There are a variety of benefits to take advantage of when renting your home out to tenants, such as being able to maintain the mortgage without having to pay the bill yourself. Plus, there are all those tax deductions you may qualify for. If you want to make sure that the overall rental experience is a good one for you and your tenants, you'll want to incorporate one or more of these important services:
Plenty of Home Insurance
One of the most important things you can do for yourself as a landlord is make sure that you have plenty of insurance to protect your investment. But regular old homeowner's insurance is not going to cut it. It's important to invest in actual landlord's insurance, typically called dweller's insurance, which is available with different options:
- DP-1 Coverage – Usually, DP-1 coverage includes fire damage and vandalism.
- DP-2 Coverage – Specific types of damage can be named for coverage in DP-2 policies, such as damage from windstorms or hail.
- DP-3 Coverage – Typically everything is included in DP-3 coverage unless specifically excluded.
Sufficient liability coverage is also important. Go as large as possible in terms of policy value to protect yourself against liabilities such as tenant injuries while living on your property.
An easy way to make sure that your rental home stays looking nice, without having to do the work yourself or rely on your tenants, is to invest in professional landscaping services once or twice a month. This will ensure that the grass is always mowed, the trees and flora are properly taken care of, and damage is not being done to your yard in any way. When choosing a landscaper, consider the following tips:
- Make sure the landscaper has workman's compensation insurance so you aren't held liable if an injury occurs while on the job.
- Choose a landscaper with a valid state license to ensure reliability.
- Find a landscaper that knows about local codes for things like easement development and fence construction to ensure that your projects are always legal.
Always check references, look at portfolios, and even see examples of work in person to get an idea of what you can expect from the ongoing care of your landscape by any specific professional.
Reliable Property Managers
Property managers can be extremely helpful by acting as a buffer between you and your tenants. Instead of having to handle the need for repairs or maintenance inspections yourself, a management team can take care of it all for you. Your management team should be able to:
- Collect rent each month.
- Coordinate maintenance and repairs.
- Handle tenant complaints.
- Pursue evictions when necessary.
It's especially important to consider hiring a property management company if you don't live near the home you're renting out. You may even be able to figure the costs of your property management services into the monthly rental rates you charge your tenants so that the cost doesn't come out of your pocket.
Experienced House Painters
A new coat of paint once in awhile can go a long way in keeping the home looking like new for your tenants. This not only keeps them happy, but it helps to keep your home value up too, making it a win-win situation for everyone involved. To keep the exterior looking fresh, have your painter simply touch up scratches and the trim two times a year. When it comes to the interior, a fresh coat of paint on the walls once a year should be enough to keep things updated and clean.
New Energy Efficient Windows
Installing new energy efficient windows helps to ensure that your home is properly insulated and will hold up well to the wear and tear outdoor elements will undoubtedly put on the place throughout the year. It also helps to keep energy costs down which your renters are sure to appreciate, and may even be willing to pay a little more for when it comes to negotiating rental prices. Many energy efficient windows feature a protective sunscreen layer on them to keep the flooring and walls in your home free of sun damage too. Click here to learn more about window options.
With the help of these services, you may just find that your tenants stay longer than in past experiences and you can be sure that your own financial investments and your home overall are well protected.