By Ashish Bhalla,
If you own a house and have enough space then use it for providing rental services. Rental business has multiple benefits as you are getting paid monthly and the cost of your property is also increasing.
Now these days, homeowners make more choice of renting instead of selling their home. This is because of the monthly cash flow
If you are willing to rent your property then you need to know a couple of things before getting your renter.
Here are 5 must do work before renting a property:
Determine how much rent to charge: – Get an idea of rent amounts by checking newspapers, online sites or neighborhood rental areas. Be realistic about rent levels. This gives you an idea of how competitive your rate will be to others.
Safety: – Safety and good maintenance of the property should be your top priority as preventable accidents and poor safety conditions leave you open to prosecution and financial disaster.
Insurance: – Protecting your property with the correct insurance policy is extremely important. As a landlord, you will need rental home insurance. It covers your home’s structure, legal costs, expenses and loss of rental income if repairs are needed.
Home Inspection: – When your home is empty, thoroughly inspect it and repair major problems. Address potential problem areas including roof leaks, clogged gutters, cracks, leaky faucets or pipes and electrical outlets. Also, inspect your floors to make sure they are sound.
Get Professional Help: – If you face problems in renting your properties then hire an agent for your help. The agent will take care of everything from finding a tenant to dealing with all the paper works.
If you are planning to convert your home into a rental property then do not hurry. Take your time for proper planning.
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