Friday, February 21, 2014

Top tips for landlords

Leasing out a property may seem fairly easy, but the leasing process can sometimes become a challenge, particularly if things don’t go as planned. One of the worst mistakes a landlord can make is expecting everything to go smoothly. Keeping an open mind and expecting the worst will help you run your rental property better. Get tips...

Expecting to have a paying tenant all the time is not realistic. There may be periods of vacancy without a renter. You should consider this in your investment, particularly if you bought the property to rent it out.

Bad tenant

Not all tenants pay on time, this is one of the challenges that landlords face. Trying to strike a balance between being a considerate landlord and collecting profits from your rental property is tough. A good tenant with whom you can achieve both things is ideal, but not always the case. For extreme cases, you may have to deal with evicting a bad tenant. You may also face not getting any of the overdue rent. Protect yourself from potential unpleasant situations by running a thorough background check on a prospective client, then draw up a clear rental agreement. 

Property damage

Leasing property involves performing regular repairs and maintenance on your property to keep it safe and livable. Wear and tear from tenant use is normal and should be expected, however, you should also be prepared for severe property damage, whether it's from natural causes or your tenant’s fault. To keep making profits on your property, consider regular maintenance expenses and unexpected repair costs in your asking rental rate. 

Prolonged vacancy

Expecting to have a paying tenant all the time is not realistic because there may be periods of vacancy without a renter. You should consider this in your investment, particularly if you've bought the property to rent it out. This may become a difficult situation if you acquired the property through a bank loan and can’t keep up with the loan payments as a result.


Previous Next

Share
Email

Top Articles

Small spaces: Decor t...
Need a little more leg space in your living room? Use scaled-down sofas, arrang...
Home decor: Tips to c...
Even if you’re on a tight budget, it’s possible to completely transform a room ...
Buying Lots in Valenz...
Our partner is buying several properties in areas in Valenzuela, Quezon City, B...
Tips for designing th...
With imagination and clever design, you can encourage your family to spend more...
Buying Lots in QC, Va...
Our partner is buying several properties in Quezon City, as well as the cities ...
More property news...