Buying a Starter Home

3 Things You Must Do Before You Rent Out Your House

8 July 2015

Capucine Leroux

A lot of people prefer renting houses instead of apartments, and you could use this to your advantage if you are having trouble selling your home. To do this, you should take your house off the market and put it up for rent instead. This can turn out to be a great deal for you if you handle it properly, but it can also be a lot of work if you choose the wrong tenants. Here are some tips to help you make money by renting out your house.

Make Your Home Safe

If you decide to rent out your house, it's important to make sure it is a safe place for someone else to live. By doing this, you will reduce the risks you have as a landlord, and it may help eliminate problems your tenants bring to you after they move in. Here are some of the ways you can make your home a safe rental property:

• Fix anything that is broken – If you have a loose railing by your stairs, fix it. If a piece of your hardwood flooring is sticking up, nail it back down. Fix anything you see that might cause dangers to the family that moves in.
• Install safety devices – Make sure that your house is up to code when it comes to the number of smoke detectors it contains. Install more if necessary and replace batteries in all the existing ones. You may also want to install one or two fire extinguishers, depending on the size of the house.

A good step to take is to call your insurance company to let them know that you are planning on renting your house. They might be able to give you additional safety tips you can follow as you prepare your house for rent. They will also modify your insurance plan to accommodate this change.

Create A Contract

Visiting a real estate attorney is a great way to create a contract that protects you. You probably know that a lease is important, but first-time landlords often forget to add important details to the lease they create. Here are some of the things the lease contract should clearly state:

• Who is responsible for yardwork at the home
• How recycling and trash pickup works
• Who will supply, maintain, and repair the appliances in the house
• If subletting is allowed
• If pets are allowed, and consequences for having a pet if they are not allowed
• Types of maintenance inside the house the tenant is responsible for
• Who will pay the utilities
• Fees and terms for late rental payments

When a real estate attorney helps you create a lease contract, you can be sure that it will be legally binding. You can also be certain that it will protect you and your property.

Screen The Applicants

Having a good tenant in your home will make your endeavor easier and profitable, but having a bad tenant can make your life a nightmare. Good tenants typically take care of the property they rent, pay their rent on time, and mind their own business. With a good tenant in the property, you will have very few worries, but finding a good tenant can take time and work.

One solution for this is to hire a property management firm or real estate company to handle the process for you. These businesses specialize in screening applicants, and paying a fee for this could be a wise investment for you. When you hire this out, the company you hire will complete a series of steps for checking  out each applicant. This will help them choose the best one for you.

If you would like to learn more about renting your house, talk to a real estate agent or broker today. They will be able to tell you more about the rental market in your area, and they can help you get started with this process. You may also decide to work with a real estate company like Sunworld Group Inc. that already manages other homes for rent in your area. 

                                                                

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