You have bought a property in Cyprus and have prepared it for rental.
You observed the legal formalities, fixed all the necessary utility lines, checked the efficiency of household appliances and tweaked all the plumbing. Found tenants and gave them the keys to their new home.
What's next? The next step is not to turn the life of your tenants into a nightmare.
1. No owner - no problem
The first rule sounds simple: if you don't want to annoy your tenants, your tenants should not see you all the time. Yes. The best landlord is the one who cannot be seen or heard. Residents rent property as they want to have a new (albeit temporary) home, but not a new family member.
The house should not remind them of your existence. No grandma's photographs on the mirror, no a pile of things in the closet above the hallway. Yes, the property you rent out is not your warehouse. Even if you are not going to touch this warehouse for several years.
This is probably obvious, but let's say this again: you can't just come to visit your tenant.
Without a reason and most importantly without their consent. And it doesn't matter if you want to check the washing machine or just drink coffee with new friends.
Also, do not remind tenants that you have spare keys (and you must have them). And in no case should you use them. Why? Because now this is their house, where you are not allowed to enter as well as other neighbors. Your neighbors cannot just come to your house, can't they? Neither can you.
Finally, it is best to collect rent payment in neutral territory. Or even ask your tenants to transfer to your bank card account.
2. Rarely, but qualitatively
However, someday the tenants should move out, and you will again become the de-facto owners of the house. Thus your task is to ensure that the property at the time of returning the keys matches its condition at the time when you started to rent it out. So you need to check your housing from time to time. It is better to proceed from the rule "rarely but qualitatively".
When your tenant moves in, you need to agree with them (or even better - to write it down in the contract) that you want to check the condition of the property.
Explain that you respect the privacy and integrity of your residents, but honestly admit that you are worried about the equipment, bathrooms and other property in the house. If the tenants are good, they will easily accept your condition.
It is best to check the property no more than once every six months, or even once a year. Be sure to agree in advance, let's say, two weeks before the day of your inspection. A few days before you want to come, you can write a polite message to remind once again that you would like to come and check the property. So your interests will be respected, and their personal space will not be violated.
3. Do not annoy, but do not hide
Residents can be annoyed not only by the fact that the owner comes, but also by the fact that the owner is unavailable. This is especially true in the first weeks after tenants move in.
Maybe they can't deal with the washing machine, the Internet is intermittent, the concierge does not allow them to go inside the building, there are nightmare neighbors. Yes, after a couple of months the tenants will be able to solve all the issues that arise, but for now they feel like newcomers, or even like strangers. Therefore, they may need your help.
Before you disappear from the life of tenants immediately after giving the keys, leave them your contacts and be prepared that you may be contacted in the coming weeks and months on various issues.
4. Don't stipulate weird conditions
The tenants especially do not like it when landlords are trying to stipulate strange conditions before tenants' moving in. A limited number of guests, a ban on pets, or (even weirder) a ban on children. A limited number of residents (or even their surname list in a tenancy agreement), a ban on drinking alcohol and so on...
The question is why these conditions are generally needed by the owner of the real estate.
The owner wants the house to keep the same well-maintained look of the real estate? In this case, before tenants move in, it is worth agreeing to check the housing every six months.
If your property continues to look pleasant after six months and a year, then no dogs, children, or weekend parties should scare you (unless they bother all the neighbors on the floor).
If your rented real estate in Cyprus becomes a disaster, then it is necessary (based on the contract) to ask your tenants to put everything in order, to compensate for the damage or to move out, leaving you a deposit. Yes, a lonely rertenants can destroy Cyprus houses faster than active families with children and several pets.
5. Tenants may want to renovate
Good tenants are those who have been renting properties for years. This means your property becomes a part of their life as well. So, if they have financial opportunities, they may want to make your/their home more comfortable.
The real blow for them can be your refusal to "renovate" the home. It's okay if they throw out the old sofa and buy a large bed in its place. They can make repairs at their discretion and even carry out minor redevelopment. But only if they warn you in advance.
There is only one rule. At the time of receiving your keys back, the property should look no worse than what it was initially when you gave the keys. If so, let the tenants do whatever they want.
And the most important thing! Disagreements and even misunderstandings between tenants and landlords are OK. You just need to remain friendly in any situation and be able to negotiate politely. Then there will be no conflict between the parties, and the tenants will gladly meet your requests.
You can always rent out your home to good tenants with the help of the DOM real estate Cyprus. Please contact us.
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