When renting out a house you have bought or your home there are many things you have to consider. Many people consider renting properties as another form of income, or as their only source of money. There is a lot of flexibility to this choice of career. It can especially work well with a young family and school runs. So if you are considering renting a house out here are five things you need to do.
Take Care of Any Repairs
First things first you need to check the property with a fine tooth comb. This is exactly what any renter would do as they won’t want to be made accountable for things. At this point, you need to take care of any repairs that need doing. This could be cracked walls, broken cupboards or just fixing a door. Whatever the job. No matter how big or small. It is your responsibility to make sure the house is rentable.
Decorate in a Neutral Tone
It’s always a good idea to start as you mean to go on, so decorating the house would be a great idea. It would be advisable to decorate in a neutral tone to suit most renters tastes. A nice cream or white colour palette would be advisable. You also need to decide whether you are renting furnished or unfurnished. If you need some furniture for the property, then follow the same rule about it being a neutral tone.
Get an Estate Agent or Management Company You Can Trust
Once the house is in a rentable condition, then it’s time to get it on the rental market. Finding estate agents you can trust is essential for a good working relationship going forward. You want them to have confidence and be passionate about what they do. As well as being reputable. Another thing to consider as an alternative would be a management company that are dedicated to looking after rental properties. Places like HOA property management can take care of rental payments as well as sorting out repairs. This is good for you as a vendor but also to attract decent renters for your property. Meaning the process becomes stress-free.
Take Out Landlords Insurance for the Building
The next thing to consider is making sure you are insured for every eventuality. The most important thing to think about first of all would be building insurance. This covers the property from damage or flooding. Anything to do with the property itself gets covered. This is an expensive investment so make sure you are covered correctly. There are also specific landlords insurances that you could take out. Another idea would be to take additional cover for things like boilers and items such as the oven etc. The reason for this is that these are your responsibility as well, so if they break you are the one to be called. So it is good to have a backup plan to help out in these situations.
Agreeing on a Suitable Rental and Term
Finally, the last thing to do would be to agree on a suitable rental amount and term. Are you happy to fix for a long term agreement or would you prefer to renew the contract every six months? What money would be acceptable after fees and how much can you get for the area. Your estate agent will be able to advise on all of this for you.
Let’s hope these tips help you to maximise a rental property investment.