Are you considering renting out your New Braunfels property?
New Braunfels is known to be one of the fastest-growing cities in the State. The city has been receiving a number of out-of-state immigrants who want to take advantage of the very affordable interest rates and low cost of living. As a result, the population has been on the rise, creating increased demand for housing.
The main advantage of leasing out your New Braunfels home is the cash flow that comes with it! Currently, the New Braunfels real estate industry is doing very well. The housing supply has been unable to meet the ever-increasing demand. This is great for you as you will always have a strong cash flow and likely won't deal with vacancies.
There are also many great neighborhoods to invest in, so you can choose which area you like best!
If you want to take advantage of the city's favorable environment and start collecting good returns on your New Braunfels property, this post is for you!
In this post, we are giving you our top tips on renting out your New Braunfels property.
Tips on Renting Out Your Property in New Braunfels, Texas
Tip #1: Know your Obligations and Responsibilities
Before you embark on this journey, ask yourself if you can handle such a task. We have outlined the benefits that come with renting your property, but there are also a number of obligations that you must understand and follow.
For instance, you must be ready to handle all tenant needs, including responding to their maintenance and repair requests. You must also be ready to collect rent every month! Additionally, you'll be responsible for ensuring all of your rental income is reported in your tax return.
These are just some of your obligations as a landlord.
Not to mention, you'll also need to understand important laws, such as the statewide landlord-tenant law.
Tip #2: Make your Property Renter-Ready
As a landlord, before renting out your property, it must be "rent-ready."
Under the implied warranty of habitability, you are obliged to provide housing that meets a certain threshold in terms of amenities, utilities and stability of structure. Failure to meet the threshold comes with certain legal and financial ramifications.
We recommend that you are very intentional when preparing your house for the new tenant. All appliances must be in good condition and doors, windows and locks must be functional.
Tip #3: Market your Property
Property marketing is important as it is the only way prospective tenants will know that your property is vacant.
Begin by creating an extensive list of some of your property's best features. Among others, desirable features can include:
- Air conditioning
- A garage
- A big backyard
Also, consider using adjectives when describing your property. Adjectives will help your property gain the attention of prospects.
For instance, you may say the following:
- "Timber laminated floors"
- "Stainless steel appliances"
- "State of the art"
Once that is done, the next thing you want to do is post it on a rental listing website. You can also post it on social media, set up yard signs, and rely on word of mouth. Using a mix of these online and offline methods will help broaden your reach.
Finally, it is important to mention the Fair Housing Act. This act states that, while marketing your property and screening tenants, you cannot discriminate potential tenants based on their race, religion, national origin, sex, familial status or disabilities.
Tip #4: Hire an Experienced Property Management Company
As a landlord, managing your property will be extremely important.
You'll be responsible for handling all the financial, civil and legal issues of the property, including collecting rent, paying county and State taxes, preparing and signing the lease agreement and defusing disputes.
If this seems overwhelming or too stressful, consider hiring an experienced and reputable property management company in New Braunfels. Limestone Country Properties offers full-service property management. We can customize our professional services to match your needs.
As the premier management company, we pride ourselves on being able to handle all property types, from multi-unit properties to short-term vacation rentals. We have a wide range of properties in our portfolio.
A quality property management company can truly reduce your stress and increase your ROI!
In a Nutshell
There are a number of reasons you should be renting out your house in New Braunfels. Property investing has a predictable and steady cash flow that you can build your wealth over time. Tax savings and deductions are another advantage.
That said, you can only enjoy all these benefits if your units are filled and if your tenants are satisfied.
As an overview, here are our tips to rent out your house in New Braunfels:
- Know your obligations and responsibilities
- Make your property rent-ready
- Market your property
- Hire an experienced property management company
For more help, consult the experienced experts at Limestone Country Properties.