6 Tips for First-Time Landlords
There are a number of things to consider when renting out your property, from how tenants should be screened to what type of insurance coverage is needed. Here are six tips to help first-time landlords navigate their new role.
1. Select a good tenant
Making the time to find the right tenant will pay off. You want someone you can trust to take care of your apartment and who will pay the rent on time.
Always get tenants to fill out a rental application as part of the screening process. A few things to inquire about in the application are references, income, credit verification and the reason for their move.
2. Use a written rental agreement
A written rental agreement should be used to set out both parties’ duties and responsibilities. This contract will serve as an invaluable tool should a lawsuit arise. Items you may want to have in your rental agreement include policies around pets, noise, the security deposit, late payments and repairs.
3. Hire a good handyman
You’ll need to have a reliable handyman on call who you can turn to for issues with the property’s plumbing, fixtures and other features. Unless you’re confident you can handle the required repair work on your own, this is a must.
4. Take photos of your property
It’s wise to take photos of your place before tenants move in. This way, you can assess any damage that may occur and have reliable proof if the tenant bears responsibility.
5. Obtain landlord insurance
Ask your insurance broker about a landlord insurance policy that includes rental income protection. This type of coverage provides you with a safety net in the event that your property becomes damaged and as a result can’t be rented out for some time.
6. Consider making tenant insurance a requirement
By requiring that your tenants have tenant insurance, you can avoid lawsuits. Tenant insurance isn’t expensive and benefits both the landlord and tenant. It will ensure there’s coverage in place should a tenant be injured on site or their belongs be damaged in a fire or flood.
Affordable insurance in Nova Scotia
To get the right insurance coverage for your rental property, turn to the experienced brokers at Eisenhauer Insurance. Whether you require tenant insurance, landlord insurance, car insurance or travellers insurance, you can count on us to meet your need for coverage in Halifax, NS. Contact us today to get a free quote.