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.
In order to successfully profit from and rent out your property, you will need to put some rules and policies into place. You should know that everything that is discussed in this article should be written into the contract and documentation that the tenant needs to agree to and sign. The most crucial issue which we will look at first is the matter of payments. Rental payments should be made on the same day of every month and you should also have penalty late fees in place should they not pay on time. This is very important to prevent people from taking advantage of you and not paying as they should.
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.
The next thing you will have to decide is whether you are okay with having pets or not. You need to state this on the contract and if you’re okay with having pets on your property, you need to state the types and maximum number that are allowed.
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.
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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