Tips when you become a landlord
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There is a lot to wrap your head around when you become a landlord. You have to devote more energy into maintaining your property and making the most of it. Here are a few pointers to help you:
Understand the law and set your rent wisely
You have some legal responsibilities when you become a landlord, so you need to commit them to memory to avoid getting into trouble. Ensure that your house is safe to live in and all electrical equipment is installed safely. Pay the appropriate income tax on your rent and treat your tenants well. Read up on your duty under the law to them. Additionally, set the rent for your property wisely. Too high and you might struggle to get tenants; too low and you might lose out on reasonable profit. When setting the rent for your property, consider the location. If your property is in a high-end area, then that is a cash cow for you. Also, identify who you want for tenants. Professors will pay more than students for example. The features and condition of your property matter too. Outdoor space will increase your house curb’s appeal for instance.