Top 10 Tips For Landlords
Much of the success of real estate investing lies in securing the best tenants for your property and ensuring that you are getting as much rent as possible. These tips are crucial to the ongoing maintenance of your asset and your return on investment through your rental income.
Good tenants will more than likely be attracted to a clean home that is well presented and maintained. Keeping your property in a good condition helps your house keep its value and reduces the amount of costly repairs.
Time to consider upgrades, renovations or even just cosmetic improvements that will help your home stand out?
Have the property clean and tidy. Windows and window coverings, including fly screens, should be clean and in a good condition. Professionally clean carpets to remove any stains. The property should be odour free.
2. Smoke alarms and light bulbs
Ensure smoke alarms are in good working condition and compliant with regulations. Check all light bulbs are working, including in the oven, range hood and outside security lights.
3. Grounds, fences and gates
These should be in good condition. Lawns and gardens should be neat and tidy, and kept as low maintenance as possible. Decks and balconies should comply with current legislations. Properties with a pool or a spa must comply with the current fencing legislation.
4. Fire places
Should be cleaned and checked for safety.
Make sure all chattels provided are clean and in working order.
6. Furnished properties
Check the condition of and update the inventory of items remaining in the tenancy.
7. Repairs and maintenance
Attend to any remedial work required and address potential problem areas including roof leaks, sagging or clogged gutters, leaky faucets or pipes and electrical outlets.
Ensure the property will stay dry and healthy by insulation and ventilation. Window security stays can help with ventilation while also providing security for the tenant.
Two full sets should be available, one for tenant and one for EVES (and you need to keep a key for yourself too of course).
10. Finance and insurance
It’s important to contact your mortgage and insurance providers to let them know you won’t be living in the home.