How to Rent to a Friend or Relative Smartly?

How to Rent to a Friend or Relative Smartly?

Renting your property is generally not an easy task. You meet with various tenants and filter whom to choose and whom to not. The decision gets much difficult when you have a friend or family member as a tenant for your rental home. You would have heard stories of how friendships and relationships took a bad turn due to financial issues. And eventually, you are scared. But no need to worry about renting your rental home to a relative or friend. This post will guide you on how you can easily rent your property to friends or relatives.

Check the Tenant

It is important to know your tenant before you rent the property. Whether it is a friend whom you know from a long time or a family relative with whom you have lived for a long time. People are different in their personal life and when they are dealing with finances. So consider a thorough background check of their financial history, and also about their behaviour in the previous rental home.

Be Transparent With Tenant

The best way to build trust between you and your friend or relative as a landlord and tenant relationship is to have transparency. Tell the tenant about every essential detail of your property. Even if there is a small fixture or flaws, tell them about it. Later, if they find it on their own, then it can lead to issues in your business and personal relationships. Don’t hike the rent without a discussion with them. They would feel good that you have discussed it with them before increasing the rent.

Have a Rental Agreement

You and the tenant must settle down on a well-thought rental agreement. Don’t you think that you have a good bond and have known each other for a long time, so you don’t need any rental agreement. It can lead you both to fall into legal troubles afterward. A rental agreement in Edmonton is a must. It gives both the landlord and the tenant the right to claim even if one of the parties starts being unfair.

Inspect the Property

You would have agreed to let your friend or relative for moving to your rental home. You would have made a rental agreement, and everything is going smoothly, but there is one last thing you need to do. A week or two prior, the tenant is moving in, inspect the whole property, and if there are any damages, then fix it before they move in. This will make your tenant happy, and you will have a better start with your tenant.

You should do everything in your control to pose as a good landlord, and try not to make things ugly. If you plan the renting of your property adequately, then it won’t affect your relationship with a friend or family member.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts

Compare