A property appeared on the market at an affordable price and you decided to buy. Congratulations on getting your foot on to the real estate ladder. Now all you have to do is determine whether to rent or sell, how to price the house, and how to keep up with the maintenance. Good luck!
As most landlords realize from the outset, there is a lot of stress involved in running a rental property. Homes and apartments break down and renters aren’t the most diplomatic people, which is why there is so much tension.
It would be amazing if there were some way to relieve it all and live a hassle-free life. As it turns out, there are four and you can find them below.
Price Accurately
The thing with pricing is it decides your base. Go too high and the quality tenants will take a rain check. Go too low and you’ll appeal to people of questionable morals. Plus, the property will lose money and you’ll slip into the red. The key is to find the Goldilocks amount – the price which is just right. To do this, research the properties in the area which are similar. Look for the same amount of bedrooms, ensuite facilities, the size of the kitchen and things like that and use them as a base. Or, you can exploit a free analysis service from investproinc.com right now.
Moderate For A Distance
A property isn’t a cheap investment. It isn’t something you can leave for months and not worry about and come back to later. To ensure a high ROI, you need to know what’s going on inside the house or apartment. The problem is the intrusion – no one wants the tag of the crazy guy who won’t leave his tenants alone. To avoid this, go round when no one is home and take a look around. During the day while they are at work is the perfect timeslot.
Maintain It
Both parties want the property to be properly maintained. When landlords shirk their duty, this is when the phone calls and complaints never stop. Always take an issue on board by going to the property and having a look at the problem. Until you see it, you can’t gauge the damage. If a repair is necessary, then nip it in the bud ASAP by hiring a contractor. You may want to visit Schemel-Tarrillion.com today as they specialize in renovations in occupied properties. DIY is an option to save money but only do it if you have the knowledge and skill.
Tech Up
There is too much tech on the market, so it’s criminal not to use it to your advantage. For instance, you can download an app which tracks monthly payments to ensure tenants don’t miss a deadline. Or, it is possible to take care of your accounts with accounting software. That way, a tax return doesn’t have to fill you with dread. Take a look at thehouseshop.com now if you need extra information.
Do you think it’s possible – can your first rental property be stress-free?
