Tips to Consider When Renting your Home Out this Summer
Entry #2544, June 20, 2013
Thinking about vacationing away from home this summer, and possibly renting it out? Well, take advantage of your long summer vacation and have your home rented and earn money at the same time. This should cover your home mortgage fee, in case you are still paying for it. If not, the rental fee should be able to cover some of your summer vacation expenses.
Image via: Logan’s Hammer Building & Renovation
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Derive at pricing that is fair
This is very critical especially if you have a good location and great home accomodation. Make sure that you do your homework before you give your price. You have to consider the average rental price in your area or ask your neighbor if they happen to have rental experience. Also, it is important to have a reasonable price to be fair with your renter.
Be very selective with interested tenants
Don’t just settle down for a phone interview or email exchanges. Make sure to meet with the interested tenants in person to discuss about everything. This should give you an idea about the integrity and sincerity of the renter, something like background check. It will also allow both parties to get to know a bit and feel comfortable with each other.
Image via: Paul Dyer
Collect a security deposit
It is very important to get an advance payment or security fee from your tenant. This is to ensure that you have something on hand for instances like late payment, forced eviction or anything that causes irregularities. In case something wrong happens, you have a buffer or security fund to pay for any payable.
You can never go wrong with your home being rented. Besides, an extra income from an unoccupied home is always a welcome development. If you want to try this idea, here are some tips for deciding to rent your home out this summer:
Don’t forget to have everything written in the contract of lease. This way, you can be sure that you will have reference to your agreement. Give it a try!
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The best tip here is to be very selective about who you choose to rent to. I’ve heard horror stories about people coming back home to cigarette burns in furniture and other types of property damage.