Before renting out his apartment or house, a landlord must do several things. Some of them are imposed by the law, others are recommended because afterwards it will be too late or much more difficult to go back and modify his choices. This article will allow you to know everything before you start.
Choosing between bare or furnished rentals, primary residence or seasonal
Most rentals available on the private rental market are unfurnished primary residence rentals. Depending on the location of your property or its size, you may want to consider the seasonal rental market or the furnished rental market. Each of these types of rental has its advantages and disadvantages. The tax regimes are not necessarily the same, nor are the rules for dealing with the tenant. To learn more, go to this page.
It is preferable to ask yourself about this kind of element as soon as you start renting because it can be long and difficult to switch from one to the other. For example, if you are renting bare for the year, you are obliged to start with a 3 year lease that is automatically renewable. You will have to wait for the departure of your tenants to be able to propose another type of housing to other tenants. This can be very long. You will not be able to ask your tenant to leave to change the use of your property, except in certain specific cases (leave for sale or for personal occupation).
Promote the apartment or house
To find a tenant more easily and especially to be able to charge a higher rent, it is in your best interest to take the utmost care of your home.
Do the necessary work to keep everything in good condition, install useful equipment or storage, etc. There are certain things that really set your property apart from the other properties that are available for rent in your city. By setting yourself apart, you are likely to have a lot of demand for your rental and you will be able to place your rent in the upper end of the market without affecting vacancy.
Compared to the value of the property, doing a little home improvement or decorating costs very little but can significantly increase the profitability of your investment.
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