Advice on renting a home or property
rent your house
In the economic downturn, many homeowners have decided to rent out their property rather than sell it. Read this quick guide to see your own situation and make decisions based on the information provided.
Does it make sense financially?
Before putting tenants on your property, you need to assess the financial costs and benefits. First, you need to find out how much you can rent your property for, and how this adds up compared to your other costs, like the mortgage. Invite a handful of local rental agents to estimate the rental value of your property; this will help you find out where you stand in the local market. Agent appraisals are free and there is no obligation for them to market your property.
With an estimate of the income you’re likely to receive from the rental, you can now compare this figure to the costs of maintaining the home (such as the mortgage and upkeep). You should also deduct the agent’s commission from the rental income before making a decision. It’s worth noting that it will be the tenant’s responsibility to pay the utility bills, not yours!
Choose the right agent
When choosing an agent, it’s easy to be drawn to the cheapest offer. However, making an informed decision will save you a lot of trouble in the long run. Choose an agent with a reputable reputation and a lot of experience.
Discuss renting your property with your mortgage lender
It helps inform your lender of your situation. Explain that you cannot afford to sell in the current economic climate and that renting out your property makes sense. Chances are your mortgage lender is reasonable and understands your situation.
Decor
How much design and planning went into your vision of how your new habitat will look aesthetically. What functionality do you need in your home? A stainless steel kitchen? What about interior home décor and designer items like ceiling fans? Use a website to shop for ceiling fans, depending on which fan you like. If you have a modern, modern home, you may want a ‘cool by design’ ceiling fan from a local company or e-commerce store.
Decorate your wallpaper with possibly 2-3 colors. No more no less. You will be golden
Sure
While it’s essential to thoroughly screen your prospective tenants (your agent will do this, but you personally should be comfortable with whoever lives in your property), you should make sure you’re covered by building insurance. In the unlikely event that a tenant damages your home or leaves without paying rent, you need to make sure you’re covered. There are many different building insurance schemes, make sure you choose one that is well within your budget!