Looking for actionable first-time landlord tips? Are you ready for the responsibility that comes with being a landlord?
Many people are afraid to put their homes for rent. However, the increasing costs of living make them rent out their property in order to make some extra money each month.
Either people purchase a house to live in or for investment purposes. The benefits of renting out a house attract both types of homeowners.
Renting out a house is not only about signing a few legal contracts. You have to consider a number of factors before putting your house on rent. Let’s have a look at some tips that can benefit homeowners aiming to rent.
First Time Landlord Tips
1. Find a Renter
When it comes to renting out your house, the major headache is to finding the right tenant. A wrong choice can create overwhelming problems for you and you may not receive a suitable rental income for your property.
Want free money?
Thankfully, the Internet facilitates you to find out the most suitable website to rent out your own home. A reliable real estate website can help you find the right tenants who are pre-screened and won’t harm your property through misuse. They also help you save the costs you would have to pay to a real estate agent otherwise.
2. Renovate Your House
With so many choices available, renters have become more attentive when selecting a house to live in. Make sure that the structure of your house is intact and the interior and exterior designs are attractive. Renovating your house before renting it off helps you increase your monthly earnings. If you intend to rent out just a single room or a portion of your home, then it should have a separate entrance to ensure privacy. Paying attention to such details will save you from worries and you can get a good price when renting your house.
3. Consult Legal Advisors
It is not advisable to rent out your house without filling out legal forms. It ensures that all the terms for renting the house are in written and the renter must abide by them. In case of any violation, you can take legal action against them. You can consult a legal advisor to prepare a property rental agreement. You can specify rent as well the due date of payments. You can also enforce a fine if they do not make a payment on the due date.
4. Increase Property Value
You can increase the value of your property by equipping it with safety tools. Firefighting tools, fixtures, and furniture can efficiently increase the value of your home. However, avoid wasting money on items that have no influence on the rent. You can also look at the benefits of a long-term TV rental by installing a modern HDTV set for your tenant to increase your home value.
5. Check Local Market
It is a recommended practice to go through listing websites to find out the average rental range for houses in your area. You can also ask other homeowners and professional real estate agents to propose a competitive price for your property. You will end up losing a significant amount of revenue if you set a rent below average market value. On the other hand, setting a price higher than the market range will lower the interest of potential tenants.
With this first-time landlord tips in mind, are you ready to start collecting rent checks?
If you have any questions about these first-time landlord tips, just leave a comment below.