04 Jun 5 Things To Know Before Investing In Rental Properties
Renting out a property comes with its own pros and cons. One of the biggest worries, when you rent out a property, is that the tenants should take care of your property just like you would. But this doesn’t happen always – so here are a few tips which you should consider when it comes to renting out your property
Choose the right tenants
Finding the right tenants who will maintain your home is a huge task. Before zeroing down your tenants, you need to meet them and talk to them about your expectations regarding the home. Even better, you can contact their previous owners and check if they maintained the property over there well. So yes, finding people who are ready to take care of your property and maintain it well is essential.
Chart out instructions
You can chart out a list of cleaning instructions which you can issue to your tenants. If you want the lawn to be curated, put it in! Carpet to be cleaned? List it up. You can put reasonable cleaning instructions in your list to make sure your tenants know what your expectations are and what cleaning standards have to be maintained.
Taking a huge deposit is the best way to keep a tab on your tenant. You can easily cut out all the expenses incurred to repair the damaged parts of your home from the deposit amount. And if the deposit amount is huge, the tenants too will make an effort to meet the standards of cleanliness and other things expected out of them.
Take off all the expensive and flimsy stuff
Don’t make life miserable for your tenants by keeping back all the costly and flimsy stuff back in the house. Let your rented home be full of stuff that’s strong, durable and easy to care for. It gets difficult for the tenants to maintain a home that’s delicate and so you too, have to take all the required care from your side.
Neighbours are the best spies
Of course, you won’t be around to keep a check on the property always. But the neighbours will be! Keep in touch with the neighbours and request them to report to you if they find something wrong immediately. This is the best way to keep an eye on your property without actually being there.