#Property: Preparing to become a landlord

Renting out your home can be an uncomfortable and even nerve-wracking experience, especially if it’s the first time you embark on the process.

But with the right expectations, guidance and advice, it needn’t be.

Rental investors rent out their properties all the time as it is one of the better investments one can have, and with the experience of being a seasoned landlord and using the right agent, it really can become a hassle-free investment while your capital grows at the same time.

Today though, I want to discuss what to expect when becoming a landlord. Also, what will be expected of you, because as much as it can be a hassle-free investment, it will only be so if you, as the landlord, understand and align your expectations to what a tenant would reasonably expect and what the industry norms would be.

The first and most essential action a landlord must undertake is to ensure a proper inspection is done. Should the home come furnished, then a full inventory must be drawn up as well.

Without these being recorded, you will have no leg to stand on when trying to claim for breakages or damage to your property.

The next factor to consider is wear and tear. This is one of those grey areas, but as a landlord you must be aware that reasonable wear and tear will come into play on your property as if you were living there.

ALSO READ: Wear and tear and what’s fair when it comes to rental deposits

If it is deemed reasonable, you cannot try and claim back from the tenant’s deposit. Then we come to the condition of your property, maintenance and repairs, something you need to wrap your head around right from the start.

Yes, tenants know what they are getting when they move in. Your home might be slightly old and not as modern, but everything on that property must work.

If the stove breaks down, the geyser bursts or the pool’s Kreepy stops working, the landlord must remedy the situation swiftly.

Ultimately, the property was handed to the tenants in working order, so every effort must be made to keep it that way within a reasonable time frame, as you would if you occupied the home.

More importantly, if you realise your property is getting old and many things will soon need to be fixed or replaced, then my advice would be to do this before you put it on the market in the first place.

If you don’t, you will be receiving a lot of calls and your supposedly hassle-free investment will be anything but that!

The best tenants are happy tenants who stay on at the property for a long time, meaning you as the landlord do not have to keep finding and switching new tenants.

If you abide by the rules mentioned, be flexible when needed and employ an experienced property manager to administer the process, then renting out your property can be a stress-free and enjoyable experience.

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