Renting out your house can be a great source of income. However, if you don’t adequately prepare the property to rent it can cause a headache for you in the long run. Successful rental homes require a lot of planning and forethought before the tenant moves in. If you’re interested in renting out your home, here are a few things to do before you hand over the keys to your new tenants.
Performing Maintenance Tasks
Before you rent your home, be sure to take care of any maintenance tasks that need to be done. Not only is this more convenient—it’s harder to schedule maintenance work when there’s a tenant living in your rental property—but it gives you peace of mind to know that everything is in top shape when your tenant moves in. This way you know that if there is any damage that comes up, it’s not caused by a lack of maintenance. You can more easily discover if your tenant is responsible for the damage and hold them accountable if they are.
Drawing Up a Lease Agreement
A lease agreement is essential when renting out your property. This will be a set of rules and conditions that both you and the tenants will abide by, including what parts of the house you will be responsible for fixing if they break. When renting out a house to tenants, it’s important to cover worst-case scenarios in the lease, as well—while you hope never to have to use those sections, it’s better to be prepared.
Collecting a Security Deposit
It’s absolutely necessary to collect a security deposit from your tenants, usually in addition to their first month’s rent, before they move in. This gives you some leverage should they cause any damage to your property that was not a result of improper maintenance and will allow you to cover any maintenance costs that arise from the damage they cause.
If you need any maintenance done on your rental property, the professionals at Lone Star Pro Services are here to help. Browse our website for a full list of services we offer and give us a call for a free estimate today!