For many couples, one of the means to make extra income is by renting out a room or even a property or two that they own. In doing so, they can have added money coming in; something many will tell you makes all the difference in the world.
That said knowing who you may be renting to can’t be something to take lightly.
While many couples have little or no problems with tenants, others have a different story. Those stories can end up being downright nightmares.
To lessen chances of you having a tenant who causes problems, will you do thorough research ahead of time?
If you take time for a thorough background check, odds are you will end up with the right tenant (see more below).
So, will you rent to those individuals?
Making Your Rental Situation as Stress-Free as Possible
So that you can make your rental situation as stress-free as possible, keep these tidbits in mind:
1. Reviewing applicants
As earlier mentioned, that background check can make a world of difference.
There are online services that make it easy for you to run a name. In doing so, you can turn up all kinds of pertinent details. The most notable ones should include the following:
· Credit history
· If the individual ever filed for bankruptcy
· If the person has had any serious run-ins with law enforcement
· Whether they tend to bounce around from address to address over a short period of time.
Although the background check can’t let you into one’s mindset, it can give you a picture of the tenant they could be. This is especially true when you can see past trends in their lives.
2. Setting guidelines
Before you place an ad and review applicants, to set guidelines for what to expect out of any tenant.
Let the following known:
· Exact amount of rent each month and when it is due
· If utilities, water, garbage etc. are in the rental payment or separate.
· What the required notice is to vacate the rental agreement
· If animals can be on the property
By having the right set of guidelines, you can make it clear to any prospective renter what you expect of them.
3. Who does the repairs?
One of the few downsides to owning rental property is when things go wrong.
For instance, what do you do if one of the properties has serious plumbing issues out of the blue? Unless you know how to fix the matter yourself, you will likely have to call in a plumber. In doing so, you could find a sizable bill awaiting you when all completing the tasks.
You may be better off learn some trade skills (if you have not already) so that you can make some needed repairs. If that’s not an option, do you have a friend or two with such skills? Whether they do plumbing, electrical work, or even fix major appliances, lean on them when possible.
If you’ve rented out properties in the past, you know all too well how much repairs can eat into your wallet or purse. Also remember that you can only past so much of those costs on to your tenants.
When deciding to rent to individuals and other couples, weigh the pros and cons of such decisions.
By doing so, you can come to terms with whether renting is a viable financial option for you and your partner.