Many people lure over the idea to rent out their homes in down market while outing in vacations. This may be for seeking some extra benefit, income or to save some money to pay bills, add more luxuries or even a substitute way turn things into better economy. These motives can be plentiful but it might become more painful or trouble causing when it’s without appropriate considerations or procedures aren’t made. Becoming a landlord is not that easy or tension free thing, there are several considerations to make other than assuring that having a good tenant. Becoming a landlord is more trouble causing than it sounds good to get some extra money. Here there are few steps that will help you get into right direction-
- Understand the responsibility
First and above all is the decision to understand whether you are able to handle the obligation of being landlord or not. There are numerous benefits of renting your apartment such as ability to generate income rather than vandalizing your empty house, gives you ease of tax break which can possibly create profit.
But other than this being a landlord is a responsibility which the landlord needs to fit in his life as sometimes it may happen that things may fail to run smoothly. In fact, it is safe to assume so. You will need to keep eye on the maintenance skills of tenant, patience for expecting a less appealing house, stay on repairing and maintenance and above all collecting rent on time.
- Prepare your home
Renting your home is not easy or a one-step procedure. In down market you won’t be able to rent your apartment as it is. Tenants are choosy and attentive, if they are seeking for rented home it implies that they are ready to pay and get facilitated. Thereby they’ll seek for a better option and in city like Brooklyn there are various options available according to pay scale.
Prepare you house by thoroughly cleaning, aesthetically decorated.(For more information on art and culture you can read more here.) Make sure the appliances like washer and dryer, air condition are in good condition and working well
- Advertise properly
In research it has been found that use of adjective words like “granite”, “state-of-the-art”, “stainless steel appliances”, “vaulted ceilings”, “maple”, “gourmet”, “Korean” and “wood floors” help in getting renter. And make sure to use the mention words in your advertisement in house as well. Post the advertisement on authentic and reputed websites, frequently visited places,church, grocery shops,etc. to get more calls.
- Set a competitive price
Set the cost of your property by learning what other renting properties and websites are going for in your neighborhood. Potential tenants go for scouting around deals, so set your rent at competitive price and make sure to highlight the valuable aspects of your home.
- Screen tenants carefully
Choose the tenant very carefully. You don’t need to seek only the person who pay rent on time, but also one who keeps your home in good condition. If you are cohabitation with that person learn his habits so you won’t get nasty surprises. Check their histories and even after all these take safety precautions to avoid any mishaps.