Now is the time to rent out your home sweet home. But perhaps you’ve never done this before, and you want to go about it in a way that is as stress-free as possible. We’ve got you covered. Here are five tips on renting your home stress-free.
1. Create An Advertisement
Begin your search for tenants by creating an appealing rental ad. Post quality photos of your home and explain what it offers in comfort, style, and convenience.
Then, spell out your terms for rates so people know the things to keep in mind before renting. If you have a policy on pets or music, spell these terms out from the start. You don’t want to waste anyone’s time (including your own), so be as upfront as you can in your posting.
2. Conduct Necessary Checks
For potential tenants, conduct a credit and background check to ensure that they have the financial means to rent your property. If you spot any red flags like credit issues, strike up a conversation and ask what they’re doing to improve their situation. You might learn that they are actively working on repairing their credit and have the income to pay for your property.
Be flexible in how you approach tenants. Everyone needs a little help now and then. Still, be mindful that you’re only renting to tenants you feel you can trust.
3. Create a Rental Contract
Spell out all of the terms and conditions of the rental agreement on paper. Have this document signed by the tenant and yourself so that you are both aware of what is expected out of the arrangement.
Download free contract templates online to make the process quick and straightforward. It is crucial to have all of the specifications spelled out in writing should any legal issue arise. You want to be able to protect yourself against false claims that could come to surface.
4. Charge Pet Rent
If your tenant is a pet owner or does any pet sitting work as a side hustle, you can charge a monthly pet rent to cover any potential damages that may occur from their stay in your home. You can make extra money and safeguard against any destruction to your property.
Some landlords also charge a pet deposit upfront as part of the initial move-in fee. Go about this process how it feels right to you and be aware of the amount of money you’re asking for upfront. Money doesn’t grow on trees.
5. Establish Clear Boundaries
Give your tenant access to the areas of the home you are renting out and do not allow entry to other areas that are not spelled out in the rental agreement. Be strict on how you want your tenant to approach the land.
If you do not want them to handle gardening or lawn upkeep, explain this in writing and be on top of hiring a professional to take care of these necessities. If you work through an agent, have your tenant contact them rather than yourself to avoid excessive phone calls that your agent can answer for you.
It’s up to you to decide how present you want to be as a landlord. As long as you fulfill your responsibilities for comfortable and adequate housing, you do not have an obligation to answer every phone call. You can have tenant requests submitted online as well for even more convenience.
Renting out your home can be stress-free if you go about the process the right way. Take the time to follow these guidelines, and you’ll be living it up as a stress-free landlord.