You have decided you no longer need the size of your home, you are now an empty nester; though still want to retain the property. After weighing your options, you are considering renting you home. While your plans are to still keep your home, you feel the right tenant would be the best answer at this time.
There are now a number of questions you should ask yourself to determine if renting your home is the way you want to proceed. Here is a short list of items to consider:
? Prepare your home. Think back to when you purchased your home and the inspection process of the property prior to your purchasing your new home. Those same requirements of plumbing, wiring, stairs, basements and outdoor areas still need to be in a safe condition. It could be helpful to have your property inspected prior to renting to make sure it is in a safe condition.
? Market Value. You should know the competitive rental rates for the area. And, what they would be renting with and without furniture. The amount of the rent can be calculated on comparable size home in your area, as well as how safe the area where the home is located. This is your market value you would need to factor in your cost of taking care of the property, which would include gardening, trash, water, and any other services necessary to the property.
? Rent Furnished or Unfurnished. If you have decided to rent your home furnished there are a few suggestions you should take to heart. When leaving a home furnished, it is best to remove all things you feel are valuable or irreplaceable. If you decide to leave any furniture, you should take pictures to have documentation of its present damage or wear. And, in removing items, they should be stored in a locked facility away from the property to prevent any possible damage or loss.
? Property Maintenance. Your cost is based on if you need to include your mortgage on the property, the items you plan to pay such as maintenance to the property, yard work, trash, water, and repairs. Often, tenants negotiate with the owner of the property to reduce rent based on items performed by the tenant such as yard work. Maintenance of the property in whatever form can be decided by both tenant and owner in a way that will benefit both parties.
? Property Management. A great question to ask yourself is who will manage the rental of your home. The things to consider are the cost, and how it factors into your bottom line? Would you like to hand over the care taking of your property and just see checks at the end of the month? Do you plan on moving out of State and feel the maintenance of the property would be easier handled by a company that is local? If you decide to hire a management company, you should interview several to determine if you want to work with them personally, and also handle the management of your property. A Real Estate management firm can help with screening tenants, collecting rents, handle tenant issues, any repairs to the property and advertising your property with or without a sign at the property.
By now, you have probably determined that renting your home can be a big undertaking. What will help a great deal in your venture is having references of Real Estate management companies who rent homes for their clients, and those that have rented without the help of professionals. If you do decide to have your property managed you should thoroughly screen these companies, and rate them based on your criteria for renting you home. Make a list of things; as you talk to each company you are screening you will find that your lists of questions increases bases on the items you want and need based on their services. And, do not forget to get their references. My experience is that most people want to sound good in an interview, so references are essential. I sincerely hope this information was a helpful starting place for you.
Source: http://www.nhhomestaging.com/how-to-turn-your-home-into-a-rental/
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