Ideas Before Putting up Rental Homes on Lease
The reason to rent out the home may vary from owner to owner. But there are certain things the homeowner has to take care of before advertising. Becoming a landlord is no easy task. It requires strict planning to ensure that you land on a profitable deal.
Begin with the local and the state regulations. Each state has different set of laws that mentions rights and responsibilities. Learning about the law will be beneficial in putting up the rental homes. This way you will understand who will pay for the damages, number of people you can rent etc. Much before you decide on a tenant and pass on the keys ensure you know the regulations.
While deciding on the rent of your rental homes you have to think of profits. How to calculate profits? Write down the expenses that you keep spending on your property like the damage, mortgage or property tax etc. This will help you to estimate the amount that is spent on the property. Decide on a rent that compensates all the expenses related to the property and yet save some money. You might as well consider a refundable safety deposit or pet fee.
Once you have determined the rent for the rental homes you have to work on the look. The home should be thoroughly cleaned. Floors have to be vacuumed, mopped or waxed. Windows should be streak free. Curtains and blinds have to be changed regularly. Appliances and gadgets have to be checked for well - functioning. Try to make the home free from clutter and appear more spacious.
Think from the tenant's point of view. The first thing that he will notice in rental homes is the outside. So if you have a lawn; keep it clean. Keep checking if the lawn is mowed and trimmed. Any external defects like a broken door bell or stair etc has to be fixed. Painting the home can make it look new.
You can let everybody know about your rental homes in different ways. Post free advertisements on the Internet or talk about it with your friends and co - workers. Advertise in newspapers or contact local brokerage firm. In case you do not want to be disturbed, appoint an hour of the day where you would entertain people. Mention it specifically while you are advertising.
You will be meeting lot of people enquiring about your rental homes. How do you decide on a good tenant? Run a credit check on the person. Interrogate him about his job and how much he earns monthly. See if he has any references from his previous landlords. It is important that you check his background and see that he does not have criminal records. You can ask a copy of his driving license or other credentials.
You can download free templates from website or seek the help of a professional. Signing contract protects interests of both the parties.