What Does Someone Need to Rent a House?
If you have a home you want to rent out, it doesn't take much to transform you from owner to landlord. Even so, you'll need to handle the legal details and figure out the financial logistics related to renting out your home. This includes six key elements you must address.
Rental and Lease Documents
To rent a property, you should have a formal application prospective tenants may fill out. Get supporting documentation like copies of paystubs, as well.
Although you technically can rent out your home with an oral contract, it isn't a good idea legally, as you'll have very little legal standing without something in writing between you and your tenant. Thus, you should draw up a basic rental agreement or lease, or have an attorney do this for you.
Rental agreements and leases are not the same. A rental agreement is a short-term agreement that lasts for one month. It has flexible terms you can change from month to month. A lease usually lasts at least six months to a year and has inflexible terms -- you must wait until the lease ends to raise rent or change other conditions.
Clean and Repaired Property
For liability reasons, before you rent your home, you should make any necessary repairs. The home also should be clean and free from any sanitation hazards. Ideally, you should have your home inspected prior to renting so that you have a written statement indicating that the property was in good condition prior to renting. You should have a list of reputable vendors available who can provide services like roofing, water extraction, carpet cleaning and HVAC repair and maintenance.
Compliance With Zoning Regulations
In most jurisdictions, any rented property must meet local requirements for zoning. For example, you may not be able to rent a small two-bedroom home to a family of six if zoning requirements say you can have only two people -- usually called "heads" -- per bedroom. You may have to update your electrical system, HVAC or plumbing, depending on when the building was built. If you plan to build or remodel in order to rent the home, you'll need to meet regulations for this, as well. You can get copies of zoning and related requirements from your police department and zoning commission.
Formal Advertisements
People have to hear about your home before they'll rent it. You'll need to write an advertisement you can use online and in print publications. You also should go to your home depot, supply store or real estate agent and purchase a "for rent" sign that can go in your yard.
Secondary Home and Income
If you're renting out your home, you will need a second residence. Have this lined up before you rent out the property. You'll also need a tally of all the expenses related to keeping up the property and renting it out -- you must have an income that exceeds the total on this tally. For example, even though you're renting, you'll likely still have mortgage costs or property taxes. If you do market research and the cost of renting your home exceeds the going rate for similar properties, it may be too expensive to rent out the property.
Background and Credit Check Service
As a landlord, you simply cannot judge applicants by their initial application or interaction with you. For example, an applicant with horrible credit may be a model tenant because they are trying hard to rebuild their financial status. Similarly, someone with perfect credit may use drugs or have a history of violence. Find a reputable credit and background check agency and use them to investigate all prospective tenants. Apply the same investigation criteria to all tenants.
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