A Few Tips If You Want To Put Your Cottage For Rent
Having a house or a cottage is definitely an asset and can serve you well throughout your life. As a matter of fact, if you need to create another stream of money, then this may be the answer you’re looking for since you can just put the cottage for rent. We will now look at the factors you need to consider before making this decision and the things you will have to do. This will help you to decide whether this is a good solution and how to avoid common pitfalls of renting.
Rules are extremely important since you will be renting out your property to strangers. If there are no rules in place you will be unable to protect yourself and your investment. You should always discuss these rules before the person moves into the cottage so that they could understand all the conditions associated with renting the place. The first rule is the date of payment every month. This is important because you have to set a specific date and late fees should they not pay on time. If you fail to do this, then your tenant might not have any problems paying the rent late. If you do have penalty fees, then they try their hardest to pay on time.
Another issue that you will have to think about is whether you are willing to rent out a furnished or unfurnished house. If you are planning to go unfurnished, then you can move on to the next paragraph. However, if you do plan to provide furniture or appliances, then you need to document all of the items and let the tenant know that they must stay when they leave. If you don’t do this, then they could just take it with them and you won’t have any legal proof to pursue the matter.
The next issue we will quickly look at is garbage removal. Removing garbage is extremely important as they can attract flies, pests and even rodents. They can cause your property to smell bad and make it appear to be run down and not taken care of. Therefore, you need to specify how many times the garbage needs to be removed and where they can place it.
Lots of prospective tenants have pets and you will be able to find more if you allow pets on your property. However, if you do decide that you are going to allow them, you will have let the tenants know the exact type of animals that are allowed. It is also wise to specify how many or the maximum quantity that are allowed.
Another factor that needs to be discussed is the amount of notice that they have to give you if they want to move out. This will happen at some point or the other, so it is essential that you agree on a specific amount of days that they need to notify by. The usual amount is set at thirty days, but this is flexible.
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.
That was a quick overview of the major things you need to pay attention to before you place your Ontario cottages for rent.
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