Whether you are a first-time renter or have done so for a while, chances are you’ve put a certain amount of money into the place you are letting. So, your main goal is to find tenants you can trust not to ruin the place. However, the whole purpose of renting is the consistent cash flow, even more so if there are long-term agreements involved. Thus, we deem this risky venture worthy of trying. Still, in order to rent out your NYC apartment, it’s best that you familiarize yourself with the following few tips and guidelines. These are by no means a necessity but should prove to be worthy allies in your ultimate goal.
A word of wisdom for first-time landlord experience
Although those of you that are more experience on the matter are probably aware of the advice that follows, some might still find a word or two that are useful. As for the people who are novices in the matter, feel free to take notes. For starters, when you are ready to rent out your NYC apartment, it would be wise to get acquainted with the landlord-tenant law.
The landlord-tenant law
Understanding your rights and legal duties will be most helpful in protecting your rental business, as well as yourself. Federal, state and local law is the one who regulates your relationship with the tenant. Your responsibilities include:
- all repairs and maintenance projects
- implementation of safety features that include smoke alarm, carbon monoxide detectors and other
- security deposit issues
- notice period regulations
On the other side, it’s important that your future tenants are also aware of their accountabilities. Best way to make sure that they are is to put those important points in the legally binding lease agreement. These should include:
- monthly (sometimes yearly) rent
- a security deposit that is handed along with the first month’s rent
- time and type of occupancy
- your policy about keeping pets
- maintenance responsibilities of the tenants
- subleasing regulations
It’s important noting, however, that if both sides are open to negotiation, previously stated points are susceptible to adjustments. The goal is to reach such an agreement that both sides are satisfied. When you rent out your NYC apartment, make sure to be adamant about the things you deem most important, as well as considerate of the other side. After all, some of the people you will be speaking with have come from afar, although with the help of cross country movers NYC. A little compassion can go a long way. Say if they brought a pet along the way, it would be a real shame to turn them just, solely for their furry buddy.
Recognizing responsible, reliable and financially qualified tenants
Although the hardest and most formidable part of this whole process, it is also of paramount importance. Now, all the efforts of running background and credit checking of your presumably tenants are more than worth your while. Howbeit, your most devoted attention should go to the tenants themselves. Further meaning that you should judge them based on your interaction and communication, not just their credit score. What is crucial to understand is that you are looking for a person who will not only pay the rent and bills on time but take good care of your property. Now, we know that it’s virtually impossible to be a hundred percent sure on the personality of an individual based on your one interaction. No matter how hard you try, there is still a chance you will get a problematic tenant. However, that is the downside of this business that you will have to accept. Letting a stranger into your apartment unavoidably comes with an abundance of risks. Still, what you can do on your side is do the screening process right.
Sprucing up the apartment
Even though the end goal is to make money when you rent out your NYC apartment, it kind of comes as a prerequisite to making certain investments. People who are, say moving to Manhattan, expect to pay a hefty amount, but they will still expect to receive their money’s worth. So, it’s only logical to spruce up your apartment, so that it matches the price.
- First things first, make sure that the apartment has undergone all the repairments and maintenance projects it needs. You can also go to the extent of painting your walls, in order to freshen up the place a bit. You’d be surprised at the change a simple lively color can bring. Although white is always a safe option, don’t be afraid to experiment.
- Clean and de-clutter the place to the best of your possibilities. Potential tenants will find it much easier to picture themselves in the apartment if a certain style is not imposed on them. They will be able to see the true scale and potential of the place and thus feel more inclined to take it. In addition, make sure to clean all of the carpets and drapes, so as to get rid of any unpleasant smells. Air out the place regularly and consider getting an air freshener, if the need arises.
One of the bigger reasons people move to NYC is because it greatly differs from any other city. It would be nice to accentuate this point through the apartment you are letting and add value to it. Try to enhance the most attractive spots and features it has. Don’t restrain from adding some eye-catching details, so as to capture the attention of people who can be the tenants. It will make the place feel more comfortable and homey, rather than dull. What’s more, you can add plants and fresh flowers in order to liven up the place. Just try not to overdo it, since it can result in visitors not being able to envision the place as their own.