Owning a home can be an excellent investment, but it isn’t always the right choice. Renting out your home gives you the freedom to travel and enjoy life without worrying about maintenance or expenses. Plus, it’s another way to make money in today’s economy. In this guide, we’ll walk through the steps and tell you how much you can make per month. Renting out your home checklist.
Get your home ready to rent.
- Make sure your home is clean and tidy.
- Change the sheets on your bed.
- Check all appliances work properly, especially the oven, fridge, and washing machine.
- Clean the oven and fridge inside and out if needed (if you don’t have time to do this, it’s a good idea to ask tenants if they mind doing this for themselves).
- Check that there are enough storage spaces for tenant belongings around the house, such as wardrobes, etc.; if there aren’t any, then perhaps buy some before renting out your property!
Consider hiring a property manager.
Hiring a property manager can be a good alternative if you’re uncomfortable with handing over your home to a stranger and letting them do whatever they want.
A property manager is someone who will come in and take care of the day-to-day responsibilities that come with renting out your house, including:
- Screening prospective tenants
- Collecting rent checks from tenants
- Dealing with maintenance issues as they arise (and making sure those repairs are done)
Set a realistic rental rate.
The first step to renting your home is setting a realistic rental rate. You’ll want to ensure that the rent you’re charging is fair and cover the costs associated with maintaining the property. Hiring a property manager is best for managing tenants and keeping them happy. If you want more control over who moves into your property, consider renting out only one room instead of an entire unit.
This way, you won’t have any issues with overcrowding or noise complaints from other tenants sharing common areas like bathrooms or kitchens in multi-unit buildings.
Advertise in the right places.
- Use a real estate agent. If you don’t have an agent, try to get one from a trusted source like your family or friends.
- List your home on websites that specialize in rentals. Sites like Craigslist are great for finding tenants willing to rent out their homes, but it’s always best to list with an actual relocation company or management service first. That way, you can get top dollar for your property and be guaranteed against any potential problems that might arise during the rental process (like nonpayment of rent or damage done by tenants).
- Advertise in the local newspaper: Make sure it’s not just a run-of-the-mill classified ad; ask if they’ll include pictures of your house in their real estate section, so potential renters will know what they’re looking at when they call!
- Post flyers around town: Put them all over town (especially near schools), so parents can tell their kids how much fun it would be living there too!
Screen all potential tenants thoroughly.
When renting your home, you want to choose tenants who will be good for both the property and you. To do this, screen all potential tenants thoroughly. When choosing a tenant, make sure that they:
- Have a solid credit history and no criminal record. A good credit score is essential if you plan to rent your home long-term; it’s also vital because evictions are difficult and expensive.
You may also want to check their criminal history if they’re planning on living with children or pets (as a non-breeder of dogs myself, I’m not personally familiar with the process). Ask them if they’ll provide references from previous landlords or employers.
These can help you determine whether the person has been reliable in paying rent or following through on their responsibilities at work.
Renting out your home takes work but can be worth it financially.
Renting out your home can be an excellent way to make extra money, but it does require a lot of work. You’ll need to advertise the property, screen potential tenants, collect rent and maintain the property. In addition, you will have to deal with all the same maintenance issues that you would if you were living in the house yourself—repairs beyond your capability will have to be done by professionals and paid for from your rental income.
However, renting out your property is worth it financially because there is no mortgage payment or upkeep costs associated with owning a second property.
Now is the time to do it if you’re considering renting your home. The housing market is strong, and many people need a place to live. By preparing your house correctly and screening tenants carefully, you can get more out of your property than ever!