Checklist Before Becoming a Landlord
Real estate can be a superb investment. It is one of the safest investments out there when done properly, and it has the added advantage of providing a tangible benefit before it is sold. It makes sense to own your own home since you’ll need somewhere to live anyways, but what if you own more properties?
Renting out extra properties can be a great way to earn income while you wait for the value of the property to increase. Here is a checklist of essential things to do with your property before you become a landlord:
Check the Roof
Tenants aren’t always quick to tell you about what they perceive to be a minor problem with the property. They may rather put a pot under a leak in the roof than have to deal with construction as you fix the problem.
However, even a small leak in the roof can lead to serious issues down the road like structural damage or mold. Therefore, it’s a very good idea to get a free roof inspection to be sure that nothing is wrong with the roof before you start advertising for tenants. Re-inspect the roof every year to be sure that there are no issues developing that tenants may not tell you about.
Put in Low-Maintenance Landscaping
You can’t expect your tenant to mow the lawn, trim the hedges, or cut down nuisance volunteer trees. Unless you want to pay for expensive landscape maintenance, it’s a good idea to put in very low-maintenance landscaping before your tenant moves in.
This kind of landscaping can reduce the number of visits required by a landscaping company from weekly to only every few months. Replace grass with drought-resistant ground covers or zero scaping like gravel and cacti or succulents.
Do away with hedges that need to be trimmed and replace them with drought-resistant flower beds or shrubbery. Find any scrub trees that may have found their way onto the property and not only have them cut down but use treatment on the stump to be sure that they don’t grow back.
Check for Safety Hazards
Have an inspector go over your house in detail to look for any potential safety hazards. Not only is this a good idea to keep your tenants safe, but it also protects you from a lawsuit if anything happens to tenants while they are staying in your property.
Examples of potential hazards include lead paint, asbestos, and furniture that comes with the home that is not anchored to the wall and may tip over.
Set Your Mind at Ease Before Becoming a Landlord
Being a landlord can be a very lucrative way to hold real estate while its value increases even as you bring in rent money every month. By going through this checklist and making sure that your property is ready for renters, you can be confident that this will be a good investment.