Over 10 million Americans earn additional income from rental properties, which shows it’s well worth the investment.
Renting out your home has many advantages, from saving up for a bigger property to improving your current one with the rent money. Perhaps you’re planning to rent out your home, but you’re not sure where to start.
Sounds familiar? Luckily, you’ve come to the right place. Here’s everything you need to know.
1. Know Your Responsibilities
Not sure how to rent out a home? Then, start by asking yourself whether you can handle this level of responsibility.
Aside from enjoying the perks, you must stay atop maintenance and act swiftly if the tenant has a problem.
2. Prepare Your Home
One of the key parts of managing properties is making them ready to live in. Unless the market is cluttered, you must make an effort by creating an inviting home for tenants.
For instance, deep-clean your home before viewings and make sure your appliances are running smoothly.
3. Determine How Much to Charge
To know how much to charge, check similar listings in your area. Avoid charging sky-high prices, and instead, make rent lower than your mortgage payment. If not, it’ll be harder to find a tenant.
4. Market the Property
You can either market your property alone or with a realtor. Take clear photos and highlight any perks such as its location. Then, post your listing on social media and ask loved ones to help spread the word.
5. Screen Tenants
Landlords overseeing property rentals know how important screening tenants are. Because you must rely on this person to look after your property and pay rent on time, you must trust them wholeheartedly.
So make sure you take several references from past landlords, check their credit histories, and book an interview, so you have peace of mind. If you’re overwhelmed, then seek help from stlouispm.com, as they have the expertise and experience in preparing landlords for renting.
6. Protect Yourself With a Lease
Landlords in property management must protect themselves with a lease. Ensure you have a written one that follows fair housing, rental, and tenant laws in your state.
In your lease, outline the rental due date, who is responsible for repairs, and the expected behavior from a tenant.
7. Know How to Evict Tenants
Not every tenant is perfect, so familiarize yourself with the eviction process. If a tenant ignores your warnings, hire an attorney to evict a tenant. In the worst-case scenario, you must go to court and a sheriff will physically remove the tenant from your property.
Enjoy Our Renting Out Your Home Tips
Hopefully, after reading this article, you’re now confident about renting out your home today.
Start by familiarizing yourself with a landlord’s responsibilities, prepare your property for tenants, and screen candidates until you find the perfect fit. You should also protect yourself with a lease and get insurance to avoid any mishaps. Happy renting!
Found this article helpful? If so, then check out the rest of our blog.
