Posted on: 13th Feb, 2013 01:10 am
I have two homes and wish to rent one of them. What factors should I look into when I give my property on rent?
Hi Dollory,
You can always rent your house but then it will make it your investment property. If you wish to rent your property, you will have to market it so that people who are looking for rental properties can know about it. When you get a tenant, make sure that you have a rental agreement in place which mentions the terms and conditions in details. This will help you in case there is any problem with the tenant. When you rent a property to a tenant, make sure that you check his/her credit situation, criminal background, employment and previous landlord.
Take care.
You can always rent your house but then it will make it your investment property. If you wish to rent your property, you will have to market it so that people who are looking for rental properties can know about it. When you get a tenant, make sure that you have a rental agreement in place which mentions the terms and conditions in details. This will help you in case there is any problem with the tenant. When you rent a property to a tenant, make sure that you check his/her credit situation, criminal background, employment and previous landlord.
Take care.
Hi Dollory!
Welcome to forums!
I agree with all that Sara has said. I would like to add that don't try to draft the rental agreement on your own. It will be better if you could get in touch with an attorney and take his help in drafting the rental agreement.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with all that Sara has said. I would like to add that don't try to draft the rental agreement on your own. It will be better if you could get in touch with an attorney and take his help in drafting the rental agreement.
Feel free to ask if you've further queries.
Sussane
Before renting out your property, it is important to know about the tenant laws in your state. In some states, the tenant laws are skewed in favor of the tenants. You should be aware of these laws.
I agree, getting in touch with an attorney is better than creating your own terms and conditions for the tenant because you never know how any of it may be twisted in the interests of the tenant.
Make sure you do a thorough tenant screening on potential tenants.