Being a landlord can be challenging especially when it is your first experience. The whole process can be very stressful. From finding a tenant to the whole agreement process can be very difficult. Renting a house benefits you with extra money that you can save or pay bills. Here are some of the tips for renting you should know before renting your house so you know that you are going in the right direction.
The most important thing when you are renting a house is that you should know your market. Take a look at similar homes and see what money a tenant is paying for the rent. If your rent is too high or too low, it will cause you problems. Do your research and set a rent according to it. Target what kind of tenants are you looking for, Are they students? A family? Single? Couple? A real estate agent can also help you and can give you good advice for your property as they are more experienced and are professionals in their work.
- Furnished or Unfurnished?
You have to decide whether you want to furnish before renting your house. A furnished house would be more appealing to people and will attract more people. Remove all the old items and things that are of no use as it can create a bad impact when a tenant visits to see your property. Also, make sure all the appliances are working and are in good condition.
Make sure your house is clean and furnished. Make sure the exterior of the house is also fine as it is the first thing a tenant notices when he visits to see your house. You can also hire professionals to give a deep clean to your home.
A furnished house will always attract a tenant and it will also increase the worth of your property.
- Marketing your home
Nowadays, the majority of the tenants search online for their apartments. It is an effective way to find tenants. Give the details about your apartment so only interested tenants contact and you can save your time. You can also upload pictures of your house, the rooms, the kitchen, garage, and everything so it would attract tenants. You can also hire an agent to rent your house. The agent will take some commission if he/she finds you a renter.
- Choose your tenants carefully
Choose your tenant carefully when you are renting your home. You are dealing with a stranger so you don’t know much about him. You’re dependent on this person to pay your rent on time as well as keep your house in a good condition. You should also check his records for safety precautions. Check their credit history to ensure that he pays rent on time. So, once you find a good tenant of your requirements you can ask for a security deposit and clear all the documents.
- A rental application
A rental application is good to know about your tenant profile. His name, his background, his income, and everything. It will give you quick information about him. Ask all the important questions you want to know from the tenant because you can’t take any risks related to your property.
- A written rental agreement
A written document is the best way to protect yourself in legal situations especially when the agreement is more than 12 months. They are more effective than an oral agreement. Think thoroughly about what rules you want to include in the agreement. All of your clauses must be here. A clear written agreement is strong proof and will keep you safe from any future trouble caused by your tenant.
These were some of the tips you need to do before renting a property. From screening tenants to collecting rent, you need to make sure that everything is done perfectly so you don’t face any problem in the future. Hope this article will help you with the whole renting process and saves your time and money.