While renting your home may seem as simple as posting an ad on the real estate listing site in Marrakech, we recommend that you reserve a little time to prepare for your new business before you enter the world of research and tenant management. Here are seven essential steps that every new owner should take:
1. Get an insurance policy
Buying a homeowner’s insurance (also called rental property insurance) is one of the most important steps to take before renting your home. In addition to the items covered by a typical homeowner policy, the homeowner’s insurance will protect you from significant damage caused by tenants, as well as legal actions they may take against you. Be aware however that the rental property insurance does not cover the property of your tenant, who will have to take out rental insurance to cover his property.
2. Hire an accountant
Assuming that you are not an accountant or that you are unfamiliar with rental tax laws, it would be wise to hire an accountant to help you sort through the tax implications of renting your home. . An accountant will help you determine what documents you need to keep in order to view Schedule E at tax time. It can also help you find a way to lower your tax bill by helping you choose the right depreciation strategy.
3. Ask a lawyer to review your rental agreement
A lawyer specializing in real estate law can help you ensure that your lease Marrakech apartment does not contain any illegal provision, while protecting you from the financial damage that may result from tenants exploiting flaws in your contract. A good lease will specify how tenants can and can not use the property, how many people can occupy the lease, what insurance is required, who pays for the utility and what will happen if the tenant does not does not respect its obligations.
4. Establish criteria for a tenant
By following the guidelines of the Fair Housing Act, define a set of criteria that your rental applicants will have to meet and note it on paper for distribution to potential tenants when you show them the property. These criteria should include monthly income levels and acceptable credit scores, as well as the number of tenants who can occupy the home. You should also outline your smoking and pet policies.
5. Prepare your documents
Beyond the lease, you must have several forms in hand before renting your house. These include rental applications, credit check authorization forms, any disclosure required by your state, move-in checklists, moving forms and various notices to tenants.
6. Get a home inspection
Having your home inspected by a professional will help you resolve critical maintenance issues before your tenants move in. Home inspector in Myrtle Beach will protect you from potential legal problems, while avoiding you having to answer several maintenance phone calls in the first weeks following the rental villa Marrakech. Your property. Inspecting the home before a tenant moves and after departure will also provide third-party documentation of any damage caused by the tenant.
7. Clean, paint and landscape
Nothing can replace a deep cleaning and a new coat of paint to illuminate the interior of your rental home. While trendy upgrades may be optional, if you want to attract the most qualified tenants, this basic rental hygiene is essential. Also, it is important to ensure that the lawn and garden surrounding your rental home is tidy before displaying the “For Rent” sign.