If you’re considering renting out your home, there are some important steps you need to take to protect your property. Any residence is a big investment, so it’s important that you don’t skimp on these details. Otherwise, you could find yourself facing some serious issues down the road. Fortunately, there are ways to protect and keep your rental in top shape.
When you’re not there every day to look after your property, small repairs can quickly turn into big ones, leaving you shelling out large sums of money to fix the problems. Make sure you walk through your rental with a critical eye before turning the keys over to your tenants. It’s also a good idea to check in with them periodically to see if the property needs any fixes. Also, make sure to schedule regular HVAC maintenance service so that you’re not left paying for a pricey emergency visit from a technician when the air conditioning suddenly decides to stop working.
Shielding your investments is vital, and your rental property is no exception. As the owner, you almost certainly already have a rental dwelling policy that covers the building itself. However, many landlords require their tenants to also carry renters insurance and make this a provision in the lease. According to Century Insurance, renters insurance protects you from liability, protects your belongings and is affordable for most tenants. You can also require proof of purchase before move-in day. This is an indication of a potential occupant’s personal responsibility and capability of paying the rent. Protecting your assets should be a priority when you are leasing your property.
Although it’s important to get references from a tenant’s past landlords before they move in, it might be easy for them to only list people who will speak favorably of them. According to RentPrep, you’ll want to perform a thorough background check as well. Look for any issues with unpaid rent or property damage. You should also verify their salary to ensure they’ll be able to afford their monthly payment, and see if there are any outstanding liens or wage garnishments that could prevent them from doing so. Selecting good tenants is one of the most important things you can do to have a successful renting experience.
You’ll need to perform your due diligence to get your property ready and find responsible tenants. By repairing problems as soon as possible, getting renters insurance, and having a background check, you’ll minimize potential difficulties.
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