How to Rent Your Home
Thinking of selling your home, but in today’s real estate market, you will probably be happy if you break already? Why not rent your home until the market turns around? Becoming a landlord is not that difficult, and offers many advantages to selling your home. Before you decide to turn your home into a rental character, you need to answer these basic questions:
1. Is it financial possible for you to rent your home? You need to calculate the total cost of keeping your home, including mortgage payments, maintenance, utilities, and any specialized sets you would need. Can you provide these costs if your character is vacant?
2. Can you be a good landlord? This will require you respond quickly to any problems or concerns your tenants might have. Can you evict your tenants for non payment? If your not sure if you can do this, you can nevertheless rent your home, but you should consider using a character management company. They will manager all the headaches of renting your character, but this will add additional costs.
If you answered yes, to these questions, take the following steps:
1. Decide on your monthly rental charge. You need to check local websites for the rental price ranges in your neighborhood.
2. Take your monthly costs for the character, and compare the rent you are thinking about getting. Sometimes, already if you can’t make a profit at first with your rental, it is nevertheless better than selling the character.
3. If you are not going to use a character management company, you need to screen your perspective tenants thoroughly. Consult credit reports, employment position, and past references from other landlord or character management companies. If you are going to use a screener, be aware that some of the data on perspective renters can be inaccurate, and you are liable under fair housing laws. If you do your homework up front, you will save yourself headache down the road.
4. Decide how much your security place is going to be, and when you receive a place, it has to be kept in an escrow account.
5. Decide how you are going to manager maintenance of the character. Can you provide quick service to your renters for repairs and issues. Can you provide normal upkeep and maintenance for your character. If you might have a problem doing any of these things, you should consider getting a character management company.
With the proper planning and due diligence, you can make being a landlord, a profitable and rewarding pursuit.