As said by Suze Orman, “Owning a home is a keystone of wealth…both financial affluence and emotional security”. If you own a home in Texas and choose to rent it out, there are a few things you need to consider. Renting any property is a risk and you should be prepared for whatever might happen. Having a specific plan in place will help you manage the property and keep things smooth moving forward.
The following are the must-to-know landlord responsibilities in Texas, which will help you to rent your home shrewdly.
Know the value of your property, considering its features and extra advantages and what similar properties will rent for. Fix the rent at a value that you know will work. When you create the rental agreement, make sure to mention the rental price. While there may be times when you adjust the price, make sure it remains within a set range that you feel comfortable with.
The rental agreement you create should include all the basic information about your house, such as the rental amount, deposit, any other fees that you would expect in the future,and any late fees. Besides, anything that has to do with the property use, parking, maintenance, trash pick-up, etc. should all be in the agreement. Once both parties agree on the terms, the contracts must be signed and dated.
Know how to market your property. Clean it up and take several pictures and post them on social media. Send them to friends and ask them if they can forward the photos to others who may be looking to rent a home. Place an ad in your local newspaper or put up flyers throughout your neighborhood. You may even look into putting one of your photos on a do-it-yourself real estate website.
If you want to have a professional to manage your property, you can hire a broker or a property manager. They have the experience and the knowledge that will put your property front and center. They will manage, clean, repair, and rent your property. While they will be paid well for their services, they will make sure that your rental home is well-cared for at all times and that your investment is secure.
Keep an inventory of things that you may leave in the home for your tenants’ use, including your appliances, fixtures, and any furnishings. Before the tenants start to move in, walk through the house and take photos of the appliances and any other elements that are normally the first to experience wear and tear.
Before you sign your rental agreement, submit the applicant's information to local law enforcement to perform a background check. This is legal to do and will give you an idea of who you may be renting your property to. If you have any concerns, you can deny the application. A background check will normally run less than $50 and can save you both time and money in the long run.
Also Read: Important Facts to Know About Insuring Mixed-Use Buildings
We know what it takes to rent your home in Texas, and that is why, at Graystone Insurance Group, we offer customized habitational insurance to protect your high-net-worth rental properties. Contact us today to get the right coverage you need to protect your property.
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