Renting your house is usually a much better idea than selling it right away because you can pay off the mortgage while waiting for the price to increase. Some real estate owners are doing only this as their primary business which doesn’t require a lot of time and effort but you would need some organization skills. If you are new to this, it would be best to ask a professional for help.
You will need to have an online presence and make sure it looks more appealing than other properties in your area. There are also legal matters you need go to through and financial opportunities. Get to know letting agents Belfast that can help you out or work on your situation. You can have a property manager or an agency instead of investing your time.
Financial and Legal Aspects
If you are just starting out, you will need a budget to make your home safe and livable. It needs to be in a certain shape and maintaining it will cost you a bit. You will need to have new appliances, paint and small details to make it look better. Remember that you shouldn’t leave anything that is related to your or your family. You can decide who will pay for maintenance which includes landscaping costs, plumbing repairs and similar expenses.
Having one property isn’t that time-consuming but if you already have a few and want to get into this type of business, you will for sure need a manager. You will need to do repairs, collect rent, facilitate a lease signing, negotiate a rent price, screen tenants and be there if any problem occurs. You can expect them to take 50% from the first month of the new tenant and 10% for each month later on. Find more information here: https://www.investopedia.com/articles/mortgages-real-estate/10/renting-out-home.asp
Terms of Lease
There are lease agreements online that you can download and check if they include all the requirements of your state. If you want to make sure it contains all the necessary info, work from a standard lease. You can start customizing it later according to your needs. You can use a lawyer to see if everything is legal. It should have the full name of the tenant, your address, how long they will stay there, the amount you will charge and a security deposit, penalties, condition of the house and individual requirements.
Getting the House Ready
Start with going through your home room by room and determine what you have to fix, even small details if you want to increase the value. Make sure to write down everything that needs to be repaired to make it functional and safe. This investment can mean a lot depending on the price you have set for the property. A smart idea would be to have a plumber check everything for you because you can miss out a problem.
Do the same with an electrician and replace light bulbs which are a small investment. You don’t want someone to get hurt so check places like staircases and how safe they are. Something that most people forget about is gutters and roof which might be clogged and will need maintenance. It won’t cost you as it would when you are renovating but you can expect a couple of thousand.
You might consider upgrading some parts like flooring or carpeting. If you can make it look better or you want to have a modern design, you can change the whole interior. This would be a smart idea if every home around yours looks similar and you want to stand out. You can accomplish this by arranging your yard in a different way and making sure they will notice it right away. Click here to read more.
Don’t Spend a Lot
Try to work smart and find things that can upgrade your house but are cheap. This isn’t the place where you will leave and you don’t need to spend a lot of money on it, it just needs to look good and function as it is. Talk to your manager as they should have more knowledge when it comes to a certain home because every property has its advantages and disadvantages.