As homeowners are waiting for the housing market to continue to improve, many are opting to rent out their homes instead of putting them up for sale.
If you're considering renting out your home, keep these tips in mind:
Fix up your home: When you rent out your home, make sure it's updated so it's up-to-code and a safe environment for your renters to live. Give the walls a fresh coat of paint, and if they are a strong, bold color, repaint them a more neutral color. Make sure your HVAC unit is working, and also fix any plumbing leaks you might have.
Clean your home: Before the renters move in give your house a good cleaning. Have the carpets and floors clean, wash the walls, clean out the refrigerator and all of the cupboards.
Install smoke detectors: Make sure you have enough smoke detectors in your home, and that all of them work.
Change your home's status: Before the renters move in, change your home's status so that your mortgage company and city know that it's now a rental property.
Change your home insurance: You will need landlord property insurance for your rental property.
If needed, hire a management property: If you are not going to be managing the property yourself, make sure you hire a qualified property management company.