Many people have their dream homes. Most are still saving for the money to build one, and while doing this, they are probably just living with a family member who owns a house or they may be renting a residential property. One other reason why a person or a family may rent a residential property is that they are new to a place because of a job transfer. Renting a residential property is more cost effective for most people.
Are you one of those who plan to rent out your residential property because you need extra income? Renting out a house and letting someone else live in your dream home is not for everyone. If you ever decide to rent out your residential property, make sure to consider the following points:
Make sure that everything is documented. It is mandatory to have a residential agreement form wherein the rules and regulations as agreed upon by the tenant and the lessee are clearly stated. This document also includes the property's address, tenant's information as well as the rent and payment details.
Make sure that guidelines are well established regarding cleanliness and maintenance of the residential property. Scheduled checks by the landlord are recommended.
Will you allow the tenants to keep pets in your house? Will their kids be allowed to have dogs? Birds maybe? Or cats? Whatever you decide, make sure that it is clearly stated or even documented and well understood by them.
If a fixture or part of your property was damaged during their stay, you should be able to identify what caused it: was it improperly used or was it because of natural causes? In this way, you would know if you are expected to pay for the repair or charge it to them.
The length of notice is important to both the landlord and the tenant. If your tenants plan to leave your property, you should be notified in advance. The length of notice is an important detail and should be included in your rental agreement.
Identify a date when they should pay their rent. Make sure that a specific deadline is set for a rent to be considered late. In most cases, landlords are allowed to charge a penalty fee for late returns. Deposits are required in most states. This will ensure that any damages caused by the tenants will be covered.
Is your residential property fully furnished? If not, what are the specific furnishings that will be included in the rent out? Make sure that these details are included in your agreement, so when your tenants move out, you would know, what stays in your property.
The relationship between a tenant and a landlord starts after the agreement contract is signed. Most communities have their own housing rules. Those mentioned above are suggestions, that when taken into consideration, should turn into a smooth and long lasting relationship between you and your tenants.