Staying Unemotional When Renting Out Your Home
It can be hard to steer clear of emotion when you are renting out a property that was formerly your home. It's completely understandable to be wary of having strangers in the property you own.
Being a good landlord is critical to maintain a healthy relationship with your property manager and tenant. Part of this is knowing how to keep your emotions to a minimum.
Despite this, there are things you can do to ensure the transition from family home to rental property is a bit smoother and stress free.
1. Utilise a professional property manager
- First things first, put a professional distance between yourself and the tenants by engaging an experienced property manager. This person will be a lifesaver when it comes to handling difficult and potentially emotional conversations between the renter and yourself.
- They will be able to advise on the legislation, assist you with inspecting your property and can put your mind at ease by putting processes in place to ensure the tenancy runs smoothly.
- Tell your property manager how you're feeling about the situation ahead of time and how much you want to be involved in the process. Being hands-off may enable you to step back emotionally from the property as well.
2. Consider the possible outcomes in advance
- Before even putting your property up for rent, ready yourself for the worst case scenarios. While it's unlikely you'll have a tenant who trashes your home or refuses to pay rent, you should be prepared for any possibility.
- Once you have become accustomed to the idea, when minor issues arise you should be ready to encounter them. When considering the chances of something going wrong, speak to your property manager about how common these scenarios are to put your mind at ease.
- When you consider the worst case scenarios, they may make you feel a little upset but remember that everything is fixable. Remind yourself why you are renting out your property, possibly to move elsewhere to to utilise it as an investment.
3. Landlord's insurance
- One of the most crucial ways to take the stress out of the process and allowing you to leave your emotions at the door is simply insurance. Having landlord's insurance on top of your building and contents insurance lets you know that you are covered regardless of what might happen.
- Even if a tenant damages the property, landlord's insurance can cover the problem and get it back to the state the home was in before. Landlord's insurance typically covers your liability, malicious, accidental and deliberate damage, death of a tenant, tenants that abandon the property or fail to pay rent, flood, storm and pet damage, among other things. Read through your insurance policy carefully so you know what you are covered for.
- You can also consider other insurances to put your mind at ease, such as income protection, life insurance and health insurance, all of which will help to cover the mortgage should anything happen to your own situation.
4. Tackle anything personal upfront
- You are likely renting out your property unfurnished, without your personal items in the home. This can go some way to making it seem like someone else's property after all, it will soon be filled with their furniture and possessions.
- However, there may be certain things that you still hold dear such as a plant in the garden or fancy door handles. These things can be removed or replaced and taken with you, or you can make special mention of them in the condition report. If the garden is especially important to you, consider having a gardener come round once a month to keep everything in check. Often, the graves of pets are also in the garden. Your property manager should be told to check in on these specific items when undertaking routine inspections.
- If there is something bothering you in particular, do not let it fester. Discuss it with your property manager before you have a tenant in the home to see what you can organise.