Many people are using rental as a way to finance their mortgages. In addition to living in part of the home, a room or section is rented out to another person. This can also apply to full properties. Real estate investment is as popular as it has ever been and rental properties are one of the most likely ways that people are choosing to invest in the marketplace.
Are you considering investing in a rental property or renting out a separate part of your current dwelling? If so, then you’re not alone. However, you it’s not as easy as just posting an opening and someone immediately filling it. It needs to appeal to renters. Thankfully there are some baseline things to take care of without too much trouble. Here are a few tips to help you prepare the space for a new renter.
The first thing you should do is a complete inspection of the space, there are a number of conditions to look out for:
Once you have completed any items that need repairs or updates, it is a good idea to hire a cleaning service to thoroughly clean the space. Take good notes of the final condition of the room to be able to refer to when a tenant departs so that you can use them to determine if you will need to make any deductions from a security deposit. Copious pictures can help keep a complete history.
It is best to consult a professional to ensure that the space meets any local legal requirements and the lease agreement is legal and protects the renter and the tenant both. Without the proper paperwork in order, evicting an unruly tenant can be a daunting task.
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