When you think about making money from property, your first thought might be buying and selling. It’s possible to make a really good living from doing this, when you buy cheap and make improvements you can sell for a big profit and achieve this in a fairly short space of time. However, renting is another fantastic option and if you want a longer term investment this is the way to go. Here are a few things to bear in mind when it comes to renting out properties.
First things first, you want to cover your back as a landlord. You will need to make sure all safety checks and inspections are up to date, and that you have the right insurances. These will protect you if your tenant stops paying or if damage is caused to the building. They will also protect you if anyone is hurt as a result of your property.
Use an Agent
Using an agent like American Real PM – Fort Worth Property Management can be really beneficial when you’re a property landlord. The agency will deal with things like referencing and tenants, answering their queries, chasing up rent and much more on your behalf. So whether you own lots of properties and don’t want the hassle, or just own the one but work another job this can save you from having to deal with tenants directly.
Think of Decor and Furnishings
When it comes to rental properties, your best bet is to keep things neutral. Paint the walls a light neutral such as white or magnolia, this will help to bounce the light around making the place look more spacious. It will also create a blank canvas for tenants and won’t put anyone off since neutral will appeal to everyone. Another advantage for keeping your rental property neutral is you can easily check for damage at the end of the tenancy. While you have to allow for fair wear and tear, it’s easy to check over plain walls to make sure no large areas of damage have been caused. If you’re going to allow tenants to hang pictures or redecorate, be sure to put in the tenancy agreement that the property has to be returned to its original state when they leave. Between tenants, it’s easy to give everywhere a quick coat of paint to freshen things up, and it generally makes things easy for you. For flooring, hard wearing options like laminate and wooden floors work well upstairs, with hardwearing loop pile carpets upstairs. You don’t want flooring that’s going to need replacing often, so if you choose well now you save yourself time, money and hassle later on. Most homes don’t need to be offered furnished with tenants usually preferring to bring in their own furniture. However, for some rentals its needed. For example, if you’re renting to students they’re not going to want to buy or bring beds and appliances with them! You can buy furniture that’s specifically for the rental market which is more hardwearing, built in furniture is another option. Be sure that your bond deposit amount reflects the value of things like fixtures and fittings, so you can afford to replace them with the tenants bond if they are damaged.