Renting out a property is a great way to earn some extra money. If you put some efforts to research the market, to look for trustworthy tenants and to make your property welcoming, then being a landlord would be very rewarding. Here is how you can rent out your house successfully.
1. Before you move to action, you’d better investigate the market very well. See if someone in your neighborhood is renting out a property similar to yours. Inspect the condition of the houses for rent and the prices landlords are renting them out. When you do that you will be able to set a realistic price to your property. It’s an important issue, because the main reason why some people fail to rent out their houses is the inadequate price they give. Thus, be very careful when setting the price.
2. Make your home welcoming. If you’d like to increase the price of your house, then you should clean, repair, declutter and decorate it. You could make it all on your own or you could hire a company for the cleaning and a handyman for the repairs to get at least half of the job done for you. Regarding organization of your belongings around the house and the decoration, you can find great ideas in the Internet which will help you turn your house into a stylish and cozy place. Your home should look perfect when the visiting day comes, If it does, then you’ll most probably get the highest possible price.
3. Once you’ve made your house welcoming, you could start looking for trustworthy tenants. What you need is a well-written advertisement with photos of your home and a contact form on a good letting/renting website and soon people will start calling you. Set meetings with them and before they come to your place, prepare a questionnaire. It’s important that you have your potential tenants taped. Require reference from the previous landlords of your potential tenants. Ask them about their monthly incomes. Do it tactfully, but do it, because you have the full right to know whether the people, who will rent your home are reliable and able to pay the rent.
4. It would be good for you to know your obligations as a landlord before you rent out your house. First of all register your property with PRTB. With the help of an attorney prepare a contract between you and your tenants. Set the amount of the rent and fix the date you’ll expect the tenants to pay you. Then make a thorough list of the items and furniture in your house and their condition (it would be good if you also make pictures of them). Make sure everything around your house is repaired and secured. Keep in mind that you will be obliged to maintain the premises if something breaks or damages. Provide your tenants contact information and information about the person authorized to deal with problems and issues on behalf of you. It would also be good to make a print of tenants’ obligations and make sure they are well aware of them.
5. What you can do more is to give your tenants confidence and safety. Make them feel at home and give them freedom to redecorate your house as it is comfortable for them. If you want to be the best landlord for your tenants then you should be as responsive as you can. Don’t forget to provide them the information about where they are supposed to pay for the electricity and water they use, about how to maintain the garden (if your house has such), about the neighbors – who are trustworthy and who unfriendly etc.
Author Bio: Sofia Lewis is a passionate freelance article writer and blogger. She is inspired by home improvement projects and writes mainly about cleaning, self-storage, removals and home related topics. Read more of her tips here: Chiswick Cleaners