Renting out your home or apartment can bring in much needed extra cash, whether you offer the property for short-term holiday rental or a long lease.
To help ensure your property is rented out quickly and attracts a good price (as well as responsible tenants), consider our tips and tricks.
Prepare your property
Ensure your property is neat, clean and well maintained. Get carpets and windows professionally cleaned, and consider re-painting your home in neutral colours.
Make your property as welcoming and secure as possible, and you’ll get an enhanced rental rate. Be sure to check your insurance premiums are up to date, and your home is adequately covered for any major mishaps.
Set a market-related price
Before deciding on a monthly rental rate, do your homework. Search online for similar sized properties in your area, or chat to a property rental agent who will have all the facts and figures available on demand.
If you're letting your home for a long period, it’s vital you get an upfront security deposit equitable to one or two month’s rent. As a short term holiday lessor, you are entitled to request a refundable breakage deposit.
Screen your tenants
Screen any prospective tenants thoroughly. You can check a potential tenant's credit worthiness, as well as finding out whether the person has a criminal record, through a registered credit bureau such as TPN.
Also, ask potential tenants for references and, if possible, meet them face to face prior to signing a lease.
Get the agreement in writing
Ensure you have a written and signed rental agreement in place. This should clearly outline the terms and conditions of the lease, the monthly amount payable and your and the tenant’s obligations.
Define the house rules. You may also insert penalty clauses that apply if the tenant decides to leave the property before the lease term is up.
You can purchase a standard lease agreement at stationery outlets, or obtain a template from the internet. For example, LegalWise provides a standard lease template you can download.
Deal with the professionals
Although there is nothing stopping you from leasing out your property yourself, a more secure option is to deal with recommended property agents.
HouseMe is a new mobile app-based platform that deals with all rental-related technicalities at a cost-effective rate. For short-term holiday rentals, you might also consider Airbnb, the popular international home stay network.
Store personal items
Even if you offer an apartment or home that's fully furnished, renters will need space for their own belongings. They're also unlikely to appreciate clutter, your personal knick-knacks or items of décor or furniture that look worn or mismatched.
To make space and protect your own belongings, consider using a self-storage facility.
At XtraSpace, we provide secure, affordable self-storage units, ideal for storing furniture, personal items and other household contents. Contact us for more information or browse to find a branch near you.