Many people consider renting out their homes in Florida. You may want extra income to save some money or pay down debt, popular reasons to rent out a home. There are many possible motives for renting if appropriate considerations aren’t made, it’s possible for this plan to become more trouble than it’s worth!
Here are 4 tips that will get you going in the right direction.
Understanding Responsibilities
Being a landlord is one more responsibility you’ll need to fit into your life, and you’re right to assume things will sometimes fail to run smoothly. You’ll need to stay on top of house repairs and maintenance, collect rent and try to avoid any extra wear and tear on your property by keeping an eye on how your tenants are living.
The first step must be to determine whether being a landlord is an obligation you can handle.
Preparing Your Home
Most people can’t get away with renting out the home as is. Tenants are usually more attentive and picky because of the availability of rentals so their expectations are usually much higher. You can prepare for a new tenant by having your home cleaned thoroughly and making sure appliances are in good working condition.
Once the home is ready, take note of what makes it appealing. Use commonly desirable features such as a washer and dryer, hardwood floors and garage to help sell the property. Some words and adjectives that can help you get a renter include “granite,” “state-of-the-art,” “stainless steel appliances” and “vaulted ceilings”. Be sure to use the terms that apply.
Screening Tenants
You should begin looking for a tenant as soon as your property is ready to be shown. Make sure you choose your tenant very carefully! You need to be able to depend on this person to not only pay the rent on time but to keep your home in good condition.
Competitive Pricing
When listing your home, set the cost of the rent by learning what other rental properties are going for in your local neighborhood and community. Remember, potential tenants will be shopping around for the best deal so set the rent at a competitive price and make sure you highlight all of the most valuable aspects of your home.
Renting can be beneficial for both owners and tenants but only if you take the time to address the appropriate considerations and prevent potential pitfalls. After all, it is still your house!
