Many people dream of becoming landlords in Nigeria but it is usually not as easy as it seems. It involves certain responsibilities and financial requirements not many are willing or able to commit to.
This article would be telling you about what it involves in becoming a landlord and how you can make profit from your property when you eventually become one.
Read how you can buy a property in Nigeria here
Who is a Landlord?
A landlord is a person who invests in a rental property and lets it out for the purpose of making profit. The rental property could be for either commercial or residential purposes.
The landlord serves as the overseer of the property and ensures that the property is well maintained and kept comfortable for the tenants. The landlord also collects rent from the tenants and ensures that they abide by laid down rules guiding the property and the town where it is situated.
Find out how you can know the value of your home here
Renting out a House For the First Time
Renting out a house for the first time as a landlord can be exciting but also challenging. One key thing to note is that it requires adaptability and openness to knowledge and expert advice.
You should consider certain things such as screening your tenants, understanding the laws guiding rentals, hiring a property management company and so on. These are given a more detailed explanation below.
Tips to Becoming a Successful Landlord
Here are some tips to guide you on becoming a successful landlord;
Thoroughly screen your tenants.
Nobody wants to have tenants who cause trouble, disturb the peace of their neighbors or the neighborhood and also mismanage facilities within the property. This is why you should screen your prospective tenants before deciding to let your property out or not.
Ensure there is a Tenancy Agreement document.
This document should cover all the necessary and relevant areas you want covered. This would help avoid any conflicts in the future and also helps to protect the rights of both the tenants and you the landlord. Find out more about the tenancy agreement law here.
Make Sure There is Proper Property Management
Having a maintenance culture is expedient to ensuring your property remains valuable. You should regularly inspect the property and make repairs on time to avoid further degeneration. You can read more about property management companies here.
Abide by Laws and Regulations
Try to make sure you constantly follow the rules and regulations of your city regarding rental properties. Violating these laws could result in legal action being taken against you that would cause both emotional and financial stress. It’s best to avoid it completely. You can also read more on the necessary documents required in real estate here.
Research Rental Market Trends when setting your price.
If you set your rental property price at too low or too high, it could jeopardize all your efforts so far in becoming a landlord. Consider your market to find out the fair or average rent price in your city or town. You can also work with a real estate agent in going about this. See how you can find a good real estate agent to work with here.
You can become a landlord today by following the tips, steps and advice proffered in this article. It might require some sacrifices along the way but it is usually worth it in the end. At MKH, we can help you attain your dreams of becoming a landlord. All you have to do is contact us by clicking here to get more information on any of our properties.