September 7, 2024

Hey Property Pals! 

If you’re gearing up to rent out your home in Norfolk or the greater Hampton Roads area, you're in the right place. Whether you’re moving for a new military assignment, upgrading to a new property, or just seeking some extra income, renting out your home can be a great opportunity. But before you hand over those keys, there’s some prep work to ensure you’re set for success. Don’t worry—I’ve got your back!

Why Rent Out Your Hampton Roads Home?

Renting out your property can be a great way to earn passive income or cover mortgage payments, especially in the Norfolk and Hampton Roads area, where the military presence drives a strong rental market. But before you dive in, here are some key steps to consider.

Legal Requirements

Virginia has specific laws for landlords and tenants that you'll need to follow. Start by understanding the Virginia Residential Landlord and Tenant Act (VRLTA), which governs the relationship between you (the landlord) and your tenant. It covers everything from security deposits to eviction procedures. You can read the full law here.

Additionally, check local zoning laws and any HOA regulations if applicable. Certain neighborhoods or subdivisions in Norfolk and Hampton Roads may have restrictions on renting out properties, particularly for short-term rentals.

Also, review Virginia Fair Housing Laws and how they apply to rental transactions to ensure that you are in compliace with this very important aspect of property management. More information from Virginia DPOR HERE.

1. Spruce Up the Property

First impressions matter. Here’s a comprehensive list to make your property stand out:

• Deep Clean: A spotless home is essential. Consider hiring professional cleaners to handle carpets, windows, and vents. Don’t overlook detailed cleaning tasks like removing mold or mildew, which can be a concern in humid areas like Hampton Roads.

• Declutter and Organize: Remove personal items and excess furniture to create a more spacious and inviting environment. Ensure closets and storage areas are tidy and organized.

• Minor Repairs: Address small issues such as leaky faucets, squeaky doors, and broken tiles. Repair any peeling paint or damaged drywall to ensure everything is in top shape.

• Paint: A fresh coat of neutral paint can make a big difference. Choose light, neutral colors to appeal to a broad range of potential tenants.

• Landscaping: Enhance your curb appeal by maintaining your lawn. Regular mowing, trimming hedges, and weeding are essential. Consider adding colorful plants or shrubs to brighten up the exterior.

• Exterior Maintenance: Clean the gutters, power wash siding if needed, and check for any damage to the roof or exterior walls. In coastal areas like Hampton Roads, it’s also important to check for salt damage and mildew.

• Appliances and Systems: Ensure all appliances are working properly. Update any outdated or malfunctioning appliances and check that HVAC systems, water heaters, and smoke detectors are in good working order.

• Safety and Security: Update locks on doors and windows and ensure all outdoor lighting is functional. In the Norfolk area, consider installing a security system or cameras for added peace of mind.

• Pest Control: Schedule a pest control service to inspect and treat your home for any potential infestations. Coastal areas can be prone to pests, so ensure the property is free of issues before showing it.

• Update Fixtures: Replace outdated or broken fixtures such as light switches, faucets, and cabinet handles. Modern updates can significantly enhance the appeal of your property.

• Staging: Consider staging your home to showcase its potential. Arrange furniture to highlight the space’s best features and create a welcoming atmosphere. Even simple staging can help prospective tenants envision living in the space.

• Utility Check: Verify that all utilities (electric, water, gas) are functioning properly. Ensure that any previous utility issues have been resolved.

For additional guidance on preparing your property for rent, check out these resources:

• Preparing Your Home for Rent on BiggerPockets here.

• Landscaping Tips for Rental Properties on Avail here.

2. Setting the Right Price

Determining the correct rental price for your property is crucial. You want to be competitive while covering costs like mortgage, taxes, insurance, and maintenance. Research similar rentals in Norfolk and the Hampton Roads area using platforms like Zillow or Realtor.com to see what homes like yours are going for.

Alternatively, you can hire a professional agent or property manager to help you set a price based on market trends and your home’s unique features.

3. Finding Quality Tenants

With your property in tip-top shape, it’s time to find tenants:

• List Your Property: You can list your rental on platforms like Zillow, Apartments.com, or Facebook Marketplace.

• Background Checks: Always screen tenants! Check credit, verify employment, and run a background check to ensure reliability. Services like Avail or TurboTenant can assist.

• References: Ask for references from previous landlords to gauge the tenant’s reliability and past behavior.

4. Property Manager vs. DIY

Here’s the big question: Should you hire a property manager or manage the rental yourself?

Pros of Hiring a Property Manager

A property manager can handle everything from marketing your property and screening tenants to collecting rent and managing maintenance. This can be especially useful if you live far from your rental or have a busy schedule. Benefits include:

• Experience: Property managers know the Norfolk and Hampton Roads market and local laws.

• Less Hassle: They handle tenant issues, maintenance requests, and rent collection.

• Peace of Mind: Ideal if you’re not local or want to avoid the daily management tasks.

Property managers typically charge around 8-10% of the monthly rent, so weigh this against the convenience and expertise they provide.

Pros of DIY Management

If you’re hands-on and local, managing the rental yourself can be a viable option:

• Cost Savings: You avoid management fees and keep the profits.

• Control: You maintain full control over your property and tenants.

However, managing a rental yourself requires time and effort. You’ll be responsible for handling repairs, tenant concerns, and rent collection.

5. Insurance and Tax Considerations

Update your homeowner’s insurance to a landlord policy, which covers rental-specific risks. Check with your insurance provider to ensure adequate coverage.

Rental income is taxable, so be prepared to report it on your taxes. Track all property-related expenses for potential deductions, such as repairs, insurance, and property management fees. Consult a tax professional to ensure everything is handled correctly.

6. Drafting a Lease Agreement

A well-drafted lease agreement is crucial. Make sure your lease aligns with Virginia landlord-tenant laws and includes:

• Rent amount and due date

• Lease duration

• Security deposit terms

• Maintenance responsibilities

• Pet policies

For sample leases, visit the Virginia Realtors Association here.

Wrapping It Up

Renting out your home in Norfolk or the Hampton Roads area can be a rewarding experience with proper preparation. By sprucing up your property, setting the right price, and deciding on property management, you’ll be on your way to successful renting.

For more resources, check out:

• Virginia Residential Landlord and Tenant Act (VRLTA - July 2024) here

• Virginia REALTORS® Rental Property Forms here

• Property Management Tips on Zillow here

Your partner in all things real estate,
Ally

Have questions or want to share your experiences? Drop a comment below! ⬇️

Need one on one help strategizing preparations for renting your home? Want to see if using a property manager or limited service rental assistance is right for your? Set up a Real Estate Goals Consultation Here: Let's Get In Touch!