Having a house or a cottage is definitely an asset and can serve you well throughout your life. As a matter of fact, if you need to create another stream of money, then this may be the answer you're looking for since you can just put the cottage for rent. We will now look at the factors you need to consider before making this decision and the things you will have to do. This will help you to decide whether this is a good solution and how to avoid common pitfalls of renting.
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.
The next factor that you need to consider is whether you are offering an unfurnished house, semi-furnished or furnished. If you choose to offer a house with furnishings, then you need to make a list of items that must stay when the tenant is ready to leave. If you fail to do this, then the tenant can take the furniture and there won't be much you can do about it. However, if you do have this list, then you can press charges.
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.
The last factor that we will discuss is the deposit which the tenant has to provide before they move into the cottage. This is important because the deposit is supposed to cover any damages to the house that the tenant may incur.
We have just looked at a few guidelines for a new landlord who wants to put Ontario cottages for rent. If you follow these guidelines, it will make the experience better for you and your tenant.
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.
The next factor that you need to consider is whether you are offering an unfurnished house, semi-furnished or furnished. If you choose to offer a house with furnishings, then you need to make a list of items that must stay when the tenant is ready to leave. If you fail to do this, then the tenant can take the furniture and there won't be much you can do about it. However, if you do have this list, then you can press charges.
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.
The last factor that we will discuss is the deposit which the tenant has to provide before they move into the cottage. This is important because the deposit is supposed to cover any damages to the house that the tenant may incur.
We have just looked at a few guidelines for a new landlord who wants to put Ontario cottages for rent. If you follow these guidelines, it will make the experience better for you and your tenant.
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