Becoming a landlord 101
Being a landlord can be a very rewarding, as well as a challenging title. Every landlord has his or her share of the responsibilities, as well as certain rights. Moreover, there are always pros and cons of owning a real estate, no matter the type of property you possess. However, if you decide that becoming a landlord is the right thing for you, read on. Here is everything you need to know about this venture you are about to take.
The first step to becoming a landlord – knowing your rights and responsibilities
You can`t know whether you are ready to become a landlord unless you learn what the job requirements are. Hence, the first thing you should do on your way to becoming a landlord is familiarizing yourself with the landlord-tenant laws. This way you will save yourself many hours of stress because you will know when and if the tenant is breaking the law. In this case, the law will work for you. There are many details to landlord-tenant laws, but here are some of the things you should pay special attention to:
- Learn about the eviction process when becoming a landlord.
- The obligatory landlord repairs.
- The length of the lease and the amount of the maximum security deposit.
Use the internet when researching the law. You can find everything you need by doing so. The knowledge is a couple of clicks away!
Choose your rental property wisely
So, let`s say that you have looked into the landlord-tenant laws and you have decided to proceed with your intention of becoming a landlord. Good for you! The next thing for you to do is to choose your rental property wisely. Not every property is easy to rent.
A desirable location can seal the deal. You will rent out a property more easily if that property is in a good neighborhood. Also, the proximity to different businesses and schools is something a tenant will first pay attention to. Try not to buy a property in a neighborhood that is not already stable. You will be a more successful home-owner if you invest some money and buy a house in a good neighborhood.
The location is also important when choosing your movers. Each city or state has some quality moving companies. So, consult your Ontario movers, for example, and find out what your part of the job during the move is.
The type of the property is another thing to pay attention to when becoming a home-owner. There is a big difference between a house and an apartment, for example. If your goal is to rent out your property, buying a house that is too big is not the best idea. Instead, focus your attention on something smaller. Those types of properties are more desired.
Decide on your deal-breakers
Before you are ready to let tenants into your house, you need to decide what your limits are. When deciding whether they want to live in your house, the potential tenants will ask you many questions, such as:
- Will I get a furnished or an unfurnished property?
- Am I allowed to smoke in the house?
- Can I keep pets?
Be prepared to answer those questions. And be honest with your potential tenants. Don`t say yes to something only to change your mind later on.
Choose the tenants carefully
The tenants are the people you are trusting to take care of your valuable property. Thus, they need to be the people you have absolute trust in. When becoming a landlord, give yourself enough time to choose trustworthy tenants. Here is how to do it!
Advertise your property
A good advertisement can go a long way. If you advertise your property correctly, you will attract a variety of potential tenants. At least one of them will be a good match for you. When hosting an open house, make sure to clean the house properly, and take care of small decorative details. There are a lot of cheap home improvements you can do that will increase the value of your property. Also, make sure to post flattering pictures on different sites so that people can have an idea of what your house looks like.
Screen your tenants
Let`s say you are getting ready to become a landlord and have chosen your future tenants. The final step you need to take is to check their validity. By doing a tenant screening, you will find out about:
- A criminal history.
- Their payment history.
- Prior eviction records.
- Their employment status.
We can`t stress just how important knowing all of these things is. It is something that can potentially save you from a lot of trouble. Better to do the work sooner rather than later.
Take care of your property
Taking care of the property is a responsibility of both the tenant and the landlord. As the landlord, your duties are to maintain the property. A good landlord will make sure to do all the repairs a house needs and to clean the gutters and schedule a pest control. If you regularly check on your property, you will know in due time what is broken and what needs to be fixed. Moreover, you will know whether your tenants are doing their part of the job and keeping the house neat and tidy. All of these are the reasons why good landlords take constant care of their property. You are not ready to become a landlord if you are not ready to put in the necessary work.
That would be our short but, hopefully, useful guide to becoming a landlord. What you need to keep in mind is that this job can at times be difficult. However, the benefits by far outweigh the drawbacks. All you need is to get past the hard times.