A house is likely to be the biggest asset you will ever own, which of course makes it a huge financial responsibility. If you're moving out, but feel it isn't quite the right time to sell, renting may be a viable option. Having said that, there's far more than meets the eye to being a landlord and it isn't just a matter of popping up a "For Lease" sign in the front yard. Read on to discover some handy tips for renting your home. Preparation is key Presenting a well-maintained, clean home can make a world of difference in the applicants you attract and the rental income you can achieve. You are more likely to attract tenants who will take pride in the property and take good care of it. Make sure the property is safe for future occupants, and that it adheres to necessary regulations - including smoke alarms, window latches, and secure door locks. Treat your tenants well This should go without saying, but if you take care of your tenants, they are more likely to stick around for longer. Tending to any maintenance requests or issues in a timely manner, and keeping the rental price reasonable in alignment with market prices will generally keep them happy. As long as you have tenants who are timely with their rent payments and keep the property neat and tidy, it's advantageous to keep them for as long as possible. Each time you need to rent it to new people, you face more advertising fees, potential gaps in rental income, and exposure to new tenants who may not take care of the property as well as their predecessors. Outsourcing is an option Contrary to popular belief, being a landlord isn't just about throwing open the doors to your house and collecting income every week. If you're looking to self-manage the property, you will need to be flexible, patient, prepared to handle diverse personalities, and navigate conflict and confrontation where necessary. Repairs may need to be performed at the drop of a hat, and if you suffer the unfortunate fate of taking on tenants who don't hold up their end of the agreement, legal action may even be required. If that sounds completely overwhelming to you - and with good reason - hiring a property manager to take care of all the daily operations is a really good idea. Enter the Bendigo real estate experts At Mark O'Shea Realty, we know the Bendigo housing market like the back of our hands. If you've taken the tips for renting your home on board, and are ready to take the next step, then talk to us today. When it comes to Bendigo property management, you won't find a team more suited to overseeing your investment property and ensuring it is taken care of. Our signature Fair Go Guarantee also applies to the property management side of our business, so be sure to check that out.
