7/14/2017 4:56:53 PM
Before renting property to a client, you have to prepare the property for occupation. By doing so, you can reduce common risks that might threaten your renters.
With the right attention, you can make the transition into a rental a smooth process for you and the renter. You have to make sure the property is safe for occupancy. You also must make sure a renter is aware of his or her responsibilities under the lease agreement.
Step One: Prepare the Property
Property owners have to guarantee their clients that the property is safe to occupy. Most localities have laws meant to protect the rights and safety of renters. It generally falls on the property owner to make sure the property is fit for habitation.
Make sure the home passes all safety and wellness inspections before you put it on the market. You might have to inspect the home for asbestos, or bring the electrical system into code compliance before you can allow someone to move in.
Furthermore, you should often do more than just make the home code compliant. Periods where the home doesn't have an occupant are valuable times to spruce the place up. You might replace appliances, paint, and clean in order to increase the rental value.
Step 2: Require Renters Insurance
Most owners require their renters to carry renters insurance. Renters insurance can protect the owner in case a renter causes a liability problem. The renter may be able to settle liability claims out of their own policy. The property owner may not have to take responsibility for the renter’s liabilities.
Usually, owners set minimum levels of liability coverage for their renters. If you are unsure about how much liability insurance you should require, do your research. The law might require minimum levels. A realtor, property appraiser, and even an insurance agent might recommend the levels you should require. Talk to various sources to settle a requirement.
Step 3: Negotiate Your Lease
Some property owners have a lot of leeway to negotiate leases. Make it clear what items are your responsibility and which ones are the renter's. Clearly delineate payment and upkeep responsibilities.
If your renter wishes to negotiate the lease, work with them to come to a suitable solution for both parties. Have a property lawyer look over any re-negotiated lease to make sure you don’t face any unfair burdens.
With the right attention to detail, you can prepare a pristine, minimally risky home for rent. The right insurance and precautions will help protect both you and the renter.
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