Renting a home privately is a trend that is catching on as it helps landlords save substantial sums of money. However, it is not as simple as listing the home on a property listing site and connecting to tenants. There are certain activities that the landlord must perform so that the process is streamlined.
What are the things that a landlord should do before renting a home privately?
A landlord should ensure that he has a landlord’s insurance policy before renting out his home. A landlords insurance policy provides coverage against damages done by the tenant or legal action they may take against you.
Engage an accountant
You may not necessarily be aware of the rental tax laws. Therefore, it is recommended that you hire a professional accountant to take care of these aspects. The accountant can also help you minimise tax implications by choosing the right strategy.
Hire an attorney
Get your lease reviewed by an attorney. This will ensure that all the terms and conditions pertaining to it are as per the laws of the land.
Have clear terms and conditions
These include the expected monthly rental, the due date when it is expected, credit scores of tenants, how many occupants are allowed. It is a good idea to establish the smoking policy and rules regarding pets, etc.
Get a home inspection
Getting your home inspected by a professional after a tenant vacates helps you estimate the damages to your property that can be settled against the deposit. Also you can take care of all the maintenance issues to ensure that the home is in a condition to be moved in.
Marketing your home
List your home on leading property portals by uploading a description and high-quality photographs so that the potential tenants are able to visualise the home and select it. You can also advertise in the newspapers and put up To-let boards in the yard.
If you take care of the above aspects, then renting home privately will become easy.