There are many reasons why someone might need to rent out their home. It could be because they’re traveling, having to relocate for work for a temporary basis, or having to take care of a family member elsewhere. Renting out your property is a good way to make some money and keep paying your mortgage while you’re not residing there, as well as keeping it safer from vandals and intruders. However, renting your property comes with responsibilities, and if you’re thinking of doing this, here are some of key considerations to bear in mind.
You might be happy to leave some of your furnishings in the home for the renters to use, but for the items you don’t want to leave in the property, you will need to find a place to keep them. A friend or close family member might offer to do this for you, but if not, you should look into renting out a secure storage unit. They offer flexible rental periods that suit most people’s needs and usually come in different sizes so you can store a little or a lot. To find storage facilities near you, visit https://www.storagearea.com.
Health & Safety
If you’re going to rent out your home, you must make sure it meets the health and safety standards required by law. Checking that your fire alarms are working properly for the tenants is an example of this, as well as making sure all doors are secure and fire blankets or extinguishers are provided. Consider checking for pest infestation before you rent the property, too.
You must also draw up an official tenancy agreement to protect your rights as a landlord, as well as the rights of those renting from you. In this agreement, you should state the amount the tenants are paying you each month and how long they will be living at the property. You should also think about charging for a security deposit in case any damage to your property occurs during their tenancy so that you’re not out of pocket if you need to repair anything on your return. Speak to a specialist attorney to help you develop your tenancy agreement.
You will also need to advertise your property on a rental site or with an estate agent. While you can advertise the property online yourself, an estate agent will help to better promote your property to potential renters and can take care of the paperwork and other admin tasks for you. Also, most renters choose to go through agencies to make sure the property they’re renting is legitimate and safe.
Finally, consider how you can make your property more secure for your tenants. If you don’t already have a burglar alarm installed, get one, and check that the codes are correct and working. Fix any broken windows or doors before you rent your property and only cut the necessary number of keys to avoid a set getting into the wrong hands.
Renting your home is a good financial solution and keeps the property safe if you’re having to move out for a temporary period. Just make sure your home is safe for the tenants and that you’re protecting yourself as the landlord.