Being a Landlord

[vc_row][vc_column][vc_column_text]Owning rental property is a great way to make extra income, but being a landlord also comes with extra risks and responsibilities. Here are some tips in order to protect yourself and your investment property.

Before making a property investment it is important that you find out what area’s you want to invest in and what target group it is that you want to reach. For this you will have to do research on the internet about the area and the amenities near the location. Pay attention to the infrastructure, shops and level of crime. If you have the opportunity we advice that to visit the area we highly advice you to do so in order to get experience the area and understand what you are selling. Knowing this will make it easier for you to stand behind the property that you are investing in and are renting out to possible tenants.

Normally when buying a property that you are going to rent out there will be an statement that shows for how much you will be able to rent out the property. As the landlord you can use this price to determine for how much you will rent out the property. The final rental price should be based on the average price of the building and the the state that the apartment is in.

After having done the above listed actions the most important thing is to make sure your property is save for your renters. Pay attention to plumbing, gas, water, electricity and roof and make sure they are all in good condition. If needed, repair or replace the broken or old parts to make sure your renters move in hassle free.  Also think of the small things like installing smoke detectors in every room and that the doors have save security locks. After all this is done,  the tenant has signed the tenancy agreement and has moved in it is important to check up with the tenant in order to make sure that the house stays in good condition.

In Malaysia there. is not Tenancy Act, this means that there is no specific law governing tenancies. A tenancy refers to an agreement for a rental period of less than three years. The sole governing document of a tenancy is the tenancy agreement. It is important to clearly specify your rental agreements. Identify the number of occupants, how many and what type of pets are allowed, how much the rent is, when the rent is due and how you will handle late payments. Establish guidelines for special conditions like using outdoor grills and play equipment. By signing a tenancy contract, each party is aware of what their rights and responsibilities with respect to the tenancy. A legal advisor can help you that all the terms are covered in a written rental agreement.

Finally, determine what type of insurance you need to protect yourself and your property.[/vc_column_text][/vc_column][/vc_row]