Do’s and Don’ts to Renting a Property Investment

rentingRenting a property investment comes with its purposes and benefits but to truly make the most out of it, one has to know proper tenant etiquette. With that said, take a look at the following do’s and don’ts to renting out a property, residential, commercial and industrial alike.

Do find a rental asset that suits your needs. It would be silly and completely futile to rent a space that does not fit your purposes for it. Not only will that waste money but it sure won’t live up to its potential.

Don’t forget to read and understand the contract. Before saying yes and signing your name, be sure that you read the fine print very carefully and that you completely understand and agree to each and every clause. You wouldn’t want to be bound to something you cannot or do not want to commit to.

Do get to know the neighborhood. Location is important but the neighborhood is too. No matter how adequately situated the asset is, if the surrounding establishments or people who live and/or use the properties around you don’t fit the bill then you better look somewhere else.

Don’t drill and nail on walls. Most rentals do not allow its tenants to drill on the walls or hammer nails into them. This is why it’s best to check the contract or ask your landlord about this. If you do so and it’s against the terms of the contract then you will be given fines and penalties.

Do perform your end of the bargain. Pay up on time. Nobody likes tenants who fail to pay up their rent for whatever purpose. Not only do you get on your landlord’s nerve but you also risk yourself from getting an eviction notice.

Don’t trash the property. First of all, it’s not yours so you cannot just go about doing what you want with it. Taking care of the space is part of leasing it. Any updates or renovations done must always be communicated with the owners beforehand. Depending on the rental agreement, the costs of repairs and maintenance varies. It can be the landlord’s, yours or both.

Do report any issues immediately. If something’s up with the property investment such as busted wiring and plumbing, damages, noisy neighbors or any other concerns, be sure to voice them to your landlord as soon as possible. Don’t wait out and procrastinate.

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