5 Tips for First Time Landlords

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Anyone who has been a landlord before will probably tell you that it’s not a walk in the park.  It is more complicated than just receiving a cheque every month.  Here are a few things I recommend you consider before renting a property.

Rental properties are a great source of additional income.   Many times, they can cover their own costs, pay your mortgage, and even give you some extra spending money on the side.  However, don’t always expect a fast and easy money source.  Renting your property can also require funds and can cause you quite the headache.  You will need extra insurance for the rental property, will be responsible for fixing anything that breaks in the apartment, and don’t forget that you will also have to pay tax as the money you receive from the tenant is considered income.  It is very important that you research the tenant and landlord laws before doing anything.  It is also a good idea to have a lawyer handy just in case an issue arises with the property or your tenant and you need advice.

Before renting to anyone, consider creating a checklist of everything you need to do before a tenant moves in.  Does it require any maintenance?  Do the walls need painting etc.?  Do this once, and you won’t have to do it again.

It is really important to have a properly written contract.  If you are not using a realtor, you will need to find one on your own.  There are samples on the internet, make sure you read through any very well before utilizing them.  The more details and clauses you put in the contract, the better.  Although this can be tedious, in the long run it will protect you and make your rentals run smoother.  In addition, if you and your tenant ever have a disagreement about the lease, you can always go back to the contract.

Also, I can not emphasize this more.  BE PICKY.  One way to lessen the troubles of being a landlord is to make sure you have quality tenants.  When someone applies for the house or apartment – check them out.   You can request rental history, why they are moving, where they work, how much they make, how good their credit is, and even a criminal record check.  Do you due diligence and check them all out. Verify as much as possible from the information they provided.  It is so important to have someone you know will treat the place well and are trustworthy and know that they will always be able to pay the rent.   If you can’t find a tenant like this right away, I recommend waiting till you find the right one.  Trust me; it will save you time, money, and effort in the long run.

If you would like to list your rental property through a realtor (which I highly recommend) they will be able to provide a contract and will check out any potential tenants for you.  Please let me know if I can assist you in renting your property.

Sincerely,

Astra Mulawka
Sales Representative
Better Homes and Gardens
Real Estate Signature Service