Are you thinking about turning your place into a rental property? That would mean extra income for you. But before you let it out, there are some things you need to do. Read on.
One of a landlord’s responsibility is to provide a safe place for his tenants. It should be clean and it is up to code before you have it inspected. Most cities will require a home inspection before renting out a home or space for the first time. Also make sure that the electrical wirings are still intact, if not new because faulty electrical wirings are the most common cause of fire. Check that all utilities such as gas, electricity and water are all working.
Once your place is updated, cleaned and inspected, you can now start adding them to rental listings. Remember, if your home is safe and clean, it will allow you to charge a higher rent. It may help to advertise in other areas as well because people also check the listings in other areas.
When people start to contact you about your property, do a criminal background check and a screening test to verify if the person is a worthy tenant. This can be easily done with Tenantify, a website that investigates the tenant’s employment record and his capacity to pay the rent. The website does all the job for you, and it is the possible tenant who pays for the service.
Renting out your property is definitely a smart move, but you have to make sure that you are prepared for the stress and is ready for the responsibilities that go along with the lucrative income.