Renting Your Home or Apartment? Keep These Things in Mind
There are so many things which compel a person to rent out his property. Sometimes it is need of extra cash while sometimes it is to avoid vandalism that plagues empty homes. Being a landlord has its own ups and down. There are several motives for renting out your space, but it might bring more trouble if not planned properly. Here are some steps for you to understand what to keep in mind while renting out your place or apartment.
Know the correct market value: People want place which is at par market values, keeping rent very high and very low might turn off the potential tenant as they might think it is unaffordable if it is too high and substandard if it’s too low. Keeping a competitive pricing will help attract more buyers.
Screen Tenants carefully: Choose your tenant very carefully. Not only are you going to trust this person to pay up rent and other fees on time, but also to keep your property in good condition. Getting police verification is also one very important step along with cross checking references. You might not know whom you are subletting your property and what business they might be in.
Get a Property agent or post an ad online: Marketing the property at a competitive price is very important, one should consider putting ads on major online portals. But getting visibility is bit tricky there therefore a better solution is to hire agents, who will even take care of collection of rent and maintenance.
Prepare your home: No tenant would like to live in a dirty home. So clean up your home properly, re-paint, and redo kitchen furnishings. If you are just renting out a room then make sure you provide a completely secure place to your tenant. Hiring professionals for pest control can also be helpful in the long run.
Landlord Responsibilities: Being a landlord might not be that easy. One should properly understand the risk involved in it, for instance, in certain cities police verification is mandatory. Also, income coming from rental is considered taxable. There might be a case where you get stuck with repairs work, rent collection or you are just not happy with housekeeping skills of tenant but you have to take that all in your stride.
Being a landlord may look promising, but like everything, it comes with its own pitfalls. Hence, never rush into getting a tenant; after all, it is your home.