Before you rent your house
There’s never been a better time to rent your house. The demand for rental property is high, but the supply is not. While home prices drop, rent increases. If you are in a position to be a landlord, it may be smarter than ever to keep and rent your house. YouCheckCredit.com has created this infographic to help you prepare to rent your house. By following these simple steps, you’ll be more prepared to work with your renters.
Transcript of infographic: “The renter population has been rising quite robustly over the past four years because of the housing market crash,” says Lawrence Yun, chief economist at the National Association of Realtors. “The demand [for rental property] has been rising, yet the supply has not.“ U.S. News & World Report. Home prices have decreased significantly since 2005 while rent has increased. It may be smarter than ever to keep and rent your home.
Before You Rent Your House
Consult Your Attorney. Find out what it’ll take to remove the tenant if they damage the property or don’t pay the rent.
Set Rules and Boundaries. Decide if you want to allow your renters to modify your property or if you’ll allow pets. How many people will you allow to share the home? (Do you want ten college kids in your house!?)
Do Your Homework on Potential Renters. Use a service to check your renters’ background and credit.
Prepare a Realistic Budget. Mortgage Payments, Property Taxes, Maintenance & Repair, Insurance, Late Rent, Vacancy
Lawn, Landscaping & Snow Removal. Consider handling these tasks and charging enough rent to cover the expenses. Even if your renter agrees to these chores, most won’t put the effort into yard work to meet your standards.
Infographic brought to you by YouCheckCredit.com. Online Tenant Screening & Background Check.