There are stages in life, for example, moving in with a partner or inheriting, that provide the opportunity to sell or rent out an unused space. Having decided to rent, the next things to consider are how to go about it successfully!
While the prospect of some extra income can be enticing, it is important to take into account everything that needs to be done to rent out a house or apartment. Although not a complicated process, certain things can be put in place to make the experience smoother.
Renting involves looking after yourself, the space, and any liabilities. The owner has a responsibility to their tenants; because renters are not permitted to change anything about the house. The owner is also responsible for upkeep and repairs.
As usual, peace of mind comes with speaking to the experts. Insurance companies such as BST Insurance Brokers, provide the information and the coverage needed when renting to tenants.
Being A Landlord
With one of the main responsibilities ticked off the list, there are a few more things to prepare for when it comes to being a landlord. Depending on the space, this could include home improvements, health and safety requirements, and much more.
A decision needs to be made whether you will be rented with an agency or not. The advantages to an agency being that they take care of most of the administration, and they already have the tools and systems required. Making arrangements independently also has advantages, including not paying agency fees.
Once the decision about an agency has been made, many of the other elements of the rental will start to fall into place. Some further considerations in property rental are how long the property will be rented out for, and what kind of tenants will the property attract.
The answers to these questions will help set the price point, determine when and where adverts should be placed, as well as the small touches required to make the property suitable to tenants. For example, the space might be located near a university, so it will attract students. If the property is vacant as a result of downsizing, then perhaps the ideal tenants will be a family.
Having a neutral but appealing space will provide the best results when tenants are viewing. Be sure to highlight the distance to mass transport or perhaps different parts of town; this will help the property catch the eye of its target audience.
Putting in place the right paperwork, such as insurance, and answering a few key questions prepares both the owner and the rental. Without planning, becoming a landlord can be a stressful and time consuming undertaking. By following these tips, a prospective landlord can avoid taking on a 24/7 job, and successfully look to generate some income from a property.