COVID-19 has forced everyone to adapt in some way. One of the unexpected realities I had to face was renting out a number of properties in New Jersey while I was stuck in San Francisco.
I’m not always in town when tenants move into my properties, but I’m usually there shortly beforehand. It always seemed necessary to prepare the home with a personal touch for someone coming to stay, whether for a few weeks, months, or years.
However, I’ve now learned that being there physically is not as important as I previously thought. As long as you know what to look out for, it is fairly easy to prepare your New Jersey home for renting while you’re away.
Here’s what you need to know.
Have someone you trust take a look
You need to know exactly what is going on with the home you’re renting out. If you’re not in New Jersey, have someone you trust go take a look to see if everything is in order. Give them points to focus on. Tell them to ensure all the appliances are in working order. Make sure that they consider the insulation and whether the home is ready for all types of weather .
Ask prior tenants for feedback
Somebody checking up on your home might miss a detail or two, but if you had prior tenants, they’ll be able to tell you what it’s like to live in the property. They may have come across issues that are far from obvious., like certain windows might be sticky or doors are creaking loudly.
Let them be brutally honest with you. Their feedback will ensure that you can get the place in perfect shape for the next tenant.
Get New Jersey renters insurance
While you most likely have excellent insurance coverage on your home and the items inside it, your next tenant may not have insurance on their possessions. This oversight on their part can cause them a lot of grief – as well as working out badly for you.
If anything happens to their possessions, they may be put out thousands of dollars. They might struggle to stay financially stable and pay rent.
By requiring that they get renters insurance, you’ll be ensuring they remain good tenants no matter what happens. Furthermore, they can get personal liability insurance as part of their renters insurance in New Jersey. This means that if you need to claim against them for something, their insurance will pay out.
You can rely on Lemonade Insurance in New Jersey for your tenants. It is extremely affordable and easy to set up.
Adjust your rent
Over the past year, a lot has changed, but one thing in particular is rent in the more expensive parts of the US. Property owners can’t charge as much now as they could at the beginning of 2020. As a New Jersey property owner, you need to adjust what you expect in rent.
This is not because there is no demand for rental homes. On the contrary, there are still people searching for places to live in New Jersey. However, they simply don’t have as much money as they did. Expenses have gone up while people have lost jobs and businesses have shut down.
Not only is it fair to lower your rent, it may also be necessary to do so in order to find a tenant. No matter how badly they want to rent your place, they might simply not be able to afford what you are asking. Even if they can stretch their finances to afford the extra amount, this may leave them struggling when they face a mini crisis.
COVID-19 has changed the economic reality of millions of people in the US, and this is particularly true for New Jersey. Keep this in mind both in budgeting for yourself and planning what to charge.
In the same vein, it may be necessary to be more flexible in your lease agreement.. People don’t have as much certainty as they once did. If they need to rent for a few months only, rather than the year, it might be worthwhile to make an arrangement.
Actually, this might suit you as much as it does them. If your situation changes suddenly, you can make a plan for yourself without having to struggle to fulfil your obligations to your tenants.