Renting out a house in Orange County CA and officially becoming a landlord is a big step that comes with a lot of responsibilities. The housing market is presently not in the perfect shape. Hence, finding a buyer is hard enough, and finding a good renter is an outcome of rigorous planning.
Here are 10 things that one needs to know before renting out a house in Orange County CA–
Go by the laws
There are plenty of significant laws and guidelines that are applicable to the process of renting out a house in Orange County CA. The new renter is in many ways the direct responsibility of the landlord! The landlord has to cover areas such as –
- Gas safety
- Electrical safety
- Wiring of the house
- Carbon monoxide detectors
- Architectural floor plans
- Fire and smoke alarms
These factors need to be taken care off before renting out. The landlord also has to lodge his occupant’s deposit with an official Tenancy Deposit Scheme provider.
Clean the property
This is especially required in case the landlord is carrying out a property turnover, and the old tenant is getting replaced by a new one. Regardless of the status of the property, the unit must be carefully cleaned, particularly areas like the tub, lavatory, oven, and refrigerator. The unit must not only look brand-new, it should also be renovated to rid of all the issues before a tenant moves in.
Before a new occupant starts inhabiting the house, the landlord must change the locks of the house. This is done as a safety procedure for the renter and to guard the property owner against any form of liability. The last thing the landlord will want is for their old renters to show up at the property with their old keys!
The tenant may make a special request before moving in. Some common special requests include –
- Making sure the house is in tune with the latest interior design trends
- Having a special pet provision
- Installing a washer or dryer before moving in
If the landlord has never rented out a property before, he or she may be uninformed of several of the expenses related to being a proprietor. In addition to the numerous safety credentials and licenses, the landlords will also need to factor in maintenances and other recurring expenses.
Before renting out a house in Orange County CA the property-owner must first register as an official landlord with the local housing authorities.
The insurance policy for a landlord is dissimilar to that of a regular house owner. The tenants need to have their own insurance policy package for the period of time they spend in a landlord’s property. The landlord must discuss the matter beforehand with his or her policy agent.
Any income that the landlord makes from renting out a house in Orange County CA is liable to tax. The landlord must make sure his or her financial manager or accountant is aware of the income coming from rent. 3% levy gets imposed on secondary houses and buy-to-let landlords.
Hire a rental property management team
If the landlord is certain that he or she will not be able to take care of the property on a regular basis, hiring a rental property management team is advisable. These property managers take care of things such as –
- Maintaining the exterior house design and other areas of the rental property that needs upkeep
- Tenant Screening
- Rent collection
- Tenant Eviction
Provide the tenant with contact information
Assuring the tenants of full cooperation by sharing proper contact information is the best gesture a landlord can make. It encourages communication and a growth of reputation for the landlord.
With good tenants come great responsibilities. Being a landlord can be an enjoyable profession when all the guidelines are followed.
Renting out a house in Orange County, CA — a market much more expensive than smaller towns like Athens, Georgia or Bloomington, Indiana — and officially becoming a landlord is a big step that comes with a lot of responsibilities. The housing market is presently not in the perfect shape. Hence, finding a buyer is hard enough, and finding a good renter is an outcome of rigorous planning.
Be it property management for a landlord renting out a house in Orange County CA or any other real estate related task, Gerry Goodman has been best in the business for over 25 years. Gerry Goodman is presently operating in Orange County CA, in the cities Anaheim, Anaheim Hills, Yorba Linda, Newport Beach, Dana Point, Laguna Beach, Huntington Beach, Irvine, Tustin, and Aliso Viejo.