Have you unexpectedly found yourself in the position of being an accidental landlord in Virginia Beach?
Many homeowners rent out their homes because they can't sell or move for work. Others inherit properties and decide to rent them.
What can accidental landlords do to thrive? Read on for our full accidental landlord guide.
Understand Local Rental Laws
Virginia Beach has rules for landlords and tenants, and it's essential to know them. These laws cover rent payments, security deposits, and eviction rules.
Following these laws protects you and your tenants. You can find helpful information from local resources or a Virginia Beach property management company.
Set a Fair Rental Price
Pricing your rental correctly is important. Check the rental rates in your area. This ensures you attract tenants and earn enough to cover expenses.
Screen Tenants Carefully
Finding good tenants makes renting easier. Always check a tenant's credit, income, and rental history.
Create a Strong Lease Agreement
Your lease agreement is a legal document. It sets the rules for your rental. Include details about rent, maintenance, and tenant responsibilities.
The agreement helps avoid misunderstandings. You can ask a property management expert to draft or review the lease.
Maintain the Property
Fix issues quickly and ensure the home is safe. Regular maintenance can also prevent bigger problems later. Tenants appreciate a well-maintained home and are more likely to stay.
Budget for Expenses
Managing rental properties comes with costs. Set aside money for repairs, taxes, and other expenses. Sometimes, unexpected issues arise, and having savings makes it easier to handle them.
Understand Your Responsibilities
Being a landlord involves many tasks. You must respond to tenant concerns, handle repairs, and follow legal rules.
If this seems too much, a Virginia Beach property management company can assist. They handle daily tasks, so you don't have to.
Get Insurance
Rental property insurance is a must. It protects your property and covers damages or liability issues. Ensure your policy fits your needs as a landlord.
Handle Tenant Turnover Smoothly
When a tenant moves out, prepare for the next one quickly. Clean and repair the home if needed. Then, start advertising the rental to reduce the time your property stays empty.
Learn About Taxes
Rental income is taxable. Keep track of your income and expenses to simplify tax filing. Some costs, like repairs and property management fees, may be tax-deductible.
Consult a tax expert for real estate rental advice specific to Virginia Beach.
Communicate Clearly with Tenants
Good communication builds trust with tenants. One of the best landlord tips in Virginia Beach is to respond to questions or concerns quickly. Clear communication helps avoid problems and creates a better rental experience for everyone.
Accidental Landlords Don't Need to Stress
Accidental landlords have a lot on their plates, but it can be manageable. Understanding your responsibilities and following these tips will help.
Would you like to simplify your Virginia Beach rental property business? Contact PMI S Hampton Roads to enjoy our property management services. Our team has over 30 years of combined experience.
