People who have invested in a residential property look for suitable tenants to rent them out in order to have a steady second income. Being a landlord has its own benefits as it generates income while you still hold the ownership your property but before you rent out your residential property, there are some factors that you must consider. With an increase in crime rate and other factors, it is vital that you follow a systematic procedure to let out your property in a safe way. Below are given some steps that can help you in renting out your residential property in an easy way:
- You should be clear whether you want to rent your property furnished or unfurnished and the parts of the house that you want to put up for rent if your place is big enough.
- You should also consider if you want to rent out to individuals, big family or a small family, as all of them come with their advantages and disadvantages. You should be clear which tenant would be suited to your property according to your requirements.
- You will need to fix the rental rates of your property depending on factors like location, infrastructure, connectivity, facilities you will be providing and much more. You can study the market trends as what prices are being charged for houses that are similar to your property.
- The next main step is to advertise your property and you will need to identify which channels you will need to advertise your property. Using social media and internet can be highly beneficial and if you want fast results you can consider hiring a realtor as realtors know the market and have extensive experience in real estate business. They have connections with other agents and clients and can get you tenants very easily.
- While looking for a tenant you can repair the basic facilities at your property like plumbing, wiring and painting to make your property look presentable to your prospective tenants. Your realtor can guide you on the changes that are necessary in your property
- After you have found your tenant, the next important thing to do is a thorough background check of your tenant, including police verification, certificate from employee and any references that you may need.
- The next step is to make a rental agreement with your tenant with all the terms and conditions specified in it. Things like tenancy period, maintenance costs, wear and tear, and damage to the property should be included in the agreement. The agreement needs to be signed by both the parties mutually and needs to be stamped and signed by the registrar of the government.
You should discuss with your tenant about maintenance costs if they are not included in your agreement. You should make sure any repairs needed by your tenant are done promptly and answer their queries pleasantly, if you want to sustain your tenants for long term.
When you shift to a new place temporarily, be it for some time or a few years, it is wise to rent a property rather than investing a large amount of money and purchasing it. Renting has many advantages over buying a house and when taking a decision about whether to rent a home or an apartment you should consider your current lifestyle and preferences. Here are a few advantages of living in a rental home rather than an apartment.
- More space: The biggest advantage of renting a house over an apartment is that houses are spacious, airy and large. If you love to live lavishly and have a grand lifestyle then you should rent a house as it is the best way to enjoy your preferred lifestyle without spending a lot of money.
- Economical: Another advantage with renting a house is that you don’t need to pay any down payment and bear expensive maintenance costs. If you have a large family a house will be very suitable as there are more rooms and big halls to accommodate the needs of your family.
- Good location: By renting a house you can live near the city or in a posh residential area surrounded by people in similar houses. Apartments are usually located in commercial areas and make it difficult to communicate with neighbors.
- Outdoor spaces and yard: Renting a house has another advantage that it has outdoor spaces and usually comes with a yard. You can have outdoor seating arrangements and use your patio to throw party to your friends along with play area for your kids.
- Less responsibility: When you rent a house you are not responsible for any renovations and maintenance as your landlord or the property manager is there to take care of everything. If there is any electrical, plumbing or any other issue, you just need to call the landlord and the work is done.
- More privacy: While living in a rented home you can enjoy more privacy as compared to an apartment where you have a number of neighbors. Unlike apartments, in a house there is no noise disturbance and it is the best option for people who are settled and with families.
Renting a house involves more security and better amenities. Although renting a house can be expensive but the benefits of renting a house over weigh any disadvantages that it may have.
With the growing US rental market there is no dearth of rented properties, so it is essential to stage your property properly to get good tenants. You have to be competitive to attract tenants and your rental property should be appealing. Here is a list of some home staging tips that will help you find a tenant for your house quickly.
Improve the landscape
To make your home inviting and appealing you must improve the landscaping. Making sure that the entrance to your home is clean and spruced up goes a long way. If you have a lawn, then maintain it well, mow the lawn, edge it along driveways and sidewalks and have seasonal flowers. Decorate the entrance with potted plants and if required, repaint the walls. Improving the curb appeal is quite essential as it forms the first impression on the tenant.
Depersonalize and de clutter your interiors
Preparing your house for staging can be challenging for some people as they are not experienced in interior designing. You can consult or hire a professional home stager to make your house appealing for the potential renters. It is essential that you remove most of the personal items, family portraits, toys and magazines so that the tenant can envision living in the house. Also to create the illusion of space you should remove heavy furniture and de-clutter the house.
Clean the floors
Flooring is noticed by all tenants and it should be clean and new. Dust, vacuum and mop the floor before the tenant visits for staging. If it is in bad shape, especially the bathroom and kitchen, then consider hiring a professional cleaning company to do the job. They will use professional cleaning agents and make your floor shine like new. In case the flooring is stained, broken, or chipped you should consider replacing it.
Repaint the walls and windows
The best way to give your house a clean and new look is to repaint the walls and windows. This will infuse a new energy into the house and using bright colors will also make your rooms appear bigger and brighter.
Maximize the lighting
While staging your house for renting, make sure that you maximize the lighting. You should turn on all the lights, open blinds and curtains so that there is sufficient light in the house. If you are staging your house at night you should light up the walkway lights and floodlights as well.