Property is definitely an asset whose value can increase over time. You can even rent it out and make a decent income every month without having to do much. However, being a landlord isn't so simple and once you have decided that you want to put your cottage for rent, there are a couple of things that you will have to think about in detail. In this article we will review a few points you should note and issues you need to decide on before taking on a tenant.
Rules are extremely important since you will be renting out your property to strangers. If there are no rules in place you will be unable to protect yourself and your investment. You should always discuss these rules before the person moves into the cottage so that they could understand all the conditions associated with renting the place. The first rule is the date of payment every month. This is important because you have to set a specific date and late fees should they not pay on time. If you fail to do this, then your tenant might not have any problems paying the rent late. If you do have penalty fees, then they try their hardest to pay on time.
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.
The next issue we will quickly look at is garbage removal. Removing garbage is extremely important as they can attract flies, pests and even rodents. They can cause your property to smell bad and make it appear to be run down and not taken care of. Therefore, you need to specify how many times the garbage needs to be removed and where they can place it.
Many people come with pets and you will have to determine whether you're fine with having pets on your property or not. If you are okay with having pets, then you need to detail the specific kinds of pets that are allowed as well as the quantity.
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.
That was a quick overview of the major things you need to pay attention to before you place your Ontario cottages for rent.
Rules are extremely important since you will be renting out your property to strangers. If there are no rules in place you will be unable to protect yourself and your investment. You should always discuss these rules before the person moves into the cottage so that they could understand all the conditions associated with renting the place. The first rule is the date of payment every month. This is important because you have to set a specific date and late fees should they not pay on time. If you fail to do this, then your tenant might not have any problems paying the rent late. If you do have penalty fees, then they try their hardest to pay on time.
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.
The next issue we will quickly look at is garbage removal. Removing garbage is extremely important as they can attract flies, pests and even rodents. They can cause your property to smell bad and make it appear to be run down and not taken care of. Therefore, you need to specify how many times the garbage needs to be removed and where they can place it.
Many people come with pets and you will have to determine whether you're fine with having pets on your property or not. If you are okay with having pets, then you need to detail the specific kinds of pets that are allowed as well as the quantity.
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.
That was a quick overview of the major things you need to pay attention to before you place your Ontario cottages for rent.
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