Thinking of Renting your home? Here’s what to do First.

People decide to rent their homes for a few reasons. They may have already bought a new house and are having difficulty selling their existing home. Perhaps they have a suite downstairs that they want to rent for additional income. Or they may be planning an extended trip, either for work or a vacation. If you’ve decided renting is a good option, here’s what to do first:

• Insurance. Make sure you have landlord insurance. Your regular policy doesn’t cover rental property.
• Determine the rent. Research rents for similar homes in your area so you can set a competitive rate.
• Clean, paint, landscape. Finding good tenants willing to pay a competitive rent requires a clean, well-maintained house.
• Home Inspection. Having your home inspected lets you fix any major problems before tenants move in, so you’ll avoid constant maintenance requests later on.
• Consult an accountant. This helps ensure you set up your accounts and record-keeping to take maximum advantage of any of the tax benefits of renting—as well as avoiding any expensive pitfalls!
• Research regulations. Make sure you’re aware of any local government requirements, like business license, additional taxes, zoning laws, parking requirements, etc. Equally important, make sure you meet any established “fair renting” guidelines, like tenant income levels, credit scores, number of occupants, etc. You’ll also need official forms for rental application, lease agreement, credit check authorization, etc.
• Consider hiring a management company. Instead of taking on these headaches yourself, you can pay a company to do it for you. These professionals handle everything from screening applicants, to evictions, to midnight repair calls.

If you’ve decided to rent and would like the name of a reliable local management company, just give me a call. If, on the other hand, you’re being forced to rent because you can’t sell your home, I can recommend one of my trusted real estate partners who may be able to accelerate the sale of your home. For more info, call me today!

1.888.955.9011 – www.kupinamortgage.com