Property is definitely an asset whose value can increase over time. You can even rent it out and make a decent income every month without having to do much. However, being a landlord isn't so simple and once you have decided that you want to put your cottage for rent, there are a couple of things that you will have to think about in detail. In this article we will review a few points you should note and issues you need to decide on before taking on a tenant.
The first thing you will have to establish are a basic set of rules for your new tenant. If you don't have any rules in place, the chances are that you will get taken advantage of and not be able to do much about it. The most important rule should pertain to when the rent is due and when it is considered late. You should set a specific date in which rent should be due and if they do not pay on this date, there should be penalty fees for each day that the rent goes unpaid. This is a great way to discourage renters from paying late and ensure you get your money on time.
After you consider that issue, you will also have to decide whether you are going to offer the place as a furnished or unfurnished house. If you are providing some furnishings, then you need to discuss with your tenant how you expect them to be used. You should also let them know that you have a list of all the furniture that needs to be left behind when they leave.
Another rule that must be put into place is garbage removal. You should specify certain places to put garbage and how many times per week the garbage should be put out. This is essential because if the tenant does not get rid of garbage regularly, it can make your property look run down as well as attract complaints from neighbors.
Many people come with pets and you will have to determine whether you're fine with having pets on your property or not. If you are okay with having pets, then you need to detail the specific kinds of pets that are allowed as well as the quantity.
Another essential factor that you need to discuss with your prospective tenant is the length of notice that they need to give when leaving. This is important because you want to have enough time to find a new tenant for when the leave. Most landlords request a thirty day notice, however, this is not set in stone.
Lastly, it is essential that you collect a specified deposit before the renter moves into the cottage. This will cover any damages to the property that they incur and you have to fix. You need to make sure that they are aware of this so they will try their best not to damage the property.
We have just looked at a few guidelines for a new landlord who wants to put Ontario cottages for rent. If you follow these guidelines, it will make the experience better for you and your tenant.
The first thing you will have to establish are a basic set of rules for your new tenant. If you don't have any rules in place, the chances are that you will get taken advantage of and not be able to do much about it. The most important rule should pertain to when the rent is due and when it is considered late. You should set a specific date in which rent should be due and if they do not pay on this date, there should be penalty fees for each day that the rent goes unpaid. This is a great way to discourage renters from paying late and ensure you get your money on time.
After you consider that issue, you will also have to decide whether you are going to offer the place as a furnished or unfurnished house. If you are providing some furnishings, then you need to discuss with your tenant how you expect them to be used. You should also let them know that you have a list of all the furniture that needs to be left behind when they leave.
Another rule that must be put into place is garbage removal. You should specify certain places to put garbage and how many times per week the garbage should be put out. This is essential because if the tenant does not get rid of garbage regularly, it can make your property look run down as well as attract complaints from neighbors.
Many people come with pets and you will have to determine whether you're fine with having pets on your property or not. If you are okay with having pets, then you need to detail the specific kinds of pets that are allowed as well as the quantity.
Another essential factor that you need to discuss with your prospective tenant is the length of notice that they need to give when leaving. This is important because you want to have enough time to find a new tenant for when the leave. Most landlords request a thirty day notice, however, this is not set in stone.
Lastly, it is essential that you collect a specified deposit before the renter moves into the cottage. This will cover any damages to the property that they incur and you have to fix. You need to make sure that they are aware of this so they will try their best not to damage the property.
We have just looked at a few guidelines for a new landlord who wants to put Ontario cottages for rent. If you follow these guidelines, it will make the experience better for you and your tenant.
No comments:
Post a Comment