You will need to know the rental market in your area; how much rental income each month; if there is an association involved, what requirements will need to be met.
Learn your local landlord tenant laws. Perform a thorough background check on your prospective tenants. Charge a fee if local law allows. Use a written lease and get a deposit.
You should have some extra funds available in case the tenants do not pay, and if there are repairs. Decide if you will handle or hire leasing agent/property manager.
Two things you must consider are making sure you have adequate insurance (to protect you against a claim if a tenant injures themselves in your home) and a contract stipulating payment and other rules.
You need to check the landlord/tenant laws in your area to determine your responsibilities. The home needs to be in good repair, rent should be based on mortgage expenses.
Make sure you outline all rents, late fees, resposibilites for utilities, upkeep and repairs withing the lease agreement. Also note all damages with tenant before providing keys.
The most important thing you can do for yourself is to take photos of your home to keep on file in case of damage. Go through the home with your new tenant and make a list of any damages and have your tenant sign off on the list. Also ensure your lease is legal and in order.
You should rent out the house to good people. Prefer a nuclear family. If they are Transferable Givt. employees or bank employees, well and good because they will vacate the building when you need it back. Try not to rent out to businessmen. They will use it for multipurpose.
You need to have all electrics and possible gas systems controlled and issued with a certificate. All textiles need to have proper labeling. You need to check with your mortgage company that you're allowed to rent.
You should know that people will be moving into your house without you living there and will pay you periodically to live there and do whatever they want in your dear home.
Find out the rental rate in your area as well as policies which follows on customer & owner. Also, find the customer demand while taking a home in rent. Calculate the renting costs & all other billing informations.
First learn all the laws before renting your home. First check that how much income other landlords are getting from their renters. And what type of facilities they are offering to the renters. Then plan the renting scale by own.
