5 Things to Do Before Renting Out Your Home

Whether you are having a hard time selling your home or are short on cash, renting out your home can be an ideal option. Furthermore, renting out a house is not only easy compared to selling a house which is a much-complicated process, but also allows you to retain ownership of your home while making a profit out of it. Besides, if you are short on cash and need money to pay for bills, mortgage payments or other expenses, renting out your house is a great way of getting some extra income. Renting out a property, however, can be tricky if you are not careful.

Furthermore, prior to renting out your house, there are a few things that need to be contemplated. Listed below are five things to do before renting out your home.

1. Take photographs of the property- One of the major factors that you need to take into account before renting out your home is making sure you take photographs of the property. Furthermore, photographs of the property are necessary for several reasons. They are not only an important part of online advertising, but these photographs of your home will also be useful when your future tenants are moving out of your home, as you can use these photographs to measure any property damage that occurred during the rental period.

2. Discuss terms and conditions- Before renting out your home, make sure you discuss your terms and conditions with your prospective tenant. Furthermore, such open and clear discussions in advance will not lead to any disagreements at a later stage.

3. Clean up- Let's face it, nothing will turn off a potential tenant more than a dirty place. Consecutively, before renting out your house, make sure the unit is thoroughly cleaned, especially areas such as toilet, refrigerator and tub.

4. Stay on top of repair and maintenance- Without a doubt, a crucial factor that you need to take into consideration before renting out your home is making sure you attend to any repairs as soon as they are reported. Besides, maintaining your property will make it a more attractive home to current as well as potential tenants.

5. Decide the rent- Another major factor that you need to take into account before renting out your home is making sure you decide the rent. Furthermore, use your classifieds or online versions like Craiglist to get a general idea about what the going rate is for a place like yours. Furthermore, if you overvalue your house, you may end up with long vacancy periods, so make sure you set a price that is fair and competitive.

While these were some of the important things you need to do before renting out your property, there are many others, such as advertise, get a home inspection among many others.