Tips for Renting out Your Home

TIPS FOR RENTING OUT YOUR HOME

Many people mull over the idea of renting out their homes. They may want the benefit of extra income to save money or pay down debt, or they may see it as an option to selling during a housing slump, a way to wait things out until the economy improves.

Understand the Responsibility Involved

First, you must determine whether being a landlord is an obligation you can even handle. The benefits of renting are numerous, such as the ability to deter the vandalism that often plagues an empty home, the ease of tax breaks and the ability to generate income that covers the bills and possibly even creates a profit.

Prepare Your Home for Renters

Prepare for the new tenant by thoroughly cleaning your home and making sure appliances are working and are in good condition. If you've decided that you are renting out a room or area within your house, make sure that you can secure that area from the rest of your home.

Marketing Your Home

Once the house has been straightened out, develop a list describing what makes it appealing so you can put it on the market. Take note of those commonly desirable features such as a washer and a dryer, air conditioning and garage. Use rental terms to help "sell" the property. Next, post an advertisement for the home on reputable websites and in the local newspapers. In addition, some real estate agents will work with owners to help rent out their homes, although the agent will take a commission if he or she finds you a renter.

Hire Professionals to Help You Navigate the Financials

Turning your home into a residential rental property may seem like a simple task, but it's important to talk with real estate attorneys and accountants to make sure you are abiding by tax laws, zoning ordinances, and local property rules.

Screen Tenants Carefully

Start looking for a tenant as soon as your property is ready to be shown. Then, choose your tenant very, very carefully. You need to be able to depend on this person not only to pay the rent on time but also to keep your home in good condition. Also, if the person is someone you may be cohabitating with, learn their habits so you won't run into any nasty surprises.

The Bottom Line

Renting out a home can be beneficial for both owners and tenants, but only if you take the time to address and prevent potential pitfalls. After, all it's still your house.

Nimmadhi can help you with finding a right tenant. Just list your property on Nimmadhi and leave your worries to us. Remember, finding the right tenant means a continuous source of income, lesser worries, and a lot of profit over time.