A business idea that you might have had to make a good amount of income is to be a landlord. If you already have a suitable property, perhaps because you inherited it or you have moved in with a partner and now have a ‘spare’ house or apartment, then the idea might seem even more interesting. Even if you decide to be a landlord and then buy a property to make it happen, it really can be an excellent way to make some money. How much money will depend on the property and the area, but if you are making more than you are paying on your mortgage, you will be doing well.
To be a successful landlord, you need your property or properties to be occupied more than they are empty – an empty property is a serious issue and will result in a loss of money. Therefore, you need to be a good landlord to keep your tenants happy. Here are some ways to do it.
Customize the Lease
You can get a standard lease form at many different places; you can even download it online. However, to be a good landlord, and one that tenants will be happy to stay with, you should customize the lease. This means ensuring that both you and the tenant are completely happy with everything included within it.
You can take the standard lease form as the basis for your customized lease, and then add specific clauses and take others out. You can make the lease wholly unique and personal to the situation. One good thing to include in any lease, no matter what else might be written there, is that your tenants need to have Insurance Geek renters’ insurance. Then you will know your property is protected.
For the most part, if a tenant asks you for permission to make changes within the property, it is a good idea to say yes. Not only will it keep your tenant happy, but it will most likely save you money in the long term. If the tenant is willing to pay for a new kitchen, bathroom, flooring, or even if they are just happy to do some cosmetic work and make some updates in that way, it means you don’t have to do it yourself, so it’s good all round.
To make sure you are happy with the work, it’s a good idea to have some provisos; you can say that changes can be made, but you want to inspect the work when it’s done, or you want to look at the plans before any work is started. This is your property, after all, and you need to make sure that any changes made are not going to make it worth less or be less desirable.
Although your tenant might be more than happy to make small repairs around the house, they do not have to (unless the lease says they do, of course, but this is not the usual way that a tenancy works). One of the benefits to renters is that their landlord is responsible for making repairs around the home, so don’t be surprised if you get a call or email from your tenant asking you to do this work.
To show that you are a good landlord, you should make any necessary repairs promptly. This will protect your property and ensure your tenants are happy to keep living there.
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