5 Tips for Renting out Your Home.

5 Tips for Renting out Your Home.
Do you want to rent an apartment or a house? Real estate is one of the best investments. Renting your home means not only a regular passive income, but also a number of obligations. We have listed 5 tips on how to make renting as easy as possible and manage everything with an overview. We will be happy to advise and help you with every point below.

1. Prepare your home for renters

It is very important to carefully prepare an apartment or house for rent. The purchased or inherited property must be disposed of all unnecessary things and furniture that we will no longer use in the rented apartment. If you’re moving out of this property, it is necessary to take away all personal belongings. It is also good to think about whether you want to rent an apartment furnished or unfurnished. Tenants here in Prague and Czech Republic usually appreciate if the apartment is equipped with at least basic appliances such as a stove, refrigerator and washing machine. The standard of preparing an apartment for rent is painting the walls and eliminating defects (leaking shower, drafty window, dripping water tap, etc.), which could disrupt the comfort of living. You will save a lot of time during the final cleaning if you use the services of a professional cleaning company.

2. Advertising and marketing your property

It is very important to carefully prepare an apartment or house for rent. The purchased or inherited property must be disposed of all unnecessary things and furniture that we will no longer use in the rented apartment. If you’re moving out of this property, it is necessary to take away all personal belongings. It is also good to think about whether you want to rent an apartment furnished or unfurnished. Tenants here in Prague and Czech Republic usually appreciate if the apartment is equipped with at least basic appliances such as a stove, refrigerator and washing machine. The standard of preparing an apartment for rent is painting the walls and eliminating defects (leaking shower, drafty window, dripping water tap, etc.), which could disrupt the comfort of living. You will save a lot of time during the final cleaning if you use the services of a professional cleaning company.

3. Setting the right rental price

The price of real estate is affected by many factors - the size of the apartment, location, floor, etc. The common way is to analyze the real estate market by the so-called comparative method, which means comparing prices at which similar apartments were rented in the same location in recent months. Real estate specialists who have their own databases will give you the most accurate estimate. With a well-set price, the apartment is rented within 14 days, up to a month. When choosing, it is better to organize several viewings to make sure that you have found a reliable tenant.

4. Selection of a suitable tenant

How to identify a reliable tenant? The solid tenant is interested in details related to the living in the apartment, neighbour relationships, the amount of monthly utilities installments and their possible transfer to the tenant, etc. How to filter out potential defaulters in time? Nowadays, it is possible to check them in the Register of debtors. Ask for references from their previous landlords. Ask about their financial and social situation. A good tenant is not only solvent, but also long-term. The longer they stay the less troubles you will have about finding another tenant. So keep this criterion in mind.

5. Lease agreement

The most important part of the whole process is the preparation of contracts. It is ideal to leave this step to real estate specialists or a lawyer. A properly drawn up lease protects the rights of both the landlord and the tenant, helping to prevent potential problems. We do not recommend concluding a contract for an indefinite period; it would be very difficult for you to get rid of the tenant. The lease agreement is always concluded for a fixed period of one year and you can renew it if you are satisfied with the tenant. It is also good to treat the condition of the apartment being handed over. The handover protocol describes the current condition of the apartment at the time of its handover to the new tenant. The handover protocol contains a list of all furniture and other equipment, defects, as well as the handover meters reading. As an owner, make sure to cover your property with insurance. Not only should you as the owner, but also the tenant should have liability insurance. It is appropriate to state this obligation for the tenant in the lease agreement.