The cost of living has gone significantly up in the last few years. If you are finding it difficult to make both the ends meet, why don’t you rent out your property? Renting out a portion of your property would help augment your income and would ease off the financial burden on your shoulders.
Here are some practically useful tips to help you rent out your property:
Closely inspect your property. Ask yourself if you were a prospective tenant would you like to live in this property? If the answer is NO, you need to address the problem areas.
Carry out the necessary repair work. If the cabinets are old or broken, call over the carpenters and get the new kitchen cabinets made. If the bathroom and kitchen floors have got stained, get them polished and cleaned to make them look new like. You may have to spend some money in making your property appealing to the prospective tenants, but it’s going to be an investment and would yield good returns in the long run.
Accentuate the look and feel of your home. If you want the prospective tenants to rent out your home at the rental that you are asking for, make sure that your home is as beautiful as it could be. Painting your home in soothing colours, repairing the furniture, adding a few paintings or beautiful mirror in the bathroom are some small things that can make a big difference in your renting prospects.
Use newspaper classifieds or online ads to invite interested tenants. You may also put up a signage outside your home to let the passers-by know that you are renting out.
Do not forget to draw up a written agreement with the tenant. In case you need any help in drawing up the tenancy agreement, hire a property solicitor. You may also avail his services in case your tenant created any issues later on.
Your property is your biggest income generating asset. Utilize it.
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