How to turn your home into rental property?

Dec 21 2018

It’s a much better decision to let your home on rent than keeping it idle till the time you get a good enough deal for it or just because you need some extra cash to support your income.

While this seems like a nice idea, there are a few things you must consider before turning your home into a rental property. Preparing for it wisely will keep you secure from mishaps and uninvited problems.

Get Insurance

Before handing the keys of your home to your tenants, it is always advisable to get home owner’s insurance for yourself. There are several benefits to it.

First of all, it safeguards the integrity of your tenants in the case of an emergency. It is always wise to prepare for the worst when you are going to be away from your home; there could be damage due to storm, or cooking gas explosion, there could be anything. A homeowners insurance guarantees reimbursement of rental income, helping you cover costs and ensure a constant flow of income.

Necessary Renovation

If you’re turning a house or an apartment into a rental property, that has not been accomodated from a long time, make sure you check everything is as you left. The property could need some cleaning to be done, window panes might need some repair or the water pipes might need a check. You can also consider a quick paint job to improve the aesthetics of your property, which will take its rental value to a whole new level.

Get a Permit

You might think that a residential property can be converted into a rental property without a legal permit, but actually one is required and it works the other way around. It concerns the safety of your tenants. Getting a permit involves an authorised person to visit your house who will make sure all the electrical fittings, gas pipeline and other amenties don’t pose a danger to the occupants. This will also indemnify you if anything goes wrong.

Get The Word Out

Now that your property is ready to be acquired on rent, you have to let the world know about it. The fastest way to do it is to contact a rental real estate broker and sign a renting contract with them. They will be able to advertise the property to potential buyers and would carry out tasks like publishing newspaper ads. This will ensure that your property is rented on time and you can start generating income out of it.

Conclusion

While hunting tenants is challenging enough, tenants who will use your property appropriately and pay rent on time are even harder to manage. So, we recommend getting a broker involved who can deal with the tenants on your behalf and make the process of letting out out your home less of headache.

Spacio Realtors is a leading rental real estate broker firm offering excellent brokerage services. Contact us today for effective consultation on rental properties and quicken up the process, if you are finding or letting a property on rent.      


You should consider these before renting a room

Dec 19 2018

Second thoughts come storming in when you start thinking about selecting the right house. Needless to stay, it will become a place where your days will begin. You better make it worth a lifetime!

An adrenaline rush hits thinking of unpacking in the new home. But, will life be better there? Or, what if it is unhygienic?

I remember, the time when a client who was looking forward to changing his apartment because of bed bugs.

Well, his story left me appalled. We can call it his carelessness or bad luck, but some things better are checked thoroughly. It is not easy to shift, you see! it’s exciting for once, you wouldn’t want to do it every other month.

No, I am not asking you to be whiskey serious, keeping the excitement at bay.

However, be a little conscious, just to be on the safer side and not end up frustrated.

Let me share with you the 5 major aspects you should check before renting an apartment:

1. The landlord’s policies and lease terms:

Well, when it was me searching an apartment for rent, it was decades ago though, there weren’t as many policies as there is today. You need to check with the landlord, about what are the constraints there are. Check with the roommate, and other people living around.

What is the down payment/security deposit, besides that, what is the lease term?

How many people can be accommodated in one room? Are pets allowed? How long before do you need to intimate the landlord about leaving the place?

There are certain aspects you should be crystal clear about, prior to deciding on renting one house.

You can check for all the options around, and jot down the various pros and cons of each place considering your personal priorities.

2. Cleanliness:

This one is of peak importance for anyone. Even if you are messy yourself, you wouldn’t want mosquitos and insects taking over your place. You are only paying for yourself, no?

Besides, check the sanitation, the drainage system, the flooring, the water amenities, the doors, the roof for any leakage and everything.

Yeah, in my experience, check the matrices as well, if provided.

Watch how spacious the place is, how many beds can be arranged comfortably and the almirahs.

Yeah, don’t forget to ask about a maid, who can manage the cleaning if you can’t.

Also Read: Why are apartments better than homes?

3. Needing a rental agent:

In the years of experience, we have in the field of real estate consultancy and broker services, we have dealt with numerous issues from people who preferred online search over expert advice. I wouldn’t want to comment on that, you should consider hiring a rental agent/consultant.

Evaluate how much it would cost, and make your decision. Feel free to contact us for any sort of guidance in that matter.

4. Utilities:

This one is peculiar, as there would be some utilities paid and some embedded in your rent.

Check, how much on an average each amenity will cost?

For instance,

You shouldn’t avoid the fact that you own an automobile, or if not, there is a possibility that you would.

For that matter, it becomes Cardinal to check for the parking space there is.

If you are renting a single room, in a place, this one can be a little problematic. However, whilst renting a full fledged apartment, mostly this is provided.

See if the sockets work properly and are the placement in your convenience.

Also Read: Rent or Purchase: things to consider before making a choice.

5. Commutation:

See how well is the house is connected with market, your workplace, and other places. you wouldn’t want to pay more than what is feasible in commuting.

Most places are a far-far away land, certainly, it isn’t a good idea considering those.


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