Rental properties are a worthwhile investment when managed properly. Although at times it can be a burdening task. It can also be the ideal way to have extra income. Managing can be made easier by the type of tenants you entrust your property to. I have had a very reliable tenant who stayed in my condo for five years, and even when she was leaving my property, I was very impressed by the way she had preserved the condo. Over the years I have learned that there are many favorable ways to manage your rental properties, and if well practiced, you can just sit back and enjoy the extra income. I will discuss some helpful tips that every property owner needs to know.
Protect your property with a lease
What you own is rightfully yours, so it important to get a well-paying tenant who wishes to rent your property for long-term. It is necessary for each party to understand their duties as far as the property is concerned. Any lease will contain the following:
- A lease term either monthly or yearly.
- Security deposits put up for either one month or two, a fair down payment is same amount of month’s rent.
- Rent payment date.
- Detailed account of who is responsible for repairs.
- Any pet policies and behavior rules should be put in place by the landlord.
- Share home owner association rules.
- Eviction terms should the tenant breach the contract.
Remember that a good lease should favor both the landlord and his tenant; it should comply with fair housing which also entails health and safety.
Determine how much rent you want to charge your tenants
As a property owner, you should know the value of your property and the amount that you wish to earn from it while renting it out. Before you decide upon the charges, consider things like other neighborhood homes and other rental rates.
Find yourself a good tenant
You have the power to detect upon who lives in your property. It important to be able to know a good tenant when you see one, I am sharing this advice due to experience in the property world. If you are an amateur at managing your rental property get as much help from an agency and get your tenants to fill out forms that require some basic information about them.
Maintain your rental property
Managing your rental property also involves clear cut ways of maintaining it so that it still plays fair in the property market. Regular cleaning and repairs will help you attract potential tenants’ quite easily.
Choose an appropriate insurance policy to protect your property with
Insurance policies are our crying shoulder whenever property is concerned. The type of insurance policy you get for your rental home should be different from the one you use for your primary home. You can always pinch into the coverage if you need help with your property maintenance and so on.