Landlords: Make the Most of Your House for Rent

Private Property South Africa
Private Property Reporter

With property prices still at relatively low levels, you’ve decided to become a buy-to-let investor, or, for some reason, you have to either sell or put up your house for rent. Here’s what you should know. Firstly, it is important to know that being a landlord is hard work. You will need to treat it as a business. It will take time and commitment from your side – with your day job, can you take on the additional responsibility of fixing water leaks, replacing faulty garage gates and unblocking toilets? Will you manage rental and electricity bills and ensure all bills are up-to-date? A happy tenant is likely to pay you on time and maintain your house for rent – if you don’t have the temperament to manage the property, consider employing a rental agency to manage the tenant on your behalf. If you’re moving out of town, employing an agent should be a serious consideration if you can’t sell the house. Other factors to keep in mind before putting up your house for rent:

  • Calculate the total cost of running and maintaining the property

This should include mortgage payments and possible replacement costs when the tenant moves out, e.g. repainting the inside or putting in new carpets.

  • Estimate your rental income

This will be determined by prevailing rates in the area where your property is situated, and not by your cost of running and maintaining the property. You can get an idea of market rentals for similar properties by studying property websites and advertisements. Compare the income with your estimated costs, and see whether it will make financial sense to put up your house for rent.

  • Find a tenant

If you’re up for the task of being a landlord, you need to find a good tenant. Don’t just trust your gut feel about someone – do the necessary credit checks and get references from previous landlords. Make sure you sign a contract .

Looking to sell your home?
Advertise your property to millions of interested buyers by listing with Private Property now!
List your home privately

Share:

Found this content useful?

Get the best of Private Property's latest news and advice delivered straight to your inbox each week

Related Articles

Private Property Culture and Careers
Private Property is South Africa’s leading property website, find out more about our culture, teams and working with us.
11 home hacks to help keep your home clean for less
We’ve searched the web and found some brilliant cleaning hacks to make cleaning simpler and cheaper.
16 ways to save money on your grocery bill
These days, it feels like every trip to the supermarket costs us more. If you’re looking at ways to save on ever increasing grocery bills, these tips will help.
Val de Vie Estate
Val de Vie Estate, South Africa’s first and only Wine and Polo Estate has a selection of property that will appeal to the discerning home buyer.
;