If you own a piece of oceanfront real estate and you aren’t planning on living in it year round, renting it out can be an easy way to pay for at least the upkeep, and many times will give you a significant portion, or maybe all of the mortgage payment back as a result. While it is not incredibly time intensive, being a good landlord requires at least a little bit of commitment of money and time on your end. Here are some tips to keep your renters happy, coming back for more, and more likely to give you beachfront property a good recommendation to their friends.
First, make sure that you get a good realtor and know all the rules that apply to investment property in your area. Some areas require that rented homes only can be visited by their owners for short periods of time for “maintenance” purposes or will place other restrictions on the property. Before renting your home out, make sure you know any rules and regulations it will be subject to.
Having a good realtor is also essential to successfully renting out your property. If you have a good realtor, you’ll be getting more and better quality tenants than you would with a lesser quality one who doesn’t know how to market beachfront homes as effectively. They will also be able to advise you on what that rules your property is subject to are and will help you more fully understand them. Make sure that your realtor screens the renters that are using your property. If you end up with lower quality renters that are likely to throw a party and wreck your prize home, you’ll end up losing more money on renting out your property than you’ll gain! And it will leave your home in bad condition for the next people that are in line to rent it, causing them to complain about the condition of your home.
Speaking of the condition of your home, if your oceanfront property is being rented out, it is absolutely essential that you keep up with the maintenance on it. This includes keeping the lawn cut and the house clean and in good condition. It also includes preparing for any emergencies. You should have a first aid kit, working smoke alarms, a fire extinguisher, and all the pertinent contact details for the local emergency response teams in a well-marked and defined location. This will make sure that your renters have a good experience and will make them more likely to return and rent again and much less likely to complain about anything.
Renting out your property means that you won’t be around it for a long period of time, so try to lower the crime risks on the property as much as you possibly can. Install motion sensor activated security lights to deter nighttime criminals and if you can, install a home security system for when no one will be using the house. Use your common sense as well. Don’t put expensive electronics, priceless family heirlooms, or other expensive decorations into the house when it’s likely that they could get broken by tenants or stolen by thieves.
By following these simple steps you should be able to get your oceanfront real estate in the best condition to be rented out and make some money to cover maintenance and maybe even some money for your mortgage. Always make sure to keep your home in good condition and have a good realtor represent you who can find great tenants who will make the most of their experience and won’t ruin your home.