Renting out your home can be a great way to supplement your income with your vacation home or an extra home you don’t use much anymore. However, you likely have competition within the area. Often, most cities will have thousands of other properties for rent, and it will be up to you to determine what makes your property the best choice for the would-be renter.
For some people, ending up with a second home is not intentional. You may, for example, have been unable to sell your first home before moving into a new one. If you plan to rent it, here’s what it takes to do so affordably and quickly.
Vital Tips During the Rental Process
* Firstly, make sure your home has a clean, modern appearance and makes a good first impression. This means it should be clean and neat on the outside and inside, with no obvious signs of damage or dirt. No one wants to move into a home they have to clean first. You may want to get rid of any knick-knacks, repaint in a neutral shade such as white, and use home staging to entice potential renters.
* Be sure to investigate the current rates of homes of your size in your local community. Most renters want a competitive price for what they are getting. You can use a variety of online rental websites to get an estimation of costs, browse your local Craigslist, or you can contact local homes for rent and inquire about the pricing. When it comes to renting, the price is everything.
* Be sure to promote your home, which is vital for renters to find you. You can do this in numerous ways, including through third party print and online advertising in your local newspaper. You can use social media to help you to rent the property quickly, too.
* Avoid being too picky with potential candidates, but do a background and credit check to ensure you are working with a trusted renter. Renting can be tricky since you really do not know the person you are renting to, but references and background checks can prove to be very useful.
* Be sure to rent with fairness in mind. You do want to ensure you are meeting all local and other laws regarding rental property. You also want to ensure you are meeting the requirements of the Federal Fair Housing Act. Most importantly, realize that it is difficult to find a good renter and, therefore, you should take steps to keep this new renter in place for as long as possible.
Why Renting Out Can Be Great
Renting your home is a good way to earn money, but it also requires a little planning and preparation. You need to be willing to meet the needs of your new renter, while also negotiating a fair price. You need to ensure the property sells itself and offers an inviting place to live. With the right contract in hand, and a positive marketing campaign, you can rent your property quickly and without spending too much cash.
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