Three Important Things to Consider When Renting Out Your Property – Whether you’ve just bought a second home and are thinking of making some extra money by renting it out, or your home is going to be left empty for some time while you travel and renting it out to a tenant seems like the best way to go about things, there is plenty for new landlords to consider before handing over the keys. There are many benefits to renting; it can be a good alternative to selling your home if you want to make some money for it but are struggling during a housing slump, and you can be assured that your home is lived in and looked after in your absence. However, being a landlord is a responsibility that you’ll need to fit into your life and being fully prepared is key. Here are some of the main things to consider before you rent your home out to a tenant.
If you’re not going to be physically around while your home is being rented out, or you don’t want to take on the responsibility of looking after all the maintenance and any issues that your tenants might run into, it’s a good idea to work with a property management company. For a percentage of the rent amount that you are paid each month, a property management company will take care of all this for you, making it an ideal option if you are renting out your home while you travel long-term, for example.
Getting good landlord insurance cover is crucial when you rent out your home to tenants. No matter how much time you put into choosing a great tenant who you are sure will look after your property, you never know what might go wrong. Fires can be started accidentally and outside of your tenant’s control and leaking and burst pipes might go unnoticed until they begin to cause damage to the structure of the home.
Be sure to have landlord insurance that covers any unexpected issues that might arise, so that you don’t have to pay out of pocket to keep the home in good repair. Visit Quotezone for cheap landlord insurance quotes. This is a great place to start as all you need to do is enter your details and details about your property into the website and you’ll then be connected with a range of different landlord insurance providers.
It’s down to you to ensure that the home is safe and habitable before you rent it out to tenants. Along with sprucing things up with a new lick of paint, new carpets, and new fixtures and fittings, it’s also absolutely crucial that you ensure your property is following some key safety guidelines. If you are working with a property management company, they will usually take care of this for you. You will need to ensure that smoke and carbon monoxide alarms are fitted and working and that the gas is checked for safety at least yearly.
Renting out your home can be a good way to earn money if you have a spare property or a property that would be otherwise empty for some time but be sure to keep these tips in mind before handing the keys to a tenant.