Nowadays, people who live in a town-home wants to move out to a better place so that they can enjoy a luxurious life and they start looking to buy a bigger house. But they don’t want to sell out their current property. Therefore they are looking to rent out the old home.
If you have decided to rent out your home, start your search for hiring real estate agents and property management companies who has experience in rental properties. A property management company can help you find the right tenants for you. If you are going to make your home an investment property then check all the repairmen work of your home.
In this article, we will give you some tips about turning your home into a rental property. The CIRCL will provide all the services of rental property.
1.Research the Rent
Firstly ask the nearby people or renters how much rent is going on. You can assume and research about the current rental rates in that particular area. In some area, the going rent is less than what it costs to own a home. In that case, you can consult with property Management Company who will help you. If you don’t have time so hire real estate agent for renting your property.
Once you know how much rent you could charge for your home, subtract your operating costs. These include all the expenses of owning and managing an investment property. Make an estimate on a landlord’s insurance policy because bad tenants can destroy your home and can be a huge liability if something goes wrong.
3. Consider Using a Property Manager
Always consider a property management within budget because they charge about 10% to 15% of the rent. A good property manager will screen tenants, get estimates for repairs, execute leases, and take annoying late-night emergency maintenance calls.
4. Review Your Existing Mortgage
Some mortgages do not allow you to convert your residence into an investment property without paying a penalty. They may require a waiting period before you can rent out the property.
5. Repairs and Upgrades
Remember that if you are selling your property, anything you repair or upgrade adds value to the home and makes it more appealing to those who are comparing your rental property to others. Make sure it is clean, freshly painted, and anything that looks severely outdated should be replaced providing the cost isn't outlandish.
CIRCL is the leading rental property management company placed in Toronto who will help you find perfect tenants for your own house. It also offers room rental services in all parts of Canada. For more information visit here: http://alexbrown123.tumblr.com/post/152369146994/top-10-features-of-a-profitable-rental-property
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