Renting out your home can be an uncomfortable and even nerve-racking experience, especially if it’s the first time you are embarking on the process. However, with the right expectations, guidance, and advice it needn’t be. Of course, rental investors rent out their properties all the time as its one of the best investments you can have, and with the experience of being a seasoned landlord, and using the right agent, it can become a hassle-free investment whilst your capital grows.
When becoming a landlord however I would like to make you aware of what to expect and also what will be expected of you because as much as it can be a hassle-free investment, this is only possible if you, as the landlord, understand and align your expectations to what a tenant would reasonably expect and what the industry norms would be.
The first and most essential thing a landlord must do is to undertake a detailed in going inspection. This inspection is vital as it becomes the reference point when a tenant vacates. If the property is offered furnished then an inventory must be completed as well. Without all this being recorded you as the landlord will have no leg to stand on when trying to claim for any breakages or damage to your property.
Additionally as a landlord you need to expect wear and tear. This is a grey area, but as a landlord you must be aware that reasonable wear and tear is essentially allowed in your property, as it would be if you were living there. If it is deemed reasonable then this is something that you cannot try and claim back from the tenant’s deposit.
Property repairs is another important aspect to get your head around from the start. A tenant will reasonably expect, and is quite right to expect, a fully functioning property. Yes they know what they are getting when they move in, it might be slightly older, it might not be as modern but everything in that property must work and as soon as the stove breaks or the geyser bursts or the pool creepy stops working, these are things that the landlord must remedy in a swift manner. Ultimately the property was given to them in working order so every effort must be made to keep it that way in a reasonable time frame, as you would, if it was your own home. Probably more importantly, if you know your property is getting old and many things will soon need to be replaced or fixed, then my advice would be to do this before you put it on the market in the first place. If you don’t you will be getting a lot of calls and your supposedly hassle-free investment will be anything but hassle free!
The best tenants are happy tenants who stay on at the property for a long time. This is a bonus because you as the landlord do not have to keep finding and switching new tenants. If you abide by what I have just mentioned, are flexible when needed, and employ an experienced property manager to look after the process, then renting out your property can definitely be a stress free and enjoyable experience.