If you are thinking about renting out your home, you will need to consider a few things first before you put it up for rent. You must understand your responsibilities as a landlord. It is your duty to protect your property while also keeping your tenants happy and deal with issues that may arise.
Time to do your research
First of all, you need to become familiar with the market. Look at the homes that are similar to yours and located in the same area. You can then decide if you are placing your rent too high or low. The prospective tenants will steer clear if you are over-charging.
Now you need to think about your target demographic and consider who your property would suit whether it be students, families or professionals. If you are unsure, a letting agent can give you advice on this. Set a competitive price and work at keeping your place filled to ensure that you are working to minimise any rental voids.
Preparing the property
Before you put your property up for rent, you need to decide whether you are going to lease it out unfurnished or furnished. Make sure that you remove all items of value from the property, clean everything and be sure that you remove all old elements. Properties that offer a blank canvas are often more appealing to the tenant. You want to go for a neutral colour when painting so renters can imagine themselves living in the space. Ensure you have maintained the exterior of the home also by doing a general clean up and add some new plants. Consider any rental management fee you might have to pay also.
Hiring professional cleaners can help you to save time as they can clean everything from windows to the oven, giving the home a deep overall clean.
Remember to make copies of all the keys, including doors, windows and electricity meters. It is a good idea to dig out any instruction manuals for things like cookers, alarm systems and white goods, so the tenant has these on hand if needed.
Sorting out your insurance
Your home insurance and contents insurer must be made aware that you plan to rent out your home. You can talk to your insurance company about getting landlord insurance; this will cover the financial losses that are connected with any rental properties that you may have.
It isn’t a legal requirement to have landlord insurance; it is advisable though, as it will protect the home, the tenants and your investment as a whole. There are different types of cover, including some that will pay out if your tenant misses rental payments.
Know all about your responsibilities
As you go from a homeowner to a landlord, you are receiving a whole new set of responsibilities. First, you need to check if your mortgage will allow you to lease your home out to others as some mortgage lenders don’t allow this.
Being a landlord is a regular job, and you need to be available and ready to answer calls 24/7. If a gas leak or water is gushing out from somewhere, then you need to assess the situation no matter what hour the problem occurs. You are accountable for maintenance and repairs and for looking after the interior and exterior of the home when needed. Perth property management services can help you with this.
Research the legal system
Being a landlord, there are plenty of regulations that you need to know about. There are currently over 145 laws that landlords need to be aware of when it comes to leasing a property. Touching base with your solicitor first will ensure you know about everything you need to comply with and what you are entitled to.