Renting out your home or apartment building can be quite lucrative when done correctly. However, you want to make sure that you prepare yourself for your tenants and the responsibilities that come with being a landlord.
1. Get Insured
Homeowners insurance covers specific things, but it doesn't cover much when it comes to rental properties. In most cases, landlord insurance is an absolute necessity for landlords, even if it's not required by law. Things covered by landlord insurance include:
It's important to note what is NOT covered by landlord insurance. Repairs and the tenant's belongings are not covered. It's good to inform your tenant that they have the option to obtain their own renter's insurance to protect their property.
2. Safety First
As a landlord, it's your responsibility to keep the premises safe for your tenants. You can start by simply replacing the locks and alarms before anyone moves in. This makes it easy to track exactly who has access to the home and any other facilities. Don't forget to make extra copies and hold onto them in case you need access to the unit or your tenant loses their key.
By law, you also must provide smoke detectors and fire extinguishers in every unit. These safety measures will help you as well. You'll be the one hurting if you get stuck paying repairs that might have been handled with proper safety precautions.
3. Prepare for Maintenance
Your job as a landlord does not end once your tenant moves in. As a landlord, it is your responsibility to maintain the property unless specifically agreed upon by your lease. This means mowing the lawn and tending to other landscaping needs. This also means repairing anything that breaks in a timely manner.
Before tenants move in, it's a good idea to make things as clean as possible. Steam clean the carpets and clean the unit from top to bottom. You will want to keep pictures for your records to show the condition of the unit before anyone moved in. This will help you evaluate damage when your tenants leave.
To learn more, contact a company like Missouth Properties.Share
16 January 2018
About a year ago, I realized that there were some serious issues with our home. I could tell that we needed to do something to upgrade our residence, so we started looking for a different property. I was able to find a really nice real estate agent who could help, and they worked hard to pair us with the perfect home for our budget and lifestyle. Now I can honestly say that I love my home, and I couldn't have chosen a better one on my own. Check out this blog for great information on improving real estate holdings and finding a better home.