Published On: Fri, Apr 7th, 2017

Tips For Renting Out Your Home Or Apartment

If you have a home you don’t use but aren’t ready to part with, or you’ve invested in some property to use specifically for renting, or maybe you purchased a duplex and want to use the other half as some income property, there are a few things you’re going to want to know and do before you rent to any tenants. While it can seem cut and dry to just let someone move in and give you some cash here and there, there are laws, and you will also need to think about the taxes you need to pay on the money you’re making.

Find A Property Manager

One of the things you might not think about, even with all of the rules and regulations, is hiring a property manager. You may think renting a house or apartment to someone is a cut and dry thing. However, you want to make sure your tenant’s rights are in place and that you know your rights too.

They have the right to working toilet, showers, heaters, and a water heater. It’s Your responsibility as a landlord to fix these things. Having someone else doing the managing for you can help with 24-hour maintenance issues and more, and they’ll deal with all of the paperwork for you. It’s like having a nanny for your kids.

photo Alina Ku-Ku via Shutterstock

Know The Local Laws

You definitely need to know the laws where you live when it comes to renting apartments and homes. Just because you’re only renting one home or half of a home doesn’t necessarily mean that you are not subject to the same laws and regulations as an apartment complex or someone that rents out numerous homes.

Know Contract Basics

You definitely want to know what a rental contract looks like and should entail. This is something you want to work out with a lawyer or attorney (you really should have one on retainer if you’re renting property) and your property management company. You can find sample contracts online to get an idea of the information you need.

Do Background Checks

You also want to know the people you are renting to. That doesn’t mean they need to be friends or family, it just means you need to put a little work into researching them before they sign a contract.

Check their references for renting. That’s an important one and can tell you a lot about what type of tenants they’ll be. It’s also important to do a background check on them.

Know Your Rights And Tenant Rights

There are certain rights for tenants and there are rights for you as a landlord. Know them before you start renting. These right can vary state by state, as well. Your tenant is definitely going to want to know their rights if they ever feel like they aren’t getting their needs met renting from you, so it pays (literally) to know them yourself and make sure they are being followed.

Author: Anna Johansson

photo 401K 2012/2013 via Flickr

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