Nobody enjoys the chore of moving so it makes sense to choose a home that will keep you happy long-term. This can be done quite easily by asking yourself a few simple questions. Do you want to rent a house or flat? Where do you want your rent house to be located? And most importantly how much can you afford to spend. Choosing a location to rent can sometimes require a bit of thought. You want to live in an area that will make your life more convenient. Does that mean you want to rent a place close to your work, your family, or your favorite hangout? If these places are not near one another choosing where to rent can prove very difficult. Living near your place of business will no doubt save you time and energy but what do you do if your friends and family live on the opposite side of town. In this case choosing a central location could better suite your needs. When choosing a location to rent you must look carefully at your life and choose a rent house or flat that will minimize the distance you must travel on a daily basis. Now that you know what part of town will best suit your life it is time to decide if you want to rent a house or a flat. If you are a single person flat rent could save you money and give you just enough space. If you are half of a couple the decision could be more complicated. A flat might fit you now but will you find yourselves wishing for more room in the near future? If you are planning on starting a family soon it could be wise to find a house with an extra bedroom. Looking into the future will help you find a rent house or flat that will meet your needs for years to come. Now for the most important factor in choosing a rent house? money. You don't want to spend too much on renting your home or you will not have enough left over to live your life. When you find that perfect place it is easy to think you can make it work even if the rent is too high. Here is a good rule of thumb that will keep you living within your means. Try not to spend more than 25% of your monthly income on housing and never spend more than 30%. Following this guide will ensure that you will be able to live comfortably in your new home. When you rent a house or flat you really do want it to feel like home. By taking time and choosing carefully you will be able to live your best life in the best home. Taking the time to examine all of your options now will put you in a house that will feel like home for many years to come.
Our first real estate investment property was somewhere we would move into ourselves, and in retrospect, that was an aspect more important than I would have guessed. There's many decisions along the way, and being a potential tenant yourself makes those decisions much clearer.
First off, when it comes time to market your place, you are part of the target audience, so it is easy to find the right place to advertise. Just ask yourself... how would we go about looking for a place? We actually mistakenly put costly ads in the real estate section of the newspaper out initially, bringing in the completely wrong renters who were completely not interested. Once we switched to advertising in places we would look, 90% of the people who came were actually interested, the place would rent faster, and the tenants were happy to be in our place.
That leads to the next reason why buying something you would live in as your first rental property makes the landlord learning process so much easier. The tenants! These will be people that you basically get along with because they like what you like, and if you meet them, they will most likely like you, or they would not be renting it. You will make sense to them, and they will make sense to you. When you are at odds with your tenants, the whole interaction and experience can be painful, so getting along helps tremendously.
Why, you say, should I care if my tenants are happy? Because everything is easier. They will more likely pay rent on time, respect & keep your place in shape, and stay longer. Believe me, there is nothing like a completely wrecked apartment by a short-term tenant. Sure you can charge money for damages, but it will still take time and be a hassle to get it back up to a rent-able state. And dealing the whole time with bitter, angry tenants is no fun either.
How do you make your tenants happy? There's a couple things we do. One is that we allow tenants some flexibility with painting and decorating. 95% of the time, our tenants actually do wonders with our apartments and leave them with a better style than we could have done ourselves. Many times, we even get good ideas to carry over to the other apartments to make them more marketable, like some basic drapes & mounted wine racks. We even had a tenant call us to ask if she could plant some flowers by her porch. We welcomed it. It was an indication that she felt invested in the place and felt at home. Of course, I am not advising you let someone remodel your kitchens... I am talking small things that are easily undone, but make the tenant feel invested and at home.
Another thing to do to have happy tenants is to give them a sizable re-signing bonus when their leases end. And unless it is painfully needed, do not raise the rent, especially if the tenant is someone who pays on time and is easy to deal with. We offer a $500 re-signing bonus each year with rents at $800. It is almost a free month but the cost of a tenant turnover between lost rent and the make ready is usually around $1200, so it is good for us and them.
Also, we do not rent our places at the maximum. We make them a somewhat good deal so that many people will inquire, and so we have a better chance of a good fit that will be happy and stay long. We also do not overcharge because feeling ripped off is one main reason a tenant will leave.
We also treat our tenants with a lot of respect. We call them every time we enter their units, and if repairs take an extensive amount of time or hassle on their behalf, we give them some rent back. We also maintain the property and do pest control. And we always answer their issues within a day, at least with a phone call.
Becoming a landlord was definitely a learning experience. Everyone has their own style, and even different properties may prescribe a different style. Just be open to handling your rental property business (which is basically your tenants) with respect rather than the stereotypical overbearing attitude.
Both Alex Paterson & Ki Gray are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Alex Paterson has sinced written about articles on various topics from Property Guide, Finances and Debts Loans. Are you looking for a property in UK? Do you want a stylish home? Alex Paterson a leading Internet Marketer and a real estate agent is proving all necessary resources to buy the best property in UK. Make your house more than a shelter at. Alex Paterson's top article generates over 49500 views. to your Favourites.
Ki Gray has sinced written about articles on various topics from Debts Loans, Real Estate and Food And Drink. is a husband wife team working in the Austin Real Estate market. Their website offers a free. Ki Gray's top article generates over 110000 views. to your Favourites.