A lot of investments have gone down sharply because of the recent global economic problems, and this includes real estate. People who own property and want to sell it will have to do it often at a loss. But it is still possible to make money without selling and this is by getting a rental income on property.
To find a person who will rent a location, it must first be advertised. There are a number of different ways of doing this. The traditional way was to list it in print form, such as in a newspaper or a rental magazine. In recent years, the Internet has become popular and there are many websites that list places for rent. Some of these might charge a fee, so before listing, one should check that there is a large audience to make it worthwhile. A free way to advertise is to simply put a sign in front of the home or apartment, but the drawback to this is that only the people walking by it will be able to see it.
Careful screening should be conducted before a place is rented out to ensure that the tenant will not be a bad one. There are far too many people who would be happy to get a place to stay but are unwilling to pay the money. Even worse, they might destroy things, and be a nuisance to the neighbours. This will result in money loss and stress for the person renting out the place, so care needs to be taken.
To make sure that the potential tenant is not a bad one, one should interview them. You should mainly ask them about their job, so that you know they will be able to pay their rent. You should not just take them at their word, but get references from them and contact their employer to know if they are a good employee. A credit check is also useful to ascertain if they will be able to pay rent.
The apartment or house should be up to standards before it is rented out. This means that any repairs that need to be done must be taken care of. If there are problems with electricity, you should call an electrician. Or if the place needs to be painted, that should be done. A place that is in disrepair will cause the tenant to think that they do not need to maintain the place, and will encourage them to be messy also.
A contract between both parties is necessary to avoid later disputes. By spelling out the terms and conditions, each person knows what they can and cannot do. If problems arise later on, the contract will decide who is in the right.
Getting a rental income on property is a good way to get some supplementary money, without having to work. The only thing that one needs to be careful about is that the tenant is a good one. By doing due diligence, you can make sure that the person you rent to will not create headaches for you later on.
To find a person who will rent a location, it must first be advertised. There are a number of different ways of doing this. The traditional way was to list it in print form, such as in a newspaper or a rental magazine. In recent years, the Internet has become popular and there are many websites that list places for rent. Some of these might charge a fee, so before listing, one should check that there is a large audience to make it worthwhile. A free way to advertise is to simply put a sign in front of the home or apartment, but the drawback to this is that only the people walking by it will be able to see it.
Careful screening should be conducted before a place is rented out to ensure that the tenant will not be a bad one. There are far too many people who would be happy to get a place to stay but are unwilling to pay the money. Even worse, they might destroy things, and be a nuisance to the neighbours. This will result in money loss and stress for the person renting out the place, so care needs to be taken.
To make sure that the potential tenant is not a bad one, one should interview them. You should mainly ask them about their job, so that you know they will be able to pay their rent. You should not just take them at their word, but get references from them and contact their employer to know if they are a good employee. A credit check is also useful to ascertain if they will be able to pay rent.
The apartment or house should be up to standards before it is rented out. This means that any repairs that need to be done must be taken care of. If there are problems with electricity, you should call an electrician. Or if the place needs to be painted, that should be done. A place that is in disrepair will cause the tenant to think that they do not need to maintain the place, and will encourage them to be messy also.
A contract between both parties is necessary to avoid later disputes. By spelling out the terms and conditions, each person knows what they can and cannot do. If problems arise later on, the contract will decide who is in the right.
Getting a rental income on property is a good way to get some supplementary money, without having to work. The only thing that one needs to be careful about is that the tenant is a good one. By doing due diligence, you can make sure that the person you rent to will not create headaches for you later on.
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