Have you ever considered making a bit of extra cash by investing in property? Property has always been a very sound investment as it is often fairly safe no matter what happens to the economy. Even in times of economic upheaval, most properties are able to hold onto their market value. So, there is little chance of your investment losing too much money. But that’s not all, though, as you could make quite a bit of money if you rent the property out. Some investors simply buy a house or apartment, do it up, and then sell it on once the value has increased. However, once you rent out your home, you will be able to enjoy some extra cash when the monthly rent comes in.
So, ready to be a landlord? Here are a few things your tenants will expect from you.
The current housing market is in the favor of homeowners. Property prices are very high at the minute, which means that most families on standard incomes are being priced out of buying their first homes. As a result, more people than ever before are now renting their home. While they rent, they hope to save up enough for a cash deposit. So, understandably, not many families will even consider homes that come with high rent. Take a look at the market average for rent in your neighborhood and use this to see how much you should charge.
A Safe Home
We all want somewhere safe to bring up our families, and your tenants will no doubt want this as well. So, make sure that the property is safe and secure ready for them to move into, and you also need to be prepared to take care of any repairs or maintenance that needs taking care of. If you don’t have time to sort all this out, you might want to find a residential real estate agency that also offers property management services. These firms will take over all your admin and maintenance for you for a reasonable fee each month.
Utilities Up And Running
These days, most tenants expect to move in and find that all of their utilities are already up and running. These include things like gas, electric, and internet. Even though you don’t have to pay for these for them, it’s still a nice gesture to get them up and running so that all they have to do is take over the account name with the supplier.
Something else that more and more tenants are coming to expect is a home that is environmentally friendly. So, it’s worth taking some extra time to ensure that all of the various systems in the property are eco-friendly and won’t push up the tenant’s carbon footprint. It’s also worth improving the insulation in the house to ensure it stays warm better through winter so the tenants don’t have to rely so much on heating the house.
So, think you’re ready to earn some cash as a landlord?