Renting your home or one of your properties, can be a great way to earn some extra money and pay off the mortgage you have taken out on your home. However, it is important to note that many renters will not take care of your home the way you would. Keeping this in mind, here are a few situations you may face when placing your home on rent;
Renters can do a lot of damage – Although you will have one month’s (or more) rent in advance for breakages and repairs, it is important to note that renters can do a lot more damage. This is especially true if you are renting a home that is fully furnished or includes a large garden. When renting a furnished property, make sure you don’t have any valuable like expensive paintings, glass and sculptures. Keep the space simple with the minimum furnishings. Include a visit to your property every 3 months. You could even draw this up in your rental agreement.
Good tenants – If you find a tenant that fits your criteria, choose them over a tenant who is willing to offer you more rent. This is because, they will take good care of your home and you in turn will have the peace of mind in knowing your home is safe.
Repairs – Most of your repairs will be handled by the tenant. But larger repairs, such as plumbing, replacing electrics due to old age etc, will have to be handled by the owner. It is best to include what will be handled by you and what will be the responsibility of the tenant in your rental agreement.