Put a apartment for rent it can generate an extra income that helps improve your finances; however, in order to achieve this, it is necessary to take into account various factors to obtain all the possible benefits and that this process is not a headache, that it can also affect your pocket.
Given the current social and economic mobility, the supply and demand of apartments for rent It has become more dynamic, since many people who own a property seek to obtain a return on their property by renting it out.
For Miguel Ángel Enríquez, Vice President of Investments at Sí Renta, the real estate sector has always been attractive to earn income by two factors such as the generation of income and the capital gain generated by a property.
“The conservation of value and surplus value of real estate has been real and consistent, covering, at least, the level of inflation in the markets mainly due to the issue of housing supply and demand. The rents are also real, only that there are many things that the market sometimes does not consider and are important to consider a yield”.
According to the recently published National Housing Survey in Mexico, 5.8 million homes in the country are rented and just over half have a current rental contract.
Specialists agree that although the rent a property can generate extra income for the benefit of the owner of the property, it is necessary to be clear, before announcing it, everything relevant in this regard, in points such as the following:
Have the property in habitable conditions
For Carlos Arias, Director of Communications for the Aptune platform, before putting a apartment for rent, it is necessary for the owner to verify that it meets all the conditions to be habitable and that it has all the necessary services enabled.
“As an owner you must take into account that, if you are going to rent a property, let’s say, in its entirety or in rooms, it must have all the available and active services, such as, for example, that the electricity service is well established”, highlighted the representative of the platform specialized in housing rentals.
For Arias, the owner of the home must have the property in the best conditions, in order to prevent the price of the lease from being lower than what is sought to be obtained by putting it up for rent.
“If you want to have a better rental price and want to avoid any negotiations regarding the value of the rent, you should verify that, for example, the paint, curtains or bathrooms are in good condition,” Arias pointed out.
Set the price correctly
According to the Lamudi platform, to establish a price of rent of an apartment that is in accordance with the offer of the area in which it is located, it is necessary to carry out an investigation on prices in the market.
“Use internet sites with profiled inventories that match your property. Take into account maintenance expenses, services, surveillance, location and amenities; this will let you know what the real value is”, indicated the platform.
Miguel Ángel Enríquez, Vice President of Investments at Sí Renta, pointed out that in order to set a price on the rental value, it is also necessary to consider the amount of the investment made to acquire the property.
“The strategy to rent a property is important, if it is long-term, the capital gain factor of the property will generate a better return over time. If it’s in the short term, you probably won’t get this benefit from the capital gains,” said Enríquez.
Request information from the potential tenant
Carlos Arias indicated that before accepting a person’s offer to put a apartment for rent, it is necessary for the owner to request information from the potential tenant to know their situation in matter of financial stability, if you have any history of legal disputes, if you are a recurring debtor, among other issues.
“It is necessary for the landlord to conduct an investigation of the tenant, their financial habits, level of indebtedness, if they have lawsuits against them, if they are on a blacklist, if they are politically exposed persons. All these factors are going to give you a rating if you are a suitable person or not for the lease of the place, “said Arias.
have a good contract
Possibly the most important part in the relationship between a landlord and a tenant is the lease, which, according to specialists, must have the following characteristics to be legally valid:
Although these are the important points to put a apartment for rent, other aspects must not be left out, such as the fiscal part, the form of collection, which can be done by a company specialized in income administration, or the guarantee deposit.
“The purpose of the guarantee deposit is that, if at the end of the lease contract there is a need to make any repairs or paint the property, the money is used for that purpose,” said Carlos Arias.