Whether you’re inheriting a relative’s old house or looking to Buy off market property, becoming the new owner of property that you intend to rent out is exciting, but can also seem a little daunting at the outset. With all the complexities of running a rental property, you may be wondering where to start. Luckily, it’s not as complicated as it seems! With a few key tips, you’ll be well prepared to run a successful rental. Take a look.
1. Be Prepared for Repairs
As a landlord, you’ll be responsible for getting problems taken care of when the sink breaks down or the roof needs fixing. Keep in mind the fact that repairs are bound to be needed sooner or later, and work it into your budget. You can either do these repairs yourself if you’re handy with tools, or you can simply hire a contractor as needed.
2. Pick a Great Location
If you’re in the market now for your first rental home, a good rule of thumb is to pay attention to factors like the school system and crime rates in the neighborhoods you’re considering. Choosing a good location not only improves your tenants’ quality of life, but also impacts the rent you’ll be able to charge. Even if the home is a fixer-upper, the right neighborhood could make the extra investment worth it.
3. Get Landlord Insurance
Once you’ve finally got your property, you’ll want to protect yourself by investing in some good insurance. Landlord insurance can help you cover property damage and other liabilities, for instance. Your provider may even be willing to let you bundle it with other policies!
Owning a rental property is an exciting prospect, but can seem complicated in the beginning. Luckily, with a little preparation, you can confidently put your rental on the market. Keep these top three tips in mind and you’ll be on your way to becoming a great landlord in no time!