If you have second homes that you barely use, you might try renting it out. Not only will you be able to save money from maintaining it but it is also a chance to earn extra income. The good thing about it is you can be assured of great profits and all you have to invest for yourself is your management skills.
But then again, there are certain preparations that you need to make before you can offer your homes as rental properties. This part is not an easy task because you have to meet the state or your local laws for rental.
As a landlord, it is your responsibility to offer a safe and livable property to your tenants. Hence, when they move in, it should be in good condition and all of its components must be in working condition. Otherwise, you may cause injuries to your tenants that could further progress to expensive lawsuits. And this could be the start of your losses.
So if you want to rent out your properties, here are some tips to use:
Inspect Inspect all components of the house and see which ones are defective. If you can afford the service, might as well hire a licensed inspector. He or she can check the house thoroughly and offer suggestion on how to have it fixed.
You also have to have the homes inspected for asbestos and lead. These two things are very hazardous to health of the occupants. Hence, you must know exactly if your home contains these harmful components and have the problem corrected the soonest.
Repair or Renovate
Once you have an idea on what to fix, start doing repairs. If you are tight on the budget, prioritize important components for repairing. However, you have to declare any unfixed component to the client so that they can be aware of the risk that they are into when they live in your property.
However, you must know that your tenant can actually demand for repairs. So you must be able to respond to this demand the soonest to avoid rent withholding.
Improve or add
If you want to raise the value of your rent, you can add improvements or additions to make the property more beautiful and more functional. The more convenient the home can be, the more chances you can set a good rental price.
Great additions for your homes are garage, guestrooms, patios, gardens and landscaping. You can do this on a budget if you hire the right contractors and if you use the sustainable materials.
Doing all these things puts you in a good position for renting. If your rental homes are in the best condition, you can avoid problems with your tenants. Hence, this maintains a good landlord-tenant relationship and you can avoid high vacancy rates (which can be bad for the business).
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