There are various reasons why someone might need to rent out their home. It can be because you are moving out into a new one and do not want to sell the previous property or it can be also that you want to offset some expenses by moving into a smaller home and renting out the larger house. Whatever the reason is, you would need to do some steps to ensure that you can easily and effectively rent out your home. After all, you still want the best for your home since it is where your heart is.
- Materials that you will need:
- Property condition report
- Photocopies of rental application forms
- Newspaper ads
- Checking the rules first. The first thing you need to clear is if there are rules that would prohibit you from leasing or renting out your home. There are some areas where subleasing is prohibited so better check with your neighborhood first, especially for those who are living in gated areas.
- Knowing the rental fee target. You should then establish how much you want or need to rent out your place. Consider the furnishing that you are including or not including in your home when you rent it out. Take note of the current condition of your home, if there were any recent repairs or brand new additions in your home, which you should highlight so that you can increase the target rental fee. To help you get a ballpark figure, you should check out the latest classified ads section of your favorite newspaper to see just how much things are being rented out lately. Be realistic with your target but at the same time, do not undersell your house.
- Advertising your property. Armed with a good camera or a good photographer friend, take some pictures of your home. Take a picture of the kitchen, the best bedroom and a bathroom plus the exterior of the house. If there are features that you want to highlight, such as a newly installed sound system or a Jacuzzi, then take photos of them as well. Be sure that the place is well lit when you do take the photos and that the place is neat and clean so that you are presenting the best foot forward of your home. Use these pictures to enhance your advertisement either online or via traditional print media. Make sure that the contact number you include is updated and correct and let the readers know if the rent price is negotiable or fixed.
- Interviewing your prospective tenants. Once someone responds to the ads, have them fill out your application form so that you have uniform data stored – their contact number and names and other things you want to know about them. Show them around the house and let them know of your favorite parts of the house so that they will feel at home. Accept security deposits, if applicable and do a background check on the tenant especially a credit check, if possible.
Review your terms of the lease and have the tenant review it carefully, too, so that you are on the same page before signing any papers.