One of life’s fulfilling moments is when you finally get the keys for your home, whether that’s an actual house and lot or a condo. In most cases, people might think about living in the house they bought especially if they used to rent out. For others however, this is their chance to earn passive income by renting it out. DMCI shares a few things you have to keep in mind should you decide to rent out your property.
Ask yourself: Are You Ready?
The very first thing to ask yourself is, are you ready to be a landlord? It may sound easy to rent out your unit because you seem to be dumping all of the responsibilities that living in the unit entails to the new tenant. Put yourself in the shoes of the tenant and make sure that the unit is ready to live in. Provide the basic necessities that a unit should have for your tenant. As the landlord, you are also responsible for the behavior of the tenant. When you have affirmed that you are ready for the task, you can now enroll your unit for lease and start looking for a tenant.
Rules, Rules, Rules
Like what was said earlier, as the landlord, you are responsible for your tenant’s behavior. In addition, you also have to be aware of the legalities involved in renting out your unit. Don’t be a fool and try to get more than what you should just like this couple. After knowing your own boundaries, you should also tell your future tenants about the rules and regulations that comes with the unit so that they can avoid being evicted.
The Price is Right
Channel your inner Goldilocks and find the right price for your unit; charge it too low, you will lose money; charge it too high, no one will buy it. Researching about the market is crucial in this field. You should know what you are up against, but be firm with the actual price that you need. Consider the amount of costs you had to pay for furnishing the unit as well as for the pay of the property manager, if you decide to hire one, and for all the work that you had to go through.
Let’s Talk About It
Once you have chosen your tenant, you have to sit them down with you and tell them about the ground rules. Make it clear that they must absolutely follow all of these rules to avoid eviction. Also, you can give the numbers that they should call whenever they encounter any problems with the
