Important Tips for Renting Your House
Mulling over the idea of renting your house? It’s always a great option to earn some extra income. However, it may invite unnecessary headaches or troubles if certain important considerations are not made.
You don’t need to bother a single bit! We have it covered for you!
Here are some important tips you should consider before you rent your house.
Do proper research
Acquire as much knowledge as possible to have a fair idea about your ‘market’. Have a look at other rented houses in the locality that are similarly placed to your house. Find out their rent and have an idea about the prospective rent you may charge.
Assess your target demographic. If possible, take the help of a letting agent. Once you are done with your homework, quote a price for your House to Rent. It should be competitive enough to minimize vacancy.
Know your responsibilities
When you rent a house, you become a landlord and a lot of responsibility gets attached to this new status. You should remain prepared to handle the obligations that come along. It’s like a 24×7 job. You will be expected to attend to calls from tenants regarding issues that may require immediate attention (urgent repair, maintenance etc). You should be able to keep a constant watch on the housekeeping skills of your tenants so that wear and tear of the property can be avoided as much as possible.
Prepare your property for renters
Before renting your house, you need to decide if you will rent the house as unfurnished or furnished. In some localities, rental homes are readily available and tenants are spoilt for choice. Their expectations are much higher and they are more attentive to even the smallest of the details.
In all cases, you should take care to hand over a thoroughly cleaned house to the renters. You may hire professionals to ‘deep clean’ your house as well. In case you are providing some appliances, make sure they are functioning properly.
Screen your prospective tenants
In today’s age, it’s even more important to choose your tenants carefully. You need to gather authentic references for your potential tenants to have a fair idea of their credit histories, habits. You need to check if they have any criminal records so that you do not run into nasty surprises later on. Once you have zeroed in on your tenant, make agreements for a proper payment schedule and also ask for a practicable security deposit.
Learn the legal aspects
When you become a landlord, you need to comply with certain regulations determined by the ‘law of the land’. You need to take care of all the necessary paperwork and be ready for any periodic safety checks by the authorities on your property. Also, You need to have a landlord insurance that will cover any future financial losses related to the rented property.
We have put together the above tips just for you! If you implement those, we’re sure you will have a smooth rise while renting your house.