Prime
What first-time landlords should know
Experts advise that you hire a property manager if you are not sure about how to attract the right tenants. Photo by Ismail Kezaala
What you need to know:
- He adds that before any tenant moves in, it is important to check the condition of the house. If it has appliances, check what state they are in. Also, if your house has complicated euipment or appliance, give your tenant a usage guideline or manual.
Majority of Ugandans have a dream to become landlords because it is a source of income one can keep earning from, even in retirement.
People may say a lot of things about landlords, but nobody says it is not an easy job.
Eliodad Mutagubya, who has been a land lord for more than 20 years, says a first-time landlord should be very keen on several issues since he or she invests a lot of money to come up with such a project.
Affordability
Mutagubya says a first-time landlord should know the kind of people that can afford rent in their area. Here in Uganda, prime areas are in Kololo, Nakasero, Bugolobi, Nalya, Mbuya, Muyenga and Ntinda.
If your property in such prime areas, not everyone will afford it.
“To rent out your house in these areas you should look for affordability because it’s very rare for [average] Ugandans to rent a house in prime areas, it will be very expensive and hard to pay on time unless he or she has a very good job,” Mutagubya says .
He adds that if you are not sure of how to get the right clients, hire a property manager or agent to do the work for you.
Advertising
Josephat Kagimu, a landlord in Seguku, says as a first-time landlord, you have to advertise to attract tenants because it is the best way to be able to find potential clients.
“Normally tenants look for key issues which include price range, location, accessibility, neighbourhood and safety. Make sure you have all those issues in your advert and you must make inquiries before posting,” he says.
Know the law
Kagimu adds that it is very important for you to become very conversant with local laws governing a tenant and landlord.
These rules involve what you can and cannot ask for on a rental application.
“Once you have picked the right tenant, it will be okay to revise rules on renting and managing a property. This will involve LC 1 letter, national identity card, the size of the family and how the payments will be done ,” he shares.
Contract
A landlord is supposed to set up contract for the rental period. Kagima says: “This contract should include details about how long they will rent, what maintenance you will provide and rules about pets and smoking because these are the main issue regarding tenants.”
Hire a legal officer
He adds that since it will be the first time working with a rental document, you must hire a legal officer to help you with documents. These will protect you from losses when dealing with non-compliant tenants. “Both you and the tenant must sign off on all documents because this protects both the tenant and landlord from problems which may occur during the rental period,” he says.
Thorough check
He adds that before any tenant moves in, it is important to check the condition of the house. If it has appliances, check what state they are in. Also, if your house has complicated euipment or appliance, give your tenant a usage guideline or manual.
Maintenance
If you do not have a property manager, ensure you take charge of regular maintenance of the property because it is your responsibility as a landlord to make sure that the property stays in good condition.
