Many people mull over the idea of renting their homes. And why not when you can have extra income with it and improve your standard of living. The motives are plentiful, but renting your apartment turns out to be an intimidating task when accurate considerations are not being implemented. Here are a few tips for Rental Property Investment that will get you going in the right direction.
Prepare your home
Being a landlord is a huge responsibility. So be prepared for everything that may happen. Most tenants are very picky because of the increased availability of rental homes so their expectation level is way higher.
Inspect your place
When there is no one at home, thoroughly inspect it and repair major problems if any. Address potential issues like roof leaks, sagged gutters, driveway cracks, leaky pipes, electrical outlets, etc. Finally, also inspect floors to ensure they are sound.
Tenants will love your place if they feel safe and secure. If is a portion of your own home that you are planning to rent out, make sure smoke detectors are in working conditions and equip the kitchen with a fire extinguisher.
A messy place turns off a potential tenant. Thoroughly clean the blinds, windows, and floors. Shampoo and vacuum the carpet to remove stubborn stains. Repaint the walls as this will make the room look cleaner and brighter.
Evaluate your appliances
If you have fixtures or furnishings that are valuable, remove them. Make sure everything you are providing to the tenant is in working condition. Appliances ought to be cleaned inside out. Renting a home with working appliances allows you to boost rental cost.
Managing the rental
If you are planning to manage the rental yourself, draft a legal lease document wherein all the terms, conditions and policies are clearly explained. If you don’t have enough time to manage your rentals, find a reputable rental property investment management company.
Notify your insurance company
Notify mortgage and insurance company and tell them you won’t be living in your home anymore. This is because these companies own certain rights to protect your home security needs. Make sure to switch homeowner’s insurance policy in order to cover the losses made by tenant’s negligence, natural disaster or water damage.
Determine the market value
Once you are done, figure the monthly cost and compare rental properties to determine the price. When you post the ad for rent, don’t forget to highlight the inimitable features.
Renting your property may seem an easy task but is important to look for rental property Investment Company to ensure you are abiding by tax laws and other property rules. Rental property investment companies screen potential tenants, manage repairs, handle payments and tackle evictions if required.