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Things to Consider Before Becoming a Landlord

During the past years, we have seen foreclosure rates skyrocket. We have also witnessed homeowners struggle to try and sell their properties in a flooded market. In this type of real estate climate, it is not surprising that rentals have increased across the country. Instead of putting off a move or trying to reconcile financial difficulties, homeowners are turning to renting their properties. If you are considering becoming a landlord, here are a few things to consider.

Landlords do more than just rent. As a landlord, you are responsible for managing your property; screening and somewhat supervising tenants; managing a budget and collecting rental payments; making repairs; and keeping up with laws regulating tenant / landlord relationships. It is a lot of work that takes research, planning and diligence.

Setting an appropriate rental price is key to finding a tenant. If you have lived in your home for some time, you know the costs of running it. Be sure you set a rental price that will cover those expenses. If you are thinking about renting a condominium or a property governed by a homeowner's association, make sure renting is allowed.

Many areas have landlord associations in place, so before becoming a landlord yourself, look around. Find one to join. They are valuable resources for information and guidance if you are new to the process.

Screening your tenants is paramount to maintaining a healthy rental relationship, and it helps you avoid problems related with poor renters down the road. Here are some questions to ask yourself when screening your tenants.

The number and ages of your prospective tenants. Are they a family? How many children will be in the home?

How many parking spaces will your renters require?

Do they have solid renal history, employment history and credit scores?

Does the rental application checkout? Most all landlords would advise: if they submit information that is unverifiable, if their references do not check out or if you are in any way uncomfortable renting to them, don't do it.

Accepting rent and understanding eviction laws are both important aspects of being a landlord. Do your research to guarantee you adhere to the most proper processes in both instances.

If this is your first time renting a property, consider hiring a property management company. They understand rental laws. They do the tenant screening and placement for you. They handle repairs and evictions; and if you need guidance, they are an excellent source.

You will want to rent to scrupulous, discerning tenants, and since this is the case, understand that future renters will want to know that the property is in good shape. Before soliciting tenants, have a property inspector come in to assess the value and condition of the home. Make all necessary repairs. To get the highest rent price possible, you will want the home to feel clean, safe and as new. Fresh paint, updated appliances and refinished floors are great places to start. Consider installing a security system and offering tenants the option to include the operation fees in the rent. If you feel overwhelmed, as aforementioned, consult with a property management company that has experience handling the ins and outs of renting real estate.

About Author Drew Barton :

If you feel overwhelmed, as aforementioned, consult with a property management company, like Boundless Management (<a href="" target="_blank"></a>), that has experience handling the ins and outs of renting real estate.

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Article Added on Friday, July 20, 2012
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