Mostly of the family, they often move every year to another location, but for some reason, they are having difficulties in terms of selling their property and this is the reason why other homeowners decided to rent their house to the renter.
That is why it is better for you to learn some good tips when renting your own house to other people, and we have listed the Top 5 Best Tips below that will be very helpful for you.
Tips #1: Look for a Good Tenant
It is good for you if you look for a good tenant, and one of the most popular things to start is to advertise it in a local newspaper near your property location, you can do print ads and online advertising such as Google Ads or sharing it to social media. Since social media is one of the most influenced platforms nowadays which you can reach potential tenants.
There are some important basic information that you also consider when choosing the right renter to your house, and this is;
- Name of the Tenant – This is very obvious but makes sure you know first their name since you want to choose a good tenant of your house.
- The company where they work or employer – You might think this unnecessary but if you can talk to the renter’s employer or even a co-worker of the tenants is a good way, since referral is one of the best sources of information when choosing the right person.
- Wage from work – Although this kind of information is not a common thing to a landlord or homeowner when renting their own property, it is good for you because you know if the tenant can pay their monthly rental fee or not.
- Get some reference to the previous homeowner – As we mentioned above that it is better to get a piece of good information from their previous landlord for you to know if the tenant has a good history to the previous landlord.
- Check their criminal history so you know that they are a good person – Will this kind of information is very important so that you will avoid some bad experience to that kind of renter’s.
Tips #2: Know the rental fees
You need to know also the realistic rental fee that every landlord is being charged to their tenant, that way you are aware that that exact amount is a common fee being charged by the renter’s, you can do some low-cost charges but make sure that you are satisfied with it since there are some things to consider such as repairing house if some areas of the property are needs to renovate or to repair.
Tips #3: You Should Protect Your Lease Rights
Do not get overwhelmed to this things since this is the best thing you should also learn when renting your property or house, you should always make a rights of your property or build a conditions for a tenants for them to follow your rules base on what is need to be followed, and below are some of the important things you should always remember.
- Lease term: A month-to-month lease offers more flexibility if you are selling, while an annual lease provides more stability if you are holding on to the property.
- Security deposit, usually one month’s rent or more
- Rental due date and late penalties
- Repairs and who’s responsible for what
- Routine upkeep and maintenance responsibilities, such as lawn care
- List of tenants
- Rules of behavior, including noise levels, neighborly conduct, and smoking
- Pet policies and related deposits
- Who pays homeowner association dues
- Association rules that the tenant must follow
- Arrangements for showings, if you plan to put your home on the market while it’s being rented
- Eviction terms, such as not paying the rent or damaging the property
Tips #4: Secure Insurance for Your Property
Remember that we should always consider some unnecessary things when renting our own house or property, that is when you should also consider the protection of your house with insurance, these include the fire insurance and other terms or policy that covers with the insurance.
Tips #5: Get Your Own Property Manager
There are lots of things to consider such as doing some crucial things especially on advertising, background checks, as well as the property management, it is known to have a range of 50% p to 150% person every month fee when filling a house or property, you need to know that you also need to do late charges, rental fees collection eviction, and entertaining the early vacancies, and many more, so it is important to hire a property manager to handle all of this stuff if you want you can go here and type in your zip code.