Russell Hall

© Russell C. Hall 2016. All Rights Reserved. No part may be used without express written permission. Some Things To Keep In Mind Before Renting Out Your House So you’ve decided to rent out your house. Whatever the reasons may be for this, whether it’s because you’re moving out of town for a while, or going on an extended vacation, or perhaps it’s a property that you specifically bought for investment purposes; you’ll no doubt want to be able to attract the best possible type of tenant and also get the best possible rental return. The first thing you need to bear in mind is that this house that you’re planning to rent out is a capital asset, and it’s one which you want to protect and to have appreciate in the best possible way over the years. With that in mind, you should be aiming to have the house returned to you in as good as, or as close to as good as, the same condition in which you left it when you handed the keys over to the new tenants. Therefore, it’s always a really good idea to make sure that everything is left in as good condition as possible. You don’t need to renovate or repaint the entire house, but certainly you should ensure that everything is in good repair and working order. Make sure that the drapes and the carpets are clean. If not, it would pay to have them cleaned. The same for the walls and doors; make sure they’re clean and that any areas that are patchy or damaged are given a coat of paint. Any locks or handles that are suspect should also be replaced. The bathrooms are another area that you need to give attention to. Not just from a cleanliness point of view, but also to ensure that there are no leaking taps or drains that don’t clear properly. You don’t need to spend a great deal of effort on the gardens as long as these are kept tidy. If you have lots of rare or exotic flowers or plants, this could present a maintenance problem unless your new tenant is a gardening enthusiast. Therefore, low maintenance in the garden is always the best bet. © Russell C. Hall 2016. All Rights Reserved. No part may be used without express written permission. © Russell C. Hall 2016. All Rights Reserved. No part may be used without express written permission. So, once you’ve got the house all cleaned, prepared and tidied, you need to then make an inventory inspection of each room and note the condition of things such as walls, ceilings, doors, floors, windows, cupboards, lighting, and even the power points and any appliances such as air-conditioners or heaters and so forth. By going through your house, room by room and also remembering the front and rear garden, you’ll have created a documented list of the overall condition of your house. This is basically the same condition in which you’d like it handed back to you when the lease has ended. In longer lease situations there may be an allowance for reasonable wear and tear, or even a clause that addresses some level of renovation. Now it’s one thing to set out with such an objective, but entirely another in terms of actually finding a tenant that will respect your property and take some pride and responsibility in maintaining it and returning it to you in good order. This is where your diligence really comes into focus in knowing how to attract the best possible tenant and how to set up the rental/leasing agreement so that you’re protected, at the same time as honoring the tenants’ rights. If you have experience in managing such things then that’s fine, but if not, then you’d be highly advised to seek out the services of a professional property management team who will help you find the best tenant and ensure that rental payments are made on time, and also give you an assurance and peace of mind that your valuable family asset is looked after and returned to you in the best possible manner. © Russell C. Hall 2016. All Rights Reserved. No part may be used without express written permission.