Renting a house can be a beneficial and rewarding business. But many people might fail every year to generate a steady income through renting their house. In this article we will list some of the benefits and tips on renting houses.
One of the main reasons landlords rent houses is to receive large income. Many people rent their houses to help them pay the mortgage and others do it purely for long term capital accumulation. Usually a 2 bedroom house would rent for more than a 2 bed apartment, due to more space available and benefit of a garden. Landlords tend to rent their houses to groups of students or a large family as an alternative option.
There are tax advantages for landlords too. Any materials purchased or services offered for the rented house is tax deductible. It is worth mentioning that maintaining a rented house can be challenging. Painting and decorating are constantly required as many tenants will come and go. So you should either have a contract with a decorator or do the works yourself.
To help you with the house maintenance, encourage tenants to share some of the gardening duties by providing them with the right tools. Collect money for electricity, water and other rates in advance by pre-calculating average costs as it is often difficult to recover the money from tenants after they leave your property.
If you want to keep your tenants happy so that they stay the full term of contract it the house, provide parking facilities, laundry and re-wire the whole property by professionals if electrics are outdated. Every tenant wants a cable TV, and in order to avoid holes in your walls, install this for them.
Prior to renting your house, it is wise to insure your property against any damages done by tenants. Make sure you choose the right insurance cover to avoid unsuccessful claims later. Also check with your local town on renting regulations to see if there are restrictions on what rooms can be rented out to families or non family members living together.
Finally, to get the most out of renting your house, do some research on similar type properties that are leased in your area. This will give you an idea of how much rent you can demand from tenants.
Your Texas Realty And Investments is a full service Real Estate Brokerage offering client representation and property management services in Fort Worth, Tarrant County, and surrounding counties.
Great post! Thank you for helping me understand the benefits that come with renting a house. I really like how you said that “One of the main reasons landlords rent houses is to receive large income. Many people rent their houses to help them pay the mortgage and others do it purely for long term capital accumulation.” I have never had rental property before but I can imagine how helpful rental property can be when it comes to increasing your monthly income.