Buying a property goes beyond acquiring a heritage for life. A roof of your own not only offers you the possibility of giving stability to your family. It also translates into a good source of extra income if you choose to rent your apartment.
Now, although it may seem simple, renting a property is not easy and requires prior analysis. Analyzing the most important aspects will help you avoid a bad experience with the rental of your home.
Are you interested in doing business with your real estate? In this article, Yarmoloy Group experts tell you five aspects that you should consider before renting your apartment.
Why rent your apartment?
If you own an apartment you should consider taking advantage of it. In this sense, renting your property is a decision that can provide you with multiple long-term advantages.
Renting your apartment can become a good source of income to make mortgage payments.
The advantages of renting your apartment are:
You retain ownership of the home. By giving up only its use, you remain the owner of the apartment.
You receive an income continuously. When you rent your apartment you get a fixed amount of money each month.
You can use the money to pay the mortgage. If you bought the apartment through a mortgage , the rent money can be used to pay off the payments.
You have the option to use or sell when you see fit. Taking into account the legal requirements, by continuing to own the property, you can always cancel the rent and use it again as a personal home or sell it.
5 tips to rent your apartment
Renting out your apartment can be a highly profitable business if you make sure you take the right steps. Below, we share five recommendations for you to obtain the highest profitability and avoid inconveniences with your future tenants.
Be selective with the person you choose
The best way to avoid problems in the future is to select the ideal tenant. To do this, the person or family to whom you rent your property must meet the following requirements:
Demonstrate that you have job stability.
Comply punctually with rent payments.
Keep the property in good condition.
Submit references or recommendations from other owners.
Be sure to highlight the benefits of the property
Whether or not the tenant decides to rent your apartment will largely depend on the first impression . Therefore, make sure you present the property in the best possible way. For example, mention that the department has no structural damage.
To speed up your apartment rental, be sure to mention the tenant benefits. For example, the security offered by the area.
In addition, it highlights the advantages over security in the area where the property is located. Likewise, he comments on the connectivity that the property has and the proximity to schools, hospitals, supermarkets and shopping centers.
Ask for all the necessary documents
Among the documents that tenants or tenants must present in Mexico are:
Certificate of guarantee.
Criminal record (It is not a mandatory requirement, but in some cases it is required to sign the lease. It is processed in the Ministry of Security and Citizen Protection).
Use expert advice
Having the advice of real estate agents increases the chances of renting your apartment in less time. In addition, the experience of professionals will be of great help to you at the time, not only at the time of negotiations, to find the fair deal for both parties.
The advice of a real estate expert will save you from dealing with complex issues to understand and will help you achieve a more profitable negotiation.
The advice will be timely to deal with issues that are complex for most people, such as legal ones. By knowing the law well, the real estate agent can defend both your interests as the owner and those of the tenant.
Maintain a good relationship with your tenants
Maintaining a good relationship with the tenant is essential for several reasons. If there is a cordial treatment and atmosphere, the tenant will feel satisfied, will gladly fulfill his obligations and will want to stay longer in the property.
A good relationship will also motivate the tenant to keep the property in the best conditions.
Keep in mind that a good relationship involves not only being cordial and friendly, but also responding to the tenant’s concerns and solving their problems quickly.
Renting your apartment makes your money work for you, making it a very profitable investment. For this reason, it is important that you take into account the advice that we share here in this article so that you can get the most out of it and obtain the best benefits.
To make the rental of your property successful, it is essential that you maintain a good relationship with the tenant. In addition, it is essential that you comply with the legal processes and that, preferably, you have the advice of real estate experts to facilitate the negotiation.