Top tips for renting out your home for the first time
Going travelling? Or simply need to make a little money? Renting out your home can be an excellent way to pay off your mortgage, while giving you the freedom you need to do other things. On the other hand, if you’re planning to rent for the first time, check out #MyFirstRentalHome with homelet.co.uk/.
But if you’ve never rented out your home before, you may be wondering what to expect. Here are some top tips for renting out your home for the first time:
Prepare your home
Tenants have higher expectations than ever for their rentals. You’ll need to make sure your home has been thoroughly cleaned and all appliances are working well and in great condition. If the hardwood floors are in bad condition, consider having them refinished by a professional wood floor restoration company. Walls should be freshly painted too. Once you’ve done this, make a list of all of the reasons why the perfect tenant would want to live there. You can use these in your advertisement to attract people who would be interested in living in your home.
Screen potential tenants
Before you let a complete stranger live in your home, you need to find a few things out about them. You’ll want to know their current employer, get references from previous landlords, and their current debt obligations and income. You’ll also want to know their credit scores and potentially get a report to see how likely they will be to pay their rent. If possible, get a police report and ask for personal references as well.
If you do one thing before you sign on the dotted line, make sure you screen all tenants. This will save you from a world of hurt later on.
When you’re renting out your home, you may not want to remove all furnishings. Not only will you then need to store them somewhere, but more furnishings will make your home more attractive to tenants who may not have bought items like their own fridge etc.
Use a deposit scheme
Deposit schemes are great as they keep both parties protected. You’ll know that if your tenant fails to pay their rent or damages your property, you can use the deposit they have already paid. And your tenant will know that if they pay their rent as per the agreement and don’t damage the property, they’ll get their deposit back at the end of their tenancy.
Have you rented out your home before? Or maybe you’ve been a tenant in someone else’s home? Leave a comment below and let me know.