A while ago I was searching for tenants to rent my property when it got me thinking what are the things a person should remember before renting his or her property to some other person. I got so busy during the whole process of considering whether I should rent my property or not that I forgot some primary steps.
Following are some of the significant things everyone should do before renting out their property:
Do not forget to purchase landlord insurance also known as rental property insurance. In addition to certain things covered in a normal insurance policy, rental property insurance will save you from major damage done by tenants. You have to be ready for any type of situation that is what insurance policies are made for! Though rental property insurance will not cover your tenant’s personal property.
Hire a lawyer:
Hiring a real estate lawyer can help you ensure that your lease agreement does not contain any illegal provisions. And it is always a good idea to have a real estate lawyer for any property related work. A good lease agreement should specify the ways a tenant can use your property such as how many people can occupy a rental etc. There are a lot of good real estate lawers in Noosa to begin with.
Prepare your paperwork:
Beyond the lease agreement, there is other paperwork that needs to be done before renting your property. These include rental applications, credit check, authorisation forms, any disclosures your state requires, move in a checklist, move out forms etc. If you are stuck in the middle of your thought process of whether I should ‘rent my property’ or not, then Noosa based real estate agency, Robert James Realty is the best in business.
Getting your home inspected before renting your house is necessary. You can fix any critical maintenance or repair work your house requires.
Redecorating your house:
There is no other substitute for a thorough cleaning and painting your rental property. You have to paint your house before renting it out for a fresh appeal. This much of rental hygiene is required.