If you have several houses collecting moths, you should think of renting out the place instead of selling it or keep letting is collect moths and dust. Property values increase and years later you will be able to sell the house for value more than you expected. But there are certain things you should know about and think about before you rent out your house.
First think about the financial and legal aspect of renting your place out. There are also various other problems you may encounter as a landlord. As a landlord you will have to make the repairs that will need to be done and other things such as painting the house, replacing the carpet etc. You should also think about the cost of maintaining the garden like trimming the grass and plumbing repairs. Sometimes you may even have to suffer through several months without rent. So think on all these aspects.
Next decide on whether you are going to hire a property manager or get the help of rental property management services. When you hire a property manager you will have to give some percentage of your rent to him usually 50 percent off the first month and 10 percent of the other months. But the property manager will handle all the responsibilities such as screening the tenants, collecting rent, facilitating the lease signing, do repairs and be a point person whenever and issue would arise.
If you are going to rent out your property for holidays, consider a holiday rental property management.
Now that you have decided on these, think about the rent you are going to charge. You should keep repair costs and other costs in mind but remember that the cost should fit the house or you might discourage potential customers. When you’re fixing the price of the rent leave some room for bargaining.
Set up some kind of a system that will help manage your finances and as to make sure that you are not running at a loss. You do not necessary have to invest in a financial management software but rather open up a bank account.
Research online compare and contrast and draft the terms of your lease agreement and make sure that the lease also meets the requirement of your city and country. Get a lawyer look through your lease agreement and advise you on any changes to be made.
Follow the laws of your country regarding landlord and tenant and draft your tenant agreement. Install upgrades like tiling the floor and fixing things that will pay in the end or that will sound reasonable for the rent your demand. Get security deposit for your house in case of anything.