As a millennial, you’ve probably heard about these house pods that serve as the modern granny flat. If you’re considering renting out your own granny flat, there are a few important things to consider before embarking on this endeavour. This blog post will provide a detailed list of points to consider before you rent out your granny flat, so you can ensure it’s a successful agreement between both parties.
Security & Privacy
Security and privacy are crucial considerations when renting out your granny flat. Be sure to include clauses in the lease agreement regarding security measures such as locks, alarms, cameras and other protective equipment. You should also clearly outline who has access to what areas of the property (i.e. shared spaces such as gardens or parking lots). Additionally, make sure there are clear boundaries between tenant and landlord living quarters, so that everyone can enjoy their privacy without feeling encroached upon by one another.
Lease Agreement & Insurance Policies
Drafting a comprehensive lease agreement is essential before any tenants move in. This document should outline all terms of the rental agreement including length of lease, rent amount, tenant responsibilities and landlord responsibilities (such as repairs). It’s also a good idea to look into getting insurance policies so both parties will have protection if something goes wrong during tenancy (like damage due to weather conditions).
Rent Amount & Payment Schedule
Before setting up a payment schedule with potential tenants, research comparable properties in the area so you can determine an appropriate rent amount for your granny flat. You should also decide how often rent payments will be made (monthly or bi-weekly) and which methods of payment you accept (cash, check or online transfer).
Furnishings & Amenities
Consider who will be responsible for providing furnishings such as beds and couches for the rental unit. Will these items be included in the rent amount, or will they be extra? Also think about whether there are any additional amenities offered which could increase value for potential tenants (i.e. gym membership or pool access).
Ready to get started?
Whether you’re looking to use your granny flat pod as an income source or just want more space at home – renting out your granny flat can be a great option! However, before doing so be sure to consider all the points outlined above so both landlord and tenant are on the same page and know exactly what they’re getting into. This way, everyone feels secure throughout their tenancy period together. Good luck!