Are you considering turning you home into a rental property? It may be because you are moving, or maybe you’ve bought a second house, or want some cash by renting out your home. Whatever the reason behind your decision, you are now faced with the difficulty of what to do next. And how to proceed.
You could either consider going for rental services like Keyrenter St. Charles or decide to go about the process on your own.
When do you choose a rental service?
If you do not have the time, energy or experience to get all the small details right, a rental service might be a good option for you. A legitimate service has years of experience, and you can choose your package to decide how involved you want to be in the process.
Did you decide to start on your own?
If you decided to do everything yourself, there are a few things you should do.
- Check your mortgage: If you have a home mortgage, then you might not be eligible to rent before living there for at least a year. So make sure you look at the paperwork and notify the lender about making the switch.
- Insurance: A regular home owner’s insurance is usually not enough to cover damages done to rental properties. This is why it is essential to switch to a home insurance policy for renters. As an added benefit, this policy often includes reimbursement for lost rental income due to damages and such.
- Permits: The requirements for permits can vary vastly from place to place, but usually a license is required when a residential property becomes converted to serve as a rental property. Although inexpensive, these permits are mandatory, and in the process of obtaining them, the house gets checked for various safety and health hazards.
- Repairs: Just getting the paperwork in order is not enough to convert your home into a rental property. Make sure it has all the requirements, looks clean and tidy. While at it, you should consider making any significant upgrades.
- Tenant: Once everything else gets sorted, you have to decide on rent for your property. You could check local websites, or rent ads to get an idea about what to charge. Then it would be best if you started looking for tenants by listing your properties online.
All in all, once you decide on renting, you take on the job of being a landlord that comes with added responsibilities. It would help if you were completely confident in taking them, and then enjoy your new source of steady income.