Use this handy checklist to help you with your next rental property
Stocking key elements for vacation rentals. If you’re
renting property for vacationers, make sure that each room has the essentials.
This should include clean towels in the bathroom and small toiletries if you
choose to provide them. Ensure all kitchen appliances are in working order and
that the kitchen is stocked with pots, pans, silverware, dishes, and
glasses. Make the bed with clean linens, including clean sheets, pillows,
pillowcases, and blankets.
Additional elements to inspect. When performing a rental property inspection,
don’t forget to check some additional items that pertain to the building as a
whole. These items may affect the rate of insurance for rental properties. Look
at the climate control system and make sure it’s working the way it should be.
You should also confirm that there is an independent entrance and exit if you
rent a multi-unit building. Do a check of the electrical installations in the
building and the walls and ceilings just to ensure that everything looks to be
in proper condition.
Safety items checklist. Don’t forget a few essential safety items,
including verifying that the property has a working smoke detector and carbon
monoxide detector. The kitchen should have at least one working fire
extinguisher. A first aid kit isn’t mandatory for every unit, but having a
fully stocked kit at the front desk or the main office is advisable. Finally,
provide all of your tenants with an emergency number in case they need urgent
help after hours.
Financial and legal checklist. Renting property as a means of investment
requires sound financial knowledge. Ensure you keep all documentation in order
and talk to a professional financial advisor about things like your rental
property taxes and your monthly and annual profit. It’s also a good idea to
consult with a lawyer who can put together a legal checklist so that you’re
within the confines of your state and local laws regarding landlord and tenant
Insurance aspects of renting a property. Make sure
that you have the right type of insurance coverage when renting a
property. Unlike homeowner’s insurance, you will need to obtain a good landlord
insurance policy. This policy will protect you and your property in the event
of a fire, natural disaster, or another emergency. Most rental property
insurance plans also cover some level of liability if your tenant becomes
injured while living in your property. Talk to a professional insurance agent
who can guide you through the ins and outs of this type of insurance.
Rental property inspections are an essential part of owning and renting
your property to tenants and guests. Remember to do a move-in inspection before
a tenant moves in, and feel free to perform quarterly inspections as needed.
Move-out inspections are always highly recommended to protect your investment
and make necessary repairs before a new tenant moves in. Re-inspections might
be required if you are concerned about your property, so don’t hesitate to talk
with your tenant and schedule them if you think you need to. Overall,
performing a thorough rental property inspection is a smart way to protect you,
your investment, and your tenants.
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Thursday, 30 September 2021