Being a property owner could bring many benefits over a course of years. The fact that you own an extra place which you do not live in, but you can rent it can improve your financial conditions. However, before you decide to rent it, you should make it ready for new tenants. For instance, you should always repaint the walls before you accept your new tenants. The place needs to be thoroughly cleaned, too. Also, you should move out your old furniture if this is the first time you are going to rent your spare home. When it comes to services that everybody uses on a daily basis, it is important to negotiate the conditions with your new tenants in advance. They can either agree to pay the services and packages that you already have on your name or they can decide to sign new contracts with the providers they think suit their needs. Here we have analyzed the potential solutions for such matters.
Inspection prior to moving in
Finding proper tenants to which you can rent your apartment or a house is a demanding process. There are two best ways of finding appropriate people for your place. The first one is posting an ad in classifieds to advertise your place. The other way is hiring a professional real estate agency to do that work on your behalf. The latter option is a much more practical choice. Probably the most valid reason for it is the fact that every serious and reliable agency of such kind will pay attention to the type of tenants they bring to your place. The third strategy for getting a polite tenant is spreading the word among your friends. That way you can get a recommendation, which is a much simpler and safer way for matching a tenant and a property owner. No matter what sort of tenant you opt for, always conduct a detailed property inspection before you rent your place to new tenants. The resources on home and commercial property inspections can help future property owners organize their inspections properly.
Utility bills, connections and names
Connections between utility providers, tenants and proprietors can get pretty intertwined and complicated if their responsibilities are not negotiated before the residential agreement has been signed. First of all, you, as a proprietor, have to check if the place has all the initial connections for basic utilities, such as electricity, gas and water supplies. The law dictates that property owners are obligated to provide that places they rent have proper connection with those supplying systems. It is rule of thumb that all the expenses caused by tenants also have to be paid by them. Every property owner should state that out clearly during the negotiations. In addition, you should advise your future tenants to contact all the utility providers, so as to inspect whether all the bills have been paid before they sign the contract. Both property owners and tenants have to protect themselves, which is why all those details need to be sorted out in advance.
Strict repairs agreement
What both tenants and property owners often stress out as one of the largest issues is the issue of repairs. Normally, landlords are in charge of repairs within the rented place. However, there are borderline cases in which the two sides try transferring the responsibility on each other. For instance, if a faucet breaks and the landlord thinks it was used in an improper way, there will be a problem. This is why every tenant and landlord should insist on an agreement appendix that would cover the issue of repairs. Also, there should be a special point about unexpected situations. For instance, when a pipe bursts, it has to be clear who is supposed to cover the plumbing expenses. Moreover, in case of emergency, tenants should always contact the providers as soon as possible, to prevent the living space from larger damage.
Modern multimedia deals
It is hard to imagine a person who can live without an Internet connection today. While a landline connection is becoming obsolete and young tenants usually do not need it on account of mobile communication, the television and the Internet remain the most important multimedia features. If a landlord already has some signed contracts with cable TV, Internet and landline providers, the tenants and the owner have to find a satisfying solution. For instance, a tenant could expand the existing Internet package and transfer the contract to their name, given that the provider approves of such changes. The landline telephone could also be a bone of contention. Property owners should be flexible when it comes to this matter. If their tenants do not need it, you can either unsubscribe that line or keep paying it yourself.
Also, with the advent of cutting-edge streaming services, a cable-TV subscription also might be an unnecessary feature. Many companies like to include a lounge for their employees to relax, thus, having a reliable TV provider that you can recommend for your commercial property is a plus. See what media pros from Time magazine recommend as best solutions for modern multimedia content.
Disputes and misunderstandings
No matter how wise and smart both sides might be, there is always a chance that some aspects will remain uncovered in the contract. Tenants should try and put themselves in owners' shoes and look at the whole situation from their point of view. In order to keep both sides protected, it is extremely important to formulate who is in charge of resolving any misunderstandings and disputes. If the whole thing gets to the court, nobody will benefit from it. So, including a particular legal adviser or a lawyer into the residential contract is a smart thing to do.
Moreover, contacting the authorities is another great option to get proper information on the matter of your dispute. In the USA, for instance, every state has a special office or an agency for advising landlords and tenants.
The essential part of every landlord-tenant relationship is not trust, but making a comprehensive agreement before the tenant moves in, as well as including every single detail they can think of into the contract. The law is pretty clear when it comes to rental properties. When you reach an agreement satisfying for both sides, everybody will be less stressed when an emergency or a breakdown occurs. Tenants will enjoy the benefits of living without all the expenses and interest rates that buying a place of their own cause. On the other side, landlords will keep getting the money they deserve for their property; a win-win deal for all the parties.
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