Renting a Glenrosa home to a tenant is a big responsibility. If it's your first time being a landlord, you may have a lot to learn in order to be successful. You'll need to know how to make the home attractive and comfortable for your tenants. You'll also need to learn how to treat your tenants fairly and lawfully, according to the laws of your province. These tips can help you become a better landlord to your future tenants.
Prepare the Home
Before the home can be occupied by tenants, it must first be made ready. There are many things a landlord can do to prepare their future home for tenants.
Make Safety Improvements
There are many things that a landlord can do to make their rental home safer for tenants.
- Install smoke detectors in every room and hallway.
- Install a deadbolt on exterior doors.
- Install a motion-detected light on the garage and at the front porch.
- Repair any broken stairs, railings or windows.
These safety improvements can help a tenant live safely in a home without injuries or accidents. A landlord who would like to help ensure that their tenants can be safe can do so by conducting a walk-through inspection and looking for ways that a potential tenant could become injured in the house. After making a list of identified problems, then the property owner can make repairs before listing the house for rent.
Repair or Replace Broken or Aging Systems
Tenants need heat, hot water, a sound roof over their head, and adequate plumbing to deliver water. In an older home, there may be many systems that need to be repaired or replaced in order for the tenant to have what they need to live comfortably.
The best way to identify the repairs that should be performed on a home is to get a home inspection. A good home inspector can pick out which appliances are not working properly and can use that information to make repairs as needed. In some cases, systems may not need to be replaced yet, but should be replaced soon. If this is the case, landlords should start saving as soon as possible to ensure that they're ready to make the repairs when the time comes.
Establish Policies in Advance
Landlords need policies in place when they're ready to take in clients. Will they accept pets? Do they require a rental deposit? How much will they charge monthly? All of these things must be decided in advance so that the landlord can establish expectations at the outset of the tenant/landlord relationship.
Work with a Lawyer
A good lawyer can help the landlord write a leasing contract that is legal, fair for all parties involved, and adequate for the needs of the property owner. Landlords don't often need lawyers, but working with a good lawyer to write a contract can help make the process of renting to tenants easier.
Proper screening of tenants can help the landlord avoid entering into an agreement with a problem tenant. During the screening process, landlords are allowed to:
- Check references
- Check credit history
- Ask about income
- Ask about employment
A lawyer can help a landlord establish fair and legal screening policies. This is another good reason to work with a good lawyer.
Get Help Buying a Rental Home
A person who would like to become a landlord and who is not sure what kind of property to buy should work with a good real estate professional. A real estate agent can help the future landlord to identify a property that would be good for the needs of the tenants and the landlord. To get started, contact an experienced and reputable real estate agent today.