"Own a home that’s an investment? We’re sure you must have worked really hard for it. Nowadays,when houses are not as affordable it is important from an investment perspective,to rent it effectively".It is better to rent a house rather than buying a new one unless you have many other liabilities ahead.It allows you to try out different lifestyles without long term commitments; i.e., living in the city centre, in the suburbs, a student neighborhood, near the schools,near restaurants, by a park, on the edge of the city, etc. Sometimes you find living in a particular way is nice for a year or two but that you don’t want that situation long-term.
Here are eight simple things for your rental and property that you should care for:
1. Know the law of the land : It is very important to choose a location that is time-proof and works with the best in the long time run.Also,knowing the good and bad things of a locality will always proves to be very useful while taking decisions about the maintenance and safety of the place. A extreme thorough research on the location also helps in planning for future necessities like schools,parks,hospitals etc.
2. Safety First : It is imperative to have security measures in place before you rent out your house both for your safety and the tenant’s. Safety measures are extremely so critical as it gives you the huge advantage of advertising your property as a secure option which automatically increases its value at par.
3. Hire a Property Manager : When your property is primarily meant for investment, it is always a very good idea to hire a property manager and also to be clear how to start a business by investing in Real Estate Business who can take care of any issues that arises.Property Managers or firms specialize in taking end-to-end care of all the requirements, regular maintenance, tenant screening and much more.They can simplify your life manifold by just being there.
4. Take Tenants into confidence : When you’re letting out your house, being on clear terms with the tenants and doing a thorough check on them is essential. The tenants you choose have a great impact on the way your property is perceived by prospects.
5. Regular Maintenance : One of the safest ways to ensure that your property stays fit and fine is by scheduling regular checks and maintenance. Having a dependable set of people or a property management firm is an added advantage as they are not only familiar with your property but are also extremely reliable.
6. Set up a Check List : One way to keep track of everything related to the property is to maintain thorough checklists for the dos and don’ts for your property. IT will make sure that you don’t miss out on any important aspects like insurance premiums, EMIs etc.
7. Don’t Forget the Insurance : Insurance is your safety blanket and cannot be ignored. Make sure that your homeowner’s insurance covers every aspect of damage and destruction. Before selecting an insurance, read the policies and terms to ensure that you are covering all eventualities and don’t get a nasty surprise later
8. Love The Neighbor : Be on good terms with your neighbors so that they can keep an eye on your investment. In addition to being good neighbors, they are also your first source of help when needed.
All that said above, the decision to rent or buy is an intensely a personal one. Umit Sarhan's goal is to simply make sure you’re informed about that decision, and to give you a great experience for whatever you decide to do.
