Whether you’re the landlord or tenant, renting a place comes with its own challenges. As a landlord, finding and screening tenants, creating and following a rental agreement, and then collecting rental dues can sound like a nightmare. And as a tenant, being on the other end of the spectrum can be just as intimidating. This is why we’ve compiled a list of top must-know rental tips for you to keep in mind when renting.
Renting As A Landlord
Renting out a property can make for good business and can generate considerable income if handled correctly and professionally. To successfully rent out your property, we suggest you:
Attract The Right Tenants
Begin by making your rental property attractive to the kind of tenants you want to keep. Invest in the property by repairing any building damages, water damages, applying a fresh coat of paint, modernising kitchens and bathrooms, and ensuring that your garden is neat and low maintenance. Ideally, you want to keep your property in mint condition so that the right tenants stay.
Security
Properties with security systems and measures in place are highly desirable, especially in South Africa where gated communities and secure complexes are a popular choice. Being a responsible landlord who prioritises the safety and security of tenants is often reflected in the state of the property. So, when it comes to safety, investing in good security will pay off.
Treat Your Rental Property Like A Business
Renting out your property is a source of income, and therefore a business. This is yet another reason why it’s important to remain professional with your tenants, keep your finances intact, and perform thorough tenant screening before your tenants move in. Dive into real estate investment with confidence! Make sure to research and understand the regulations and laws before making any rental or real estate investments for successful business practices.
Before you rent to tenants, ensure that your rental property is a safe place to live in. Spending money to ensure everything is up to code and that all utilities are functional is a smart move. Pro tip: keep a trusted plumber, locksmith, and contractor on call for added convenience.
Renting As A Tenant
As a tenant, there are a number of must-do’s when moving to a rental property, such as:
Get To Know Your Neighbourhood Before You Move
Although rentals aren’t permanent, you wouldn’t want to live in a dodgy area – even if it’s only for a couple of months. This is why you should research your new neighbourhood to ensure it is safe and convenient. It’s also a good idea to look into any local amenities such as restaurants, parks, grocery stores and shopping centres, petrol stations, a gym, and any other convenient places that suit your needs.
Carefully Read The Lease’s Terms And Conditions
A general rule is to read before signing any document to avoid unpleasant surprises. For added peace of mind, consider having a property practitioner review your lease to ensure all terms and standards are fair. When reviewing a lease, focus on key details relating to pet regulations, maintenance responsibilities, rent payment terms and all the dos and don’ts for ending a lease early. You should also read all rules regarding getting a security deposit back and subletting the home.
Inspect The Property Before Moving In
If you’d like to get your security deposit back, take pictures of any pre-existing damage to the property and send them to the landlord. This documentation can protect you from being held responsible for damages that were already present when you moved in.
