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.
The first thing you will have to establish are a basic set of rules for your new tenant. If you don't have any rules in place, the chances are that you will get taken advantage of and not be able to do much about it. The most important rule should pertain to when the rent is due and when it is considered late. You should set a specific date in which rent should be due and if they do not pay on this date, there should be penalty fees for each day that the rent goes unpaid. This is a great way to discourage renters from paying late and ensure you get your money on time.
After you consider that issue, you will also have to decide whether you are going to offer the place as a furnished or unfurnished house. If you are providing some furnishings, then you need to discuss with your tenant how you expect them to be used. You should also let them know that you have a list of all the furniture that needs to be left behind when they leave.
Garbage removal is another important factor that needs to be discussed and written on paper. If the tenant does not get rid of the garbage regularly, it can attract pests and also degrade your property. It can make the neighbors upset and cause a lot of trouble. Therefore, you need to specify how many times the garbage needs to be removed and where you 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.
Most tenants will not stay more than a few years in any one place, so you need to discuss how much notice they need to give when they are ready to leave. Most landlords ask for thirty days, but you can negotiate on this with your renter.
Lastly, it is essential that you collect a specified deposit before the renter moves into the cottage. This will cover any damages to the property that they incur and you have to fix. You need to make sure that they are aware of this so they will try their best not to damage the property.
Those were just a few quick ideas and tips that you need to keep in mind if you want to put your Ontario cottages for rent. There are many more, but these are among the most important.
The first thing you will have to establish are a basic set of rules for your new tenant. If you don't have any rules in place, the chances are that you will get taken advantage of and not be able to do much about it. The most important rule should pertain to when the rent is due and when it is considered late. You should set a specific date in which rent should be due and if they do not pay on this date, there should be penalty fees for each day that the rent goes unpaid. This is a great way to discourage renters from paying late and ensure you get your money on time.
After you consider that issue, you will also have to decide whether you are going to offer the place as a furnished or unfurnished house. If you are providing some furnishings, then you need to discuss with your tenant how you expect them to be used. You should also let them know that you have a list of all the furniture that needs to be left behind when they leave.
Garbage removal is another important factor that needs to be discussed and written on paper. If the tenant does not get rid of the garbage regularly, it can attract pests and also degrade your property. It can make the neighbors upset and cause a lot of trouble. Therefore, you need to specify how many times the garbage needs to be removed and where you 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.
Most tenants will not stay more than a few years in any one place, so you need to discuss how much notice they need to give when they are ready to leave. Most landlords ask for thirty days, but you can negotiate on this with your renter.
Lastly, it is essential that you collect a specified deposit before the renter moves into the cottage. This will cover any damages to the property that they incur and you have to fix. You need to make sure that they are aware of this so they will try their best not to damage the property.
Those were just a few quick ideas and tips that you need to keep in mind if you want to put your Ontario cottages for rent. There are many more, but these are among the most important.
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