Things to Consider Before Renting Out Your Property

Things to Consider Before Renting Out Your Property

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Things to Consider Before Renting Out Your Property

So you have considered renting out your house, in order to obtain an extra steady amount of monthly cash flow, but have you thought about the other factors that it may come with? So before you decided whether or not to turn your house into a rental property here are some things to consider.

Good Tenants Don’t Come Easily

Finding a good tenant could be a long waiting game, because you don’t just want any tenant you want a good one: who will not only take care of your house, is easily manageable, and will pay rent on time. To create these kinds of exposure, you will most likely use some kind of out source services that will put your listing on the front page, but there will be a monthly fee until your house has become occupied or for however long you decided to continue listing.

Difficult Tenants

A person can be well mannered, looks normal, and has a steady job, but for many unassuming landlord they might become your worst nightmare. It is best to do some further investigation on whether or not you want that person to occupy your house. There are some basic procedures that you can do to avoid any future losses. Request for a referee or perhaps a former landlord’s testimonial, you could also Google the person of interest to get some background information.

What to Include in your Lease

Tenancy agreements are quite standard and follow a general template but keep in mind that it is still your house and your are entitled to adjust your terms and condition accordingly. Besides the guidelines for paying rent, you may want to consider some of the following; general conducts, alterations to the property, proper use of plumbing fixtures, parking ethics, pets, guest, maintenance, and expected conditions upon moving out.

Cost for Maintenance Work

Normal wear and tears are bound to happen no matter what kind of tenant you may have, regardless of the tenant. There will be some kind of upkeep or maintenance that you will be required to do, but your tenant might not share the same thoughts and would like to go a different route on how to fix then. If their case and demands are reasonable then you must meet their request, which might cost you more than what you originally wanted to spend.

These are just a few things that you should think about before considering renting out your property, but why not save yourself from all the headache and hassle that come from managing a property? Why not talk to a real estate agent or property manager about your situation, and let them take care of all these things.