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Real Estate in Jamaica
Real estate rental tips
Whenever you make the choice to rent your property, it can be pretty stressful which leads to questions about problems with your tenant, problems with the property etc. But like all else, it can be rewarding if you are properly prepared for this endeavor. Hear are a few tips you might want to think about before leasing your property:
  1. Assess the costs associated with rental - Look at all your current costs - mortgage, maintenance, utilities etc. If renting the entire property, can the cost of the rent cover these costs; or if renting part of the house, will the rental income cover the tenant's costs as well as provide extra income.
  2. Provide an application form for potential tenants - this way you can use the same factors to assess your applicants and will not be at risk for being too sentimental about the process. You will be able to screen objectively and choose your potential tenant wisely.
  3. Establish a contract - Agreements are not inherently understood. They must be written. You might want to list specifics such as how much is to be paid, when is it paid, when is it due for renewal, increased rates, the rights of the tenant, the rights of the landlord, changing wall colours, drilling of holes etc
  4. Consider renting with or without furniture - Note that if you do rent with furniture, these will experience the normal wear and tear over time and you should not expect to claim on these items on the end of the lease, unless of course, the furniture has been deliberately or recklessly damaged. And even so, this is hard to determine. Most landlords charge a higher rate when furniture is provided with the property.
  5. Ensure that you have a list of maintenance technicians - You have the luxury of fixing at your own leisure if you are inhabiting your house. However, if you are renting the property, you will have to have the various tradesmen at the ready to do instant repairs.
  6. Keep your property in good condition - Remember that although this is not the house of the tenant, it is where they will call home for the time being. They will need to feel comfortable while they are there. Install cabling, a/c, heater, water tank if you can. This will only serve to make the tenant more comfortable and increase the value of the property when you are considering for rental.

Saturday, January 19, 2019 About Us
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