These days, there are a lot of different options for renting out your home. There is the traditional route of going through a real estate agency and property management company, or you can use one of the many apps online and become your own property manager. Whatever the case is, you want to take steps to make sure your home is in the right condition before you rent. Not only do you want to consider various factors to make sure your home and belongings are safe – you also want to make sure that your home can legally be rented. Moreover, you want to make sure that you have all the documentation you need to make an agreement with the new tenants. Here are five major factors to consider when renting out your home.
- Lock up all of your valuables. If you are renting your home for a temporary amount of time, you most likely will have valuables in your closets and drawers. Ideally, you want to have closets that are not accessible – that have locks on them. This is where you can keep your belongings. You can leave other closets and drawers available for your guests.
- Clean the entire house from top to bottom. Before you rent out your home – either short term or long term – you want to be sure that it is clean. If someone is signing a lease, you want the place to be clean and free of dirt, dust and dander. This is why you want to hire a professional cleaning crew to come in and disinfect your home. You can usually look online or browse through your local listings to find a cleaning crew. Ideally, though, you want to read reviews to make sure you find the best company.
- Make sure all toiletries are stocked. Of course, if you are renting out your home temporarily, you will need to make sure your bathrooms are fully stocked. Ideally, you want their to be plenty of toilet paper, soap and more. Moreover, you want to make sure that things like shampoo and body soap are firmly fixed to the wall so that these items don’t get lost or stolen.
- Have a contract. Of course, you want to have a written contract between yourself and the renter. If you are working with a property management company like DeGuire Properties, a representative will have the lease signed for you. If you have an apartment building and a small budget, you may want to hire a property manager in exchange for free rent. Whatever the case is, you want to have a clearly outlined agreement so that there are no disagreements.
- Don’t accept personal checks. Of course, a check is just a piece of paper until it cashes. If it doesn’t cash, you may have to pay a fee for a bounced check. This is why you want to encourage your residents to give you a certified check when they pay rent. In the end, this is the only way that you’ll know that the check will clear.