Renting out your property can be an exciting adventure. Since summer is in full swing, tis the season to take advantage of the tourism in New Jersey and reap the benefits of the rental business. However, tenants create inherent risk exposures to your property and assets. In order to protect yourself against the risks involved with renting your home, be sure to apply an Oaklyn NJ Landlord Insurance policy before you start your business venture. Once insured, you can manage your rental risk by familiarizing yourself with the 4 main concerns of renting your property.
- Disruptive Tenants- Renting My House claims that damaging property, payment issues, violating rental agreements, unauthorized pets, loud behavior, and failing to maintain the property are among the biggest concerns with allowing tenants to rent your home. However, these issues largely depend on what kind of tenants you have. Interviewing your potential tenant prior to moving in and checking his or her rental history are a few good ways to avoid disputes.
- Vacancy- The biggest concern homeowners face is the possibility of their home being vacant for an extended period of time. No tenants equals no revenue which can be detrimental to the owner. What’s more, upkeep on a vacant property can be more expensive than while a tenant is living there. Mowing grass, keeping up curb appeal, and clearing walkways should be maintained to attract another tenant.
- Liability- Dangerous property conditions due to a lack of maintaining the home or landscape, tenant fraud, and allegations against the landlord are a few common issues that can arise. However, written policies demonstrating fairness and expectations can deflect this problem.
- Rental Profitability- A more desirable market and a well kempt home will make it possible to rent out your home for a higher price. Depending on these conditions, the landlord can charge more or decrease the price to attract a renter.
Renting your property can be a lucrative business adventure. Although there are numerous risks associated with rental tenants, Connell Insurance Agency has over thirty years of experience insuring homeowners like you. To learn more about our homeowners and Oaklyn Vacant Dwellings Insurance, contact us today at (888) 590-0715.