Rent Your Home - Steps to Renting Out Your Home

Things to Do Before Putting up Your Home for Rent

Renting a home may seem very simple to most of the people. But it is very necessary that you spend some time for the things to be done before putting up your home for rent. The below mentioned points would help you to become a better landlord while turning your home into a rental property.

  1. Give priority to cleanliness
  2. Get the landlord insurance
  3. Management of property
  4. Agreement and criteria

Steps for a Smooth Renting Process

1) Give Priority to Cleanliness

Cleanliness must be given the most importance while renting your house because it’s the responsibility of the landlord to ensure a safe and healthy environment to the tenants. You can also attract the most qualified tenants with trendy upgrades and thereby charge higher rent. Getting a home inspector to get your home inspected will help you fix any significant maintenance and make your home up to code. Keep the following five tips in mind:

  • Get your home freshly painted.
  • Fireproof your home.
  • Fix any leaks or other plumbing related works.
  • Make sure that the electric wiring are safe.
  • The garden or lawn surrounding your rental property should be neat and tidy.

2) Get the Landlord Insurance

It is very necessary that you get landlord insurance before the new tenants move into your rental house. It is entirely different from your typical homeowner insurance. Such an insurance is capable enough to guard you from any major damages caused by them to your property or if they take any legal actions against you. But rental insurance would cost much more than the landlord insurance.

3) Management of Property

If you are familiar with rental tax laws, it is better that you manage your property yourself. Even though you can save your money by doing this work alone, you will have to spend a lot of time and energy for it. So if you wish to be tension free its likely to keep an accountant for this purpose. They will have to be paid 10% of the monthly rent. They will handle everything regarding your rental property along with helping you in determining the rent.

4) Agreement and Criteria

Before making the lease agreement, gain permission from your mortgage company to rent your home. Get your agreement reviewed by a lawyer in order to protect you from any harm that the tenant may cause through this agreement. You can also seek his help to get all the other paper works ready before renting. Make a criteria list and hand it over to the tenant before they shift into your rental house. You can include all your reasonable demands in it so that there won’t be any problem regarding something in future.

The above mentioned things will help you do the necessary things before renting your home. Make sure that the tenant who you select to provide your house should be credit free. Although renting a house is a very profitable business you must be ready to face all the stress and related consequences.

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