Is Being A Landlord An Easy Job?

Owning a rental property can be a great idea especially with the current low prices and interest rates. You can buy a property that is within your budget at the same time earn from the extra space by accepting renters. Laura Gaskill of Houzz explains that though it is highly possible and easy to have a rental property now a day, there are certain hassles that she wishes to share.

First among Laura Gaskill’s list is the cost of the mortgage and maintenance in which you need to prepare for. This will include expenses that range from landscaping to utilities. Second is have at least 6 months of mortgage payments for safekeeping. This will help you feel at ease especially knowing that you can pay for extra expenses even though your rooms are still unoccupied.

Third is, if you wish to attract tenants, you need to choose your location wisely and make sure that the house’s setting provide the necessary convenience such as public transportation, safety and shops. Fourth is, purchase a property that is in tip top shape since this will not only save you from expenses on repairs but also allow you to begin your space for rent business right away.

Fifth is get an insurance. Though this can be an additional expense, it is always beneficial to have some security. Sixth is, learn then inform your tenants in advance about possible hazards or risks. 7th is, if you are not planning to live in the property, you should consider hiring someone to manage it. Eighth is, have a team that is ready to help you such as plumber, locksmith, lawyer, or electrician. Ninth, think then identify other ways you can use your residence. Tenth, there are tenants that can only provide you problems and losses, so choose your tenants wisely.  Eleventh, it is very important that you have your tenants sign a lease.

Laura Gaskill advises that you continue to educate yourself such as with the legal issues that a landlord may face. This is very important since if ever you make harsh decisions such as evicting problematic tenants without learning the proper steps,  then you may end up being the one at fault.  via [Houzz]