It’s a tremendous accomplishment to own an investment property. While the prospect of renting out your home as a new landlord can be both exciting and daunting, you must prepare yourself properly to ensure a positive return on your investment.
Assume you’re new to the world of property rental. In such a case, there are various new developments in Kigali, and even throughout Rwanda, that you should be aware of, as well as dangers to avoid, to guarantee that your investment is protected and profits are maximized.
These tips will not only help you establish your foundation in the property management field, but they will also put you on the right track to becoming a professional landlord!
1. Get Maximum Value For Your Property
You must treat your property as if it were a business, with rent as the source of income. As a result, you should not only endeavor to maximize your rental returns but also ensure that rent is paid on a regular and timely basis.
You’ll have other costs to pay – insurance, maintenance, and so on – so don’t let squatter tenants destroy your investment property cash flow. Of course, keep in mind that the rental amount you charge is decided by the value, size, and location of your home.
2. Make Adequate Tenancy Checks
There’s no denying it: your tenants have the power to make or break your investment. So many good properties have been ruined as a result of bad tenants’ carelessness. To ensure a smooth tenancy, conduct extensive background checks on potential tenants.
Don’t dismiss this assignment as pointless. Consider their rental history, payment history, employment history, and, most importantly, their social media presence if you’re not sure what to search for. These will provide you with a wealth of information about the people you are about to welcome into your home.
3. Consider If You Would Accept Pets.
There are pros and cons to virtually everything, including allowing pets on your property. This is a personal decision you will need to think about before opening your property up for lease.
4. Evaluate Other Property Revenue Opportunities
You might also look into other ways to make money from your investment, depending on how involved you want to be with property management. Aside from a long-term lease, there’s also the possibility of a short-term lease, such as on Airbnb, Jiji, etc. Speak with one of Rwanda’s greatest real estate professionals about all of your alternatives and make the right selection for you.
5. Know Your Rights And Responsibilities As A Landlord
This is a really important point. In Rwanda, there are regulations that govern renters, landlords, and agents.
If you intend to manage your property alone, you must have a thorough awareness of the current land regulations in order to prevent putting yourself in a vulnerable or costly scenario.
You can begin by reading this informative article about Rwanda’s land management and property taxation. This material should help you understand what you can and, more crucially, cannot do as a Rwandan landlord.
6. Don’t Forget to Make Regular Inspections
The necessity of frequent inspections cannot be overemphasized, as they ensure required maintenance does not go unnoticed and help you assess whether your investment property is being cared for by the tenants. Your property must always be in perfect condition to attract the best tenants.
7. Don’t Overspend On Property Renovations
This is one pitfall many landlords fall prey to. While renovating your investment property, you need to ensure you do that with your return in mind. You can skip some parts that are not important and spend your money where you are likely to get the greatest return.
Do you have a residential house or apartment to rent out in Kigali? eMall Property helps you to get potential buyers and manages your premises on your behalf. Reach us now at https://property.emall.rw/ or dial +250788 385 831 to get exceptional service.