Renting out your home can be the best decision you can make. It provides shelter for others and a big profit for you in the long run. But it’s not only about the money; there are responsibilities that come with it- and they’re not as easy as you think.
While you can hire someone to oversee your property, it’s always best to check it out yourself. It’s your rental property, after all, and you should be the one to know every inch, including the repairs you will need, and plumbing problems.
Look out for termite damage
A predominantly wooden-built house is prone to termite damage, more so if the property is an old one. If you notice chipped wood that has a noticeable termite infection, call pest control right away. This might be a sign that a large portion of your property is already damaged.
Know your neighborhood
This is basic for homeowners, both new and old residents. Since you already know a lot about your community, including the nearest markets, parks, and churches, this knowledge will come in handy when you talk it out with your potential lessee. This could also spark interest in your applicants and make them want to lease your property.
Draw a rental leasing agreement
As any landlord knows, the foundation of your rental property is your rental agreement. It will cover all of your rental property’s obligations, restrictions, disclosures, and lease terms, as well as the rental expectations to which you and your renter are legally bound, from maintenance requests to the process of collecting rent, returning the security deposit, and paying other fees.
However, it is important to make sure that your lease does not violate any laws or policies. To avoid problems in the future, it is important to have a lawyer look over or draft your rental contract and other legal documents.
Determine a rent price
One of the most difficult decisions to make when renting out your property is offering the right rent price, as you don’t want to underprice or overprice the rent payments. Generally, monthly rent should be competitive enough to attract rental applications without being so high that vacancies occur.
Find out what the average rent is in the area, look on the rental market for properties with similar features to yours, or go to websites that list rental units near the property you want to rent out. Also, social media can be used to check rental property costs because some landlords post their available properties and prices on these sites.
Screen potential lessees
Prospective tenants should be screened.
One of the most difficult jobs for a landlord is screening tenants to ensure they will take care of the rental property. Most landlords want to see a tenant’s ID card and information about their job so they can figure out who they are and if they can pay rent on time or have a steady income.
Some landlords may also ask for an NBI or police clearance to make sure that the renter has never been in trouble with the law. On the other hand, strict landlords do background checks on people who want to rent from them to make sure they can pay their bills and don’t have a history of being kicked out. Choosing a good tenant can give landlords peace of mind.
For more information about the Elanvital Enclaves residences, you can call +63 9271440196 or look at our website.
