How to Rent Your House Out: 7 Tips to Prepare for Rental

Renting out your home can be a great way to earn some extra income and cover mortgage costs. However, renting out your home can also be a huge hassle, especially when you lack sufficient knowledge on the process. From pest control to drawing up a lease, the following tips will help you rent out your home with as little headache as possible.

  1. Decide Rent Amount

In most cases the market determines the best rent amount. This amount may be less than your current mortgage payment, which is OK. Setting rent too high for your area will deter potential tenants and deprive you of capitalizing on your property.

  1. Look for a Tenant

Use a few different methods of making your rental known (i.e. online advertising, asking friends and family, putting a notice in your local newspaper) and write up a comprehensive application. Most landlords also check criminal and credit history, which can often be done for free or for a minimal cost.

  1. Draw Up the Lease

A good lease will protect both you and your tenant. Be sure to clearly spell out rights and responsibilities, which is essential in the event the lease should ever be contested. You’ll also want to list the term of the lease, late fees for failure to pay rent on time, whether pets are allowed, and terms for eviction.

  1. Read Up on Eviction Law

Landlords must be careful when it comes to evicting tenants. Many states have their own laws regarding the matter, and failure to comply could end with the landlord being at fault. Research the laws in your specific locale and try to incorporate them into your lease.

  1. Implement Insurance

A typical home insurance policy might not be enough when renting. In this case, a rental insurance policy is key to protect your property. Also, it’s a good idea to have tenants implement a renter’s policy to safeguard their belongings.

  1. Consider a Management Company

If you feel in over your head, consider hiring a rental management company. A company can help with finding quality tenants and conducting background checks, as well as monthly maintenance and upkeep.

  1. Contact a Pest Control Specialist

Before your new tenant sets foot in your home you want to make sure it’s free of pests and other unwanted to visitors. The best way to do this is to hire a professional pest control specialist, who will be able to pinpoint areas where insects can infiltrate your home. A specialist can also see to any pests already inside using tried and true methods.

Renting your home is no easy feat. However, being prepared can make for a much smoother process for both you and any prospective renters. Look for pest control services near me for more information on safeguarding your home insects and rodents, which will make your tenants happy while also protecting your investment.