If you own a home that you want to lease out to renters, you’re likely worried about damages and other problems that these tenants could cause. By doing everything possible to ensure that your property remains intact, you’ll have a better chance of safeguarding your real estate investment. Here are four ways to protect your property when leasing a home.
Have a Detailed Lease to Sign
It’s advisable to write up a lease agreement for your tenants to sign that includes detailed clauses regarding the rights and responsibilities that both you and the renters have. Details such as the expected rent amount and how often it’s expected to be paid should be clearly spelled out on the lease agreement form. If you don’t know everything to include in your lease agreement, you can order one of the preprinted forms that features all the right information.
Collect a Security Deposit
A security deposit is an amount of money that’s paid in the beginning of the lease term by the renters to cover any damages they might cause. If little to no damages were caused when the tenants move out, you’ll refund the full amount of their security deposit or deduct whatever money is necessary to cover the cost of repair work. If the tenants will be moving in with any animals, you can also collect a pet deposit that will cover any resulting damages.
Have a Security System in Place
Even though you won’t be living there yourself, it’s still important to have a reliable security system installed to keep your tenants safeguarded from burglars or other dangerous individuals. The tenants could try to hold you personally liable if they believe that proper security measures weren’t in place when problems occurred. Alarm protection services can be found under a variety of companies in a variety of packages, many including cameras, door and window sensors, and smart locks. Take the time to talk to others in your area and compare prices to find the best value for where you live and what you’re looking for in security.
Address Maintenance Issues Promptly
If your tenants complain about broken appliances, damaged locks or other items that need repairs, it will be to your advantage to address these issues promptly. Choosing to procrastinate could result in these problems becoming bigger damages and might also land you in trouble with the law. You can either try to address the maintenance issues yourself or hire a reliable contractor to do the work. It’s also best not to be stingy about investing in any new appliances that are needed to replace old ones that are no longer up to standard.
You can ensure greater safety for your property and tenants if you take the necessary precautions in advance. By taking these measures, you’ll decrease the chances of mishaps that could leave your rental home in jeopardy.