Owning a home or cottage is a great asset since you can use it for many things. If you want to make some extra money, you can easily put your cottage for rent. This can help you to earn more money and live a better lifestyle. However, doing this isn't all simple and there are a few things that you will have to know and keep in mind. In this article we will look at a couple of the common issues that you will face so that you can solve them before your first tenant arrives.
The first thing you will have to establish are a basic set of rules for your new tenant. If you don't have any rules in place, the chances are that you will get taken advantage of and not be able to do much about it. The most important rule should pertain to when the rent is due and when it is considered late. You should set a specific date in which rent should be due and if they do not pay on this date, there should be penalty fees for each day that the rent goes unpaid. This is a great way to discourage renters from paying late and ensure you get your money on time.
The next factor that you need to consider is whether you are offering an unfurnished house, semi-furnished or furnished. If you choose to offer a house with furnishings, then you need to make a list of items that must stay when the tenant is ready to leave. If you fail to do this, then the tenant can take the furniture and there won't be much you can do about it. However, if you do have this list, then you can press charges.
Another rule that must be put into place is garbage removal. You should specify certain places to put garbage and how many times per week the garbage should be put out. This is essential because if the tenant does not get rid of garbage regularly, it can make your property look run down as well as attract complaints from neighbors.
Many people come with pets and you will have to determine whether you're fine with having pets on your property or not. If you are okay with having pets, then you need to detail the specific kinds of pets that are allowed as well as the quantity.
Most tenants will not stay more than a few years in any one place, so you need to discuss how much notice they need to give when they are ready to leave. Most landlords ask for thirty days, but you can negotiate on this with your renter.
The final issue is that of the deposit that needs to be provided when they move in. You need to discuss the deductions that will be taken from the deposit such as the case of damage being done to the property.
Those were just a few quick ideas and tips that you need to keep in mind if you want to put your Ontario cottages for rent. There are many more, but these are among the most important.
The first thing you will have to establish are a basic set of rules for your new tenant. If you don't have any rules in place, the chances are that you will get taken advantage of and not be able to do much about it. The most important rule should pertain to when the rent is due and when it is considered late. You should set a specific date in which rent should be due and if they do not pay on this date, there should be penalty fees for each day that the rent goes unpaid. This is a great way to discourage renters from paying late and ensure you get your money on time.
The next factor that you need to consider is whether you are offering an unfurnished house, semi-furnished or furnished. If you choose to offer a house with furnishings, then you need to make a list of items that must stay when the tenant is ready to leave. If you fail to do this, then the tenant can take the furniture and there won't be much you can do about it. However, if you do have this list, then you can press charges.
Another rule that must be put into place is garbage removal. You should specify certain places to put garbage and how many times per week the garbage should be put out. This is essential because if the tenant does not get rid of garbage regularly, it can make your property look run down as well as attract complaints from neighbors.
Many people come with pets and you will have to determine whether you're fine with having pets on your property or not. If you are okay with having pets, then you need to detail the specific kinds of pets that are allowed as well as the quantity.
Most tenants will not stay more than a few years in any one place, so you need to discuss how much notice they need to give when they are ready to leave. Most landlords ask for thirty days, but you can negotiate on this with your renter.
The final issue is that of the deposit that needs to be provided when they move in. You need to discuss the deductions that will be taken from the deposit such as the case of damage being done to the property.
Those were just a few quick ideas and tips that you need to keep in mind if you want to put your Ontario cottages for rent. There are many more, but these are among the most important.
