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.
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.
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.
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 last factor that we will discuss is the deposit which the tenant has to provide before they move into the cottage. This is important because the deposit is supposed to cover any damages to the house that the tenant may incur.
We have just looked at a few guidelines for a new landlord who wants to put Ontario cottages for rent. If you follow these guidelines, it will make the experience better for you and your tenant.
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.
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.
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.
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 last factor that we will discuss is the deposit which the tenant has to provide before they move into the cottage. This is important because the deposit is supposed to cover any damages to the house that the tenant may incur.
We have just looked at a few guidelines for a new landlord who wants to put Ontario cottages for rent. If you follow these guidelines, it will make the experience better for you and your tenant.
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