Before Renting a Property
Renting a house is not a piece of cake. There are plenty of things you need to manage to maintain a steady stream of income in this business. Landlord responsibilities encompass tasks such as arranging repairs, assisting tenants and building new structures. If all these are managed well, then renting a house can be rewarding.
It is ideal to make improvements before putting up your house for rent. Add amenities to increase your property's value and allure more tenants. Improvements don't have to cost a fortune. Sometimes you only have to consider your target market's interests. For instance, if you want to rent your property to students, adding a ping pong table or snooker table makes sense.
Also check for damages that may disturb your tenants. Fix leakages, cracks and damaged furniture.
You can choose to share maintenance responsibilities with your tenants. Instead of paying someone to mow the lawn, allow tenants to negotiate for cheaper rents so you can have someone to help in your chores.
Before accepting a tenant, make some screening and background check. You may talk to their previous landlords and ask if the tenants are good. Be sure to charge a rental fee of not more than 30% of their income. To avoid non payment, ask for an upfront deposit.