In Nigeria, landlords and tenants argue 89% of the time, which you would know if you lived there and owned a house. Typical points of contention involve payment for rent or utilities, notice to quit etc. It's common for Nigerians to complain about being overcharged for rent, utilities, and even violation of privacy. Disputes can escalate to the point of physical harm, legal action, or even the, you know…spiritual. For this reason, it is wise to have a checklist of items to verify before renting a house. Before renting your home, check for these:

The State Of The Home

Is your home ready to be rented out? Is it possible to live there with all the essentials, or would one be wanting something? Some property owners rent out their homes without first ensuring they are in good shape. If your home is not in rentable condition, listing it for rent will do you no good. Inspect the plumbing, the wiring, the stability of the building, the quality of the paint, and anything else that seems off.

After you've covered the fundamentals, it's time to bring in a real estate market analyst to study the local rental market and identify the qualities that make properties more competitive. If you want to get top dollar when you sell the house, you'll need to engage numerous contractors and spend some money. Keep in mind that deciding to rent a property is a major life change and that it's important to check out the place thoroughly before signing any paperwork. If you feel like you can't trust your judgement, it may be time to bring in an expert.

Demand For Rentals

The level of interest in real estate investments in the neighbourhood where your property is located is a crucial consideration before you start advertising your place for rent. This is especially important if you intend to rely heavily on room rent as a source of revenue, which would be the case if your primary goal was to maximise the financial gain from the property.

If the rent you're asking for is too expensive, it may be difficult to find tenants. It's possible to make the move into your first apartment after making sure of some comfort-related factors. And if you do find a tenant, they probably won't be willing to pay much, and the rent might not be enough to cover your living expenses. There shouldn't be any issues if you pick a great site.

Preparing Your Home For Sale

Once you've made the required adjustments, it's a good idea to peruse similar postings on other websites to get a sense of the language used to describe a place's enticing qualities. The next step is to compile a detailed inventory of everything that sets your home apart. If you can throw in a couch or a coffee table as part of the deal, it will be a nice bonus. Renters will be interested in hearing about features like a den, garage, separate laundry room, and chef's kitchen that your home offers that they won't find elsewhere.

Posting ads in the local paper and on several rental websites will help. Contacting a real estate agent can help you find a tenant faster. For a fee, they assist several homeowners in finding renters for their homes. It is also possible to hire a property management firm to handle everything on your behalf. But every month, they'll deduct 8-10% of your rent as their cut.

The Related Principles Of Law

Have you heard that subletting is legal in Nigeria as long as both parties agree? This is especially true if the renter in question is a decent human being. As a homeowner, though, you are within your rights to discourage subletting. Tenants should have at least a cursory familiarity with the inspection, rent collection, and property recovery procedures outlined in their lease agreements. If everything is done properly within the law, this can be a huge benefit. To learn more about the tax regulations that apply to your home, you may wish to speak with a certified public accountant. Finally, before renting out your home, make sure you comply with all applicable federal, state, and municipal regulations.

Costs Involved In Rental Investing

Don't expect to keep much of the rent even if you're successful in convincing the tenant to pay a high sum. Before signing a lease, it's crucial that you fully understand all of the associated charges. As a landlord, you'll have to shell out cash for a variety of things, including management, marketing, taxes, and maintenance. Some of these expenses can also be estimated with a little bit of work in the form of a real estate property analysis.

Setting a reasonable rent price is one of the trickiest parts of finding a tenant. You may find out what the going rate is for rental homes in the neighbourhood by contacting the owners directly. Evaluate the potential benefits against the potential drawbacks before deciding to rent it out.

Homeowners' Coverage

Having a solid insurance plan in place is crucial because of how useful it can be in a variety of scenarios. You may have had homeowner's insurance that paid for some or all of the repairs, but landlords need special insurance to protect their investment in rental properties. Check your homeowner's insurance coverage to see if it extends to you as the landlord. There's a strong chance it won't be covered by your existing policy, in which case you'll want to shop around for the best insurance rates.

Searching For Tenants

Making money is the primary motivation for any property owner to rent out their property. However, you need to plan on how to find tenants. You'll need to research viable options for advertising placement, such as certain websites or social media platforms. Also, you should know that experts warn that renting to a friend or family member can cause tension down the road. You also need to be aware of the best practices for finding and choosing tenants. Even if there's only one application, it's important to review it thoroughly. Check their criminal records if you can, as well as talk to their prior landlords, employers, and anyone else they've worked for as references. Tenants that pose a financial or legal risk to you might be avoided with thorough screening.

Conclusion

The worst that can happen is having to evict a tenant. A lucky landlord would get a tenant out of a rental unit without much of a fight if eviction became necessary for any reason. There are a lot of bad renters who will put up resistance. It is still a felony to break into someone's home, even if it is yours, and toss out their stuff.

Hire a lawyer in your local area for help with your tenants anytime! An experienced lawyer can help you evict a troublesome tenant.