old rental property quickly and efficiently – something which can be invaluable when transitioning from one place to another with no time left over between moves.
Plus, they can work their magic faster than most people would ever dream of doing themselves, in turn saving lots of energy and effort while still achieving great results every single time.
Update your insurance policy
You probably already have renters insurance to cover any potential damages that could occur while you are renting out the property. Once you transition back into a primary residence, be sure to update your policy to reflect that and make any appropriate changes in coverage as needed.
This way, you know that if something does happen while living there again, you won’t be stuck paying out-of-pocket costs due to lack of coverage.
Transitioning from rental property owner back into primary residence isn’t easy. You need to think through all the logistics, budgeting, and legal aspects of this process to ensure everything goes smoothly.
Follow the tips above, and don’t forget to always do your research before taking any actions to ensure you are covered every step of the way. So much so, take your time and make sure that your new home feels like the perfect fit for you and your family.