In last month’s blog, we talked about how you can become a successful landlord, starting with finding the right rental property. We are going to continue the theme this month by considering ways you can be a good landlord for your tenants.
After you have purchased your rental property, you will need to decide how much you want to charge for rent. If you decide you want a good initial return on your investment, it may be best to charge either market value or above. The downside here, though, is that you may find you have a greater turnover of tenants or even rent to someone financially irresponsible. If you decide to charge a little less each month, your return won’t be as good, but you will have more interest in the property and be able to choose your tenant wisely. It is also more likely they will rent for a longer period.
Before new tenants move in, have the home cleaned thoroughly and apply a fresh coat of paint. Put the welfare of your tenant first when deciding how much work to do.
Remember that your rental property will need regular maintenance and repairs, so it is a good idea to put aside some money every month for those repairs. It will also prepare you for any unexpected bills that arise.
Being a good landlord also requires you to adhere to local city laws and requirements. These are in place to ensure a safe living environment for your tenants, so make sure you are well acquainted with these regulations.
