There are many reasons that you might suddenly think, I need to rent my house. Maybe you’re moving for a new job opportunity or you want to be closer to family. For many people in this situation, it’s their first time becoming a landlord.
There are legal implications, financial liabilities, and emotional concerns when you choose to rent your house. Navigating these challenges can be overwhelming, but there’s no need to worry. Evernest has helped thousands of landlords work through this process.
In this article, we will walk you through the steps necessary to rent your house successfully. From preparing your home to understanding your responsibilities as a landlord, we will cover all essential areas you need to know.
Get Your Home Rent-Ready
First, we recommend moving all of your furniture and personal belongings out of the home so you can get an objective view of what needs to be updated. This will help you to see your property through the eyes of a potential tenant. A clear space allows you to assess the layout and flow of the home, ensuring that it feels open and inviting. Additionally, it provides an opportunity to deep clean areas that may have been overlooked, such as behind large furniture pieces or in corners that are typically hidden from view.
Essential updates include:
Touching up paint on walls and ceilings.
Ensuring all appliances are in working order.
Confirming that your HVAC system is functional.
Removing unnecessary storage items from the home.
By making these adjustments, you'll create a more appealing space for prospective renters, potentially increasing your return on investment. Consider adding small touches that enhance the overall atmosphere, such as updating light fixtures or adding new hardware to cabinets. These minor improvements can make a significant difference in how the property is perceived. Furthermore, staging the home with neutral decor can help potential tenants visualize their own belongings in the space, making it feel more like a home rather than just a rental.
Another important aspect to consider is curb appeal. The exterior of your property is the first impression potential renters will have, so ensure that the landscaping is tidy, the front door is inviting, and any outdoor furniture is in good condition. A well-maintained exterior not only attracts more interest but also sets the tone for what tenants can expect inside. Investing a little time and effort into these areas can pay off significantly when it comes to securing reliable tenants who appreciate the value of a well-cared-for home.
Research Rental Rates in Your Market
To get a sense of how much your home will rent for, start by researching market rates of rental properties in your area. It’s crucial to have a competitive pricing strategy to attract potential tenants. You can do so on various websites, including Facebook Marketplace, Craigslist, and Zillow.
When researching, make sure that you are looking at comparable properties with the same number of bedrooms, bathrooms, and similar amenities. This research will help you price your property appropriately and avoid underpricing or overpricing your rental.
List Your Property & Interview Potential Residents
Now it’s time to get some high-quality photos of your property and list it for rent online. Professional photos can make a significant difference in attracting interest, so don't skimp on quality.
Be sure to write an accurate and flattering description of your property that doesn’t violate any tenets of the Fair Housing Act. Avoid discriminatory language or criteria that could lead to potential legal issues.
Your resident interviews must also be Fair Housing-law compliant. Make sure you don’t make your selection based on demographic information. Instead, focus on their financial qualifications and employment history in the area.
Create a Rock-Solid Lease Agreement
Lastly, make sure that your property is protected with a rock-solid lease agreement. A well-constructed lease will outline the terms and conditions of the rental and protect both you and your tenant.
Decide if you will require your residents to have rental insurance and specify the terms regarding the security deposit. Will you allow pets, and what rules will exist if you do? Clear guidelines will help to minimize disputes later on.
You can find great residential lease agreement templates online, so take advantage of those resources to create a solid framework that meets legal requirements.
Be Prepared to Handle Day-To-Day Responsibilities OR Hire a Professional Property Management Company
Once you’ve placed a resident in your home, this is just the beginning of your day-to-day responsibilities. You are now on the line for answering maintenance request calls from your tenants, conducting annual inspections, keeping the HVAC and appliances in good condition, and collecting rent from your tenants each month.
If this sounds like a lot to handle, consider hiring a professional property management company, like Evernest, to oversee your new rental property. They can handle tenant communication, maintenance requests, and even financial reporting for you, allowing you to enjoy your investment without the stress.
Conclusion
Becoming a landlord can be a rewarding venture if approached methodically. Follow these steps to ensure you’re well-prepared to rent your house in Woodbridge.
Ready to get started? Contact our local team today!
