Tips When Renting a Home in Delray Beach FL
Renting out your home in Delray Beach FL this new year seems like a good idea until you think of a tenant damaging the house, inside and out, and you have no time for repairs.
Yes, renting a home can lead to stress, but there may still be good reasons to rent it like cash flow, appreciation over time, potential tax benefits, and flexibility to sell your home later. It can be a very good investment if you find ways to mitigate the risks involved.
Have a plan and save time and trouble by understanding the ins and outs of converting your investment into a rental property. Here are three things landlords should know.
Identify the costs and research rental rates in your area. It’s good to know what you can ask and whether listing your property worth the effort. Depending on today’s market, you may not be able to cover your monthly mortgage.
Also, if you know the tenants, renting to friends or family members may make it difficult to follow the terms of the lease. Instead, you should get to know a tenant by screening his or her credit report and a criminal background check.
Know the law and avoid word of mouth amendments. What is not in the lease agreement, you won’t be able to enforce to the tenants later.
Also, be prepared to make repairs when need it on the property, or you could face lawsuits from your tenants.
Rental property insurance covers many of the same things as homeowners insurance but offers some important additional protection.
The property needs to be managed when rented, so when a tenant complaints about something going wrong at the house, it must be addressed. For example, landscaping must be handled, and things need to be replaced when the building starts to age.
Some tenants leave damage behind when they leave. It’s important to get a deposit, so you fix your investment property, and rent it right again with no downtime.
Good renters take immaculate care of the house, the lawn and keep the property clean. The tenants who decorate even for the holidays and take care of their rental as if it was their home are very valuable. Even a break in the lease by not raising it every year is worth it, as long as they stay at the house, because when they decide to leave it will require fewer repairs and less wear and tear behind when they do finally move out.
JC Realty Group -Looking for renting a home in Delray Beach FL?
Our realtors know very well the area and have many house listings available for you. We recommend the Delray Beach because is a fun small town in Palm Beach County. If you’re into extreme sports, upscale restaurants, and wine tasting, there is literally something for everyone. All the shopping and restaurants that line Downtown Delray Beach streets offer fresh seafood, steaks, and ethnic cuisine. Delray Beach have not only some of the most memorable major events, but also some of the most “small town” events in Palm Beach County. Don’t forget to give us a call at 877-531-1555 or click Home in Delray Beach contact form.