Renting property to someone else can be a lucrative business, however, it can also pose a plethora of problems if things aren’t done right. Here’s how to make sure your rental property becomes and remains a healthy investment.
1. Is Your Property Up To Code?
As a landlady or landlord, there are certain requirements your property is expected to meet. Make sure you are up to date on the latest property rules and regulations in your area. Things to think about include insulation, ventilation, drainage and heating. Talk to a professional if you’re not sure about certain areas and don’t be afraid to bring people in to give you a better idea of any work that needs to be done.
It’s also important to maintain your property as time passes by. Check-in with your tenants regularly and let them know you’d like to be kept in the loop should any problems arise. An open conversation will not only allow you to better maintain your property but also cultivate a better relationship with your tenants.
2. Put In The Work
Very few properties are without their issues, so be prepared to put in some work to bring your rental property up to scratch. Work like this has the potential to be overwhelming so good planning is essential when improving your investment.
A good way to methodically work through any changes that need to be addressed is to list them in order of importance. What needs to be done immediately and what can wait until later? Consider what will save you money in the long run and make sure it’s a priority. Budget and draw up a timeline before starting any upgrades. It’s unlikely that you will be able to get everything done overnight but at least the most important things will get done first, allowing you to move forward with your investment.
3. Don’t Cut Corners
A good landlady or landlord does things the right way. Avoid cutting corners because it’s easier or cheaper – it will come back to haunt you later. Make sure you are aware of both your rights and those of your tenants and respect them. Give your tenants plenty of notice when upgrading and keep the line of communication between you as open as possible. Bring in professionals whenever you’re unsure and make sure your rental property continues to meet requirements in your area.
4. Document, Document, Document
It’s important to keep as much documentation as possible on your rental property, especially when tax season rolls around. As a landlady or landlord, you are required to document all maintenance and upgrades and demonstrate that your investment continues to follow local rules and regulations. Not only will this save you a headache when it comes time to pay your taxes, but it will also hold you in good stead with your local authorities and with your tenants.
