Owning a home or cottage is a great asset since you can use it for many things. If you want to make some extra money, you can easily put your cottage for rent. This can help you to earn more money and live a better lifestyle. However, doing this isn't all simple and there are a few things that you will have to know and keep in mind. In this article we will look at a couple of the common issues that you will face so that you can solve them before your first tenant arrives.
In order to successfully profit from and rent out your property, you will need to put some rules and policies into place. You should know that everything that is discussed in this article should be written into the contract and documentation that the tenant needs to agree to and sign. The most crucial issue which we will look at first is the matter of payments. Rental payments should be made on the same day of every month and you should also have penalty late fees in place should they not pay on time. This is very important to prevent people from taking advantage of you and not paying as they should.
Another issue that you will have to think about is whether you are willing to rent out a furnished or unfurnished house. If you are planning to go unfurnished, then you can move on to the next paragraph. However, if you do plan to provide furniture or appliances, then you need to document all of the items and let the tenant know that they must stay when they leave. If you don't do this, then they could just take it with them and you won't have any legal proof to pursue the matter.
Garbage removal is another important factor that needs to be discussed and written on paper. If the tenant does not get rid of the garbage regularly, it can attract pests and also degrade your property. It can make the neighbors upset and cause a lot of trouble. Therefore, you need to specify how many times the garbage needs to be removed and where you can place it.
Lots of prospective tenants have pets and you will be able to find more if you allow pets on your property. However, if you do decide that you are going to allow them, you will have let the tenants know the exact type of animals that are allowed. It is also wise to specify how many or the maximum quantity that are allowed.
Another factor that needs to be discussed is the amount of notice that they have to give you if they want to move out. This will happen at some point or the other, so it is essential that you agree on a specific amount of days that they need to notify by. The usual amount is set at thirty days, but this is flexible.
Lastly, it is essential that you collect a specified deposit before the renter moves into the cottage. This will cover any damages to the property that they incur and you have to fix. You need to make sure that they are aware of this so they will try their best not to damage the property.
Those were just a few quick ideas and tips that you need to keep in mind if you want to put your Ontario cottages for rent. There are many more, but these are among the most important.
In order to successfully profit from and rent out your property, you will need to put some rules and policies into place. You should know that everything that is discussed in this article should be written into the contract and documentation that the tenant needs to agree to and sign. The most crucial issue which we will look at first is the matter of payments. Rental payments should be made on the same day of every month and you should also have penalty late fees in place should they not pay on time. This is very important to prevent people from taking advantage of you and not paying as they should.
Another issue that you will have to think about is whether you are willing to rent out a furnished or unfurnished house. If you are planning to go unfurnished, then you can move on to the next paragraph. However, if you do plan to provide furniture or appliances, then you need to document all of the items and let the tenant know that they must stay when they leave. If you don't do this, then they could just take it with them and you won't have any legal proof to pursue the matter.
Garbage removal is another important factor that needs to be discussed and written on paper. If the tenant does not get rid of the garbage regularly, it can attract pests and also degrade your property. It can make the neighbors upset and cause a lot of trouble. Therefore, you need to specify how many times the garbage needs to be removed and where you can place it.
Lots of prospective tenants have pets and you will be able to find more if you allow pets on your property. However, if you do decide that you are going to allow them, you will have let the tenants know the exact type of animals that are allowed. It is also wise to specify how many or the maximum quantity that are allowed.
Another factor that needs to be discussed is the amount of notice that they have to give you if they want to move out. This will happen at some point or the other, so it is essential that you agree on a specific amount of days that they need to notify by. The usual amount is set at thirty days, but this is flexible.
Lastly, it is essential that you collect a specified deposit before the renter moves into the cottage. This will cover any damages to the property that they incur and you have to fix. You need to make sure that they are aware of this so they will try their best not to damage the property.
Those were just a few quick ideas and tips that you need to keep in mind if you want to put your Ontario cottages for rent. There are many more, but these are among the most important.
No comments:
Post a Comment