Deciding to rent your property requires you to consider a few different things. Today, we’re talking about what you need to be prepared for when you decide to put your home on the rental market.
Insurance for Rental Properties
If you decide to rent, you’ll have to change the insurance policy to a landlord policy. This will cover the structure and any of your personal property. It also provides you with liability protection if there’s an injury to the tenants and they decide to sue you.
Maintenance and Repairs
As a rental property owner, you also need proper maintenance and upkeep. Consider whether you want to be the person who manages this property or you want to recruit the services of a professional property management company. Remember that a professional company will take the headaches away from you. You won’t have to worry about phone calls in the middle of the night from tenants who are having an emergency at the property. You’ll also be sure your property is rented for true market value, and your tenants are taking good care of the home.
A good property management company will make sure your property is occupied by well qualified tenants. We screen tenants thoroughly. We make sure the tenants can afford the rent, and we check to see if the tenant is in a position to stay long term. We consider whether you want pets, and we do regular inspections so we know exactly how the tenant is maintaining your property.