If you have an extra property that you’re not using, renting it out can be a good idea. This way, you don’t lose your investment, and you also get to make some extra money each month.
However, owning a rental property isn’t all sunshine and roses – after all, even though you will be renting it out, you will still be the one responsible for the property, which means you need to ensure that it stays in good condition. If you need some help with this, you’ve come to the right place.
Get professional help
You likely don’t have enough time to dedicate to your rental property, and that’s okay! That being said, if you try to do everything by yourself when you’re too busy, the odds are that there will eventually be some problems with the rental property. This is why you should consider getting professional help.
This way, you don’t need to worry about your rental property as much, because you know it’s taken care of. Have a look at the best rental property management companies in downtown Toronto to learn more about how they can help you.
Choose responsible tenants
Of course, accidents and damages can occur to anyone, so making sure that you get responsible tenants doesn’t automatically mean that there won’t ever be any damage to your property.
That being said, it does lower the risk of your property being damaged. The best way to check whether tenants are responsible is to ask them for the contact numbers of their previous landlords so that you can find out whether they were good tenants or not. If you need some more tips for screening and selecting tenants, give this post a read.
Do regular maintenance
The best way to ensure that the property stays in good condition is to keep it in good condition rather than waiting for problems to occur and only fixing them then.
Try to have a maintenance schedule where you go through the house a few times a year and look for any issues. You can also have an electrician and plumber check that everything is okay. This might not be the most fun task, but it is a way of ensuring that problems hopefully get caught before they worsen. Of course, if you will be doing bigger renovations that will affect the tenant, you need to discuss it with them.
Set up a budget
Even though you will be earning money through your rental property, you may still need to spend quite a lot of money on it as well.
So, you need to set up a budget for it. The simplest way to do this is to take a percentage of the income you earn from your rental property and put it in a separate savings account. This savings account should only be used for any expenses that relate to the rental property.
This way, you know that you will always have the necessary funds available for unexpected expenses.