CheckList To Be Done By A Property Owner
We understand how important it is to handle the investment properly. Being a landlord is not just about the money. If you are thinking that I should rent my property, then you are embarking upon taking new roles. You need to make sure that certain rules and regulations are followed, compliances are done, the tenants are reliable. Now that you have made a big investment in your property already, it is not harmful if you are a little bit more and ensure that your tenant is a reliable person.
We have prepared a comprehensive checklist
on how to properly guide yourself while renting a property. These include some
essential tasks which you must accomplish before and after you decide to give
accommodation to another person.
1. Know your tenants
Before you decide that I should rent my
property, you should get to know who you are giving your property to. Your
tenant may or may not like the property, and you also have to decide whether
you would like to give them your accommodation. Get information about
their previous employments, landlords, places, any criminal records, employment
capabilities and so on. Make sure you do your basic research before you go on to
sign the agreement.
2. Be aware of the responsibilities
When you are renting out your property,
there are legal and economic responsibilities of both parties. You must be
fully aware of them before you sign the agreement. Ensure that you put them in
the agreement itself in writing, but don’t forget to talk face to face with the tenant
itself and make them understand their responsibilities like paying rent on time,
fixtures, etc. You can also get landlord insurance in case some mishap happens
due to anyone’s fault. Also, make sure that you equip yourself with your own
responsibilities to avoid any clashes in the future.
3. Make the place safe for anyone
No matter you are giving up your accommodation
to someone else, this must not stop you from taking all the safety measures you
are obliged to. All the appliances should be working properly, the gas equipment
and electricity should be safe, there must be fire safety provisions such as smoke
alarm and detectors. There should be fire ducts in the kitchen. All these
should be provided to your tenant, and you should also inform the tenant of all
these safety measures. Along with this, they need to be informed about the
prices and energy consumption which they have to bear later.
4. Make an inventory list
Making an inventory list will help you keep
a check on all the items you are providing to your tenant. It will help them to
know and make sure that nothing is misplaced during use. If some inventory is
old, inform the tenant that also. Make sure that the entire place is not filled
with old worn-out products and furnishings only as it will get a bad impression on you.
5. Maintenance and repairs
Usually, the general practice is that the
landlord takes the responsibility for all the repairs, Maintenance like painting,
etc. Unless otherwise agreed in the contract, the landlord has to pay for it. Small
damages to the property such as crockery breaking, minute breakages might be dealt
with by the tenant itself, however bigger ones such as the painting of the house, breaking
of the pipe duct, all have to be taken care of by you if the agreement permits. To
ensure there are no confusion and clashes in the future, list out these responsibilities thoroughly in the rental agreement. It will help you plan the expenditure
accordingly for your property.
6. The place should be ready for
rentals
If your property isn’t furnished properly or equipped with the necessary equipment, it will be harder for you to find a
genuine tenant. A sofa, a TV, a wardrobe for the bedroom, WiFi, chairs, coffee table, are some basic amenities that should be provided by you especially if you
are putting up your property as vacation home rentals. Your kitchen should
also have some basic appliances like a stovetop, crockery kitchenware. Some additional
amenities like iron, coffee machine, storage place can help you get better rates
and will get reliable tenants for your vacation home rentals.
7. Tenant needs to be informed of
everything
If you have some services, requests, and
others that are included in your rental agreement, you can also inform the
tenant personally about them. This can include garbage guidelines, pet rules,
etc. If you have certain rules, then also you have to inform the tenant about
them. If you have gardens, terraces etc then your tenant will be interested in
knowing his or her rights regarding them. If you have holiday vacation rentals,
inform your tenants about all the services so that they are happy while renting
your home. There is no need to lie about your services as it can attract legal
action also.
8. Picture your place
If you are renting your property, make sure
you take good, worthy and real photographs that help the tenants to decide
about the quality of your accommodation. This stands true especially in
the cases of vacation holiday rentals because there the tenants usually don’t
get to see the property until they come to live there. Add some extra photos of
the special amenities you provide, of your garden, views, sunsets, bedrooms,
bathrooms and so on. The more your images are descriptive and authentic, the
more is the chance for you to proper by renting it.
Finding a good tenant is not an easy task,
it takes effort, time and even money. However, with basic amenities and good
services, you will always be able to find a reliable tenant. Remember the rule
that what you give is what you get. If you send out unreliable information, you
will get unreliable tenants in the future. If you want to earn with your own
property, then these rights and responsibilities will help you go a long way on
the road to prosperity.