As a real estate professional Joe Armato can act as an agent for a rental property. Making the decision to rent is very important. People often think of renting their home or a portion of their home in order to earn extra income for bill payment, or just for extra money in your pocket.
There is nothing wrong with this, however, we all suffer when a deal falls through. When renting your property keep these suggestions from Investopedia.com in mind.
Understand the Responsibility you have
As yourself if you can handle being a landlord. While the benefits are vast, the duties that you will have to take on are also numerous. You will have to take on repairs, stay on top of maintenance, collect rent, keep your property appealing for buyers and keep an eye on your tenant’s housekeeping skills.
Keep the Home in Top Renting Condition
Prepare for the new tenant by thoroughly cleaning your home and making sure that all appliances are in good working condition. If you are only renting a portion of the house, ensure that that area is secured from the rest of your home. Once this is done, make note of what is the most appealing in your house and use those as your selling points.
Hire a Professional to help rent your home
Talk with attorneys and other professionals to ensure that you are abiding by tax laws and local property rules. An attorney can also help you understand the landlord-tenant laws which may vary depending on where you are and you can also receive help drawing up the lease. You want to do a good job at this so it is important that you take all the necessary steps and precautions to protect yourself and your property.
Set a Competitive Price
Research what the rental properties in your area are going for and set your price based on that. More often than not individuals will be scouting the area for deals so keep your price competitive.
Screen Tenants Carefully
You need to be able to depend on your tenants to pay your rent on time and keep your home in good condition. If you are renting a part of your home, try to learn your tenant’s habits so that you won’t run into any unpleasant surprises. Also gather potential references and check their borrowing and credit history. Take every precaution, remember this person is a stranger.
Renting a home is hard work. However if approached properly, the benefits can be greater than you could ever imagine. Take your time when making this decision and approach all aspects of it with care.
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