You’ve decided to rent out your home, but now the real work starts. While painting, replacing carpets, and making other aesthetic improvements is very important, here are 3 other things to consider when renting your home for the first time.
Protect Your Property with Insurance
Rental insurance is an essential part of protecting the assets inside and outside of your home. Renter’s insurance can cover the cost of lost or damaged items, but it can also be used in the event of a disaster or, in some cases, it can be used to pay for an alternative place for your renter to live (such as a hotel) should your HVAC malfunction or should something else happen that would deem the home uninhabitable.
Hire a Property Manager
If you aren’t the type of person who is willing to take calls at all hours of the day and night, then you may want to consider hiring someone to do property management Watauga County. A property manager acts as a landlord and is the first line of contact for your renter. They will handle all maintenance issues and act as a middleman between you and your renter-so you don’t have to get involved in any awkward situations.
Always Be Prepared for a Bad Tenant
As terrible as this sounds, sometimes even the best tenants can turn sour. Understand the costs and rules associated with eviction in case you have to do it suddenly. Typically, if a tenant does not leave when asked, you cannot simply kick them out and you may have to go to court, which is not always a cheap undertaking.
Renting your home is a great way to make money, but it can take some getting used to. Ensure that you understand the key tasks that need to be handled in advance, and you’ll have a profitable investment property.