- Personal Finance»
- Investing in Stocks, Bonds, Real Estate, More
Letting Out Property to Your Advantage
Property investment is one way of having your money work for you to give you returns on investment which can be substantial, and allow you to increase your savings. You can gain from letting out property if it is in the right location and has good tenants.
Your Property Needs To Be Well Maintained
Every city and town has its own rules and regulations that govern the letting out of property whether as residences or as offices or commercial space. You may also need permissions for this and you should make sure that you have completed all the legal requirements for letting out property.
Once this is done, you need to take steps to see that your property is in the best shape and looks enticing to anyone who wants to lease it out. Start with the garden and the external appearance of the property, because this is what gives the first impression to any person coming there for the first time. Tidy up the garden, see that the lawn is well mowed and neat, shrubs are properly trimmed and there is no garden litter. Put in some colourful flowering plants to brighten up the front lawn. See that the gate, if any is well oiled and functions smoothly. Remove stains from the driveway. Make sure the house number is clearly visible to passing traffic.
Make sure that there are no cracks or other blemishes on walls, both inside and outside. It can do no harm to put on a fresh coat of paint to brighten up walls. Ensure that all your plumbing systems are functioning and there are no embarrassing leaks or accumulation of water anywhere. Replace burnt out lamps and make sure that every power outlet is functioning as it is meant to. Clean up the home and see that it is spotless.
Vet Your Tenants
You can always use the services of agents for renting out the property, as they will have ready data bases of people interested in leasing property. You can also advertise both with boards outside your property or use other means of letting people know that your property is up for leasing. Ask for the personal and financial details of all prospective clients and find some way of verifying whatever information they give. Negotiate your rents with people who pass this scrutiny and with whom you feel comfortable dealing with.
Consider Property Management
It can do no harm to consider appointing property managers if you have more than one property and a number of clients. This way, you will be spared the problems of vetting each tenant, and once the premises are let, you will have someone who will arrange to collect rents and also look after the property for any maintenance that it may require. This may cost you some commissions and other fees, but can take away a lot of the irksome details that do need to be looked after.
Investment in property can be quite rewarding, as long as you take the necessary steps to see that you have premises that others would be interested in leasing.