In our previous blog, we considered a few suggestions about how to find the right investment property to use as rental income. We are going to continue the theme now with a few tips on how to become a good landlord for your tenants, as well as how to deal with the challenges that may come along.

Set the Right Rent. One of the most important decisions you will make as a landlord is how much to charge for rent. Charging market value or above will give you a better initial return on investment, but it may also lead to more turnover and attract financially irresponsible tenants. On the other hand, charging slightly less may attract more interest and lead to longer tenancy agreements.

Set Money Aside for Repairs. Owning a rental property means being responsible for its maintenance and repairs. It’s essential to set aside money each month for repairs and other unexpected expenses. This way, you’ll have the funds available when the need arises, and you won’t have to dip into your personal savings or take out loans.

Comply with Local Regulations. Before renting out a property, it’s crucial to ensure that it complies with local regulations. For instance, bedrooms must meet specific requirements to ensure the safety of occupants in case of fire. Failure to comply with local regulations can lead to a lot of problems.

Keep the Property Clean and Safe. Before your tenants move in, clean the house thoroughly, and ensure there are no safety hazards. Make sure the property is freshly painted and in good condition to provide a safe and comfortable living environment for your tenants. By doing so, you’ll create a positive impression and increase your chances of retaining long-term tenants.

New York brownstone style apartment building or townhouse

Although there are many additional ways to become a successful landlord, these few suggestions will help you to understand the responsibilities that go along with owning a rental property.