Tips for Renting Out Your Home

Making the decision to rent out your home, either your primary residence or vacation home, is a big one. You are renting out your home to either help pay down the mortgage, to keep it occupied until you can sell it, or as an investment. Here are some important tips for renting out your home if you’ve never done it before.

Understand the Responsibility

One of the first things you must do prior to renting out your home is to understand the responsibility that comes with being a landlord. You must know that there will be times when things will not go right. Items will break, repairs will need to be made, and tenants might fail to pay their rent. All of this is possible even if you screen potential renters with the utmost discretion. You will also need to increase your insurance policies if you rent out your home.

Screen Carefully

A very important tip that you must not overlook is to screen all potential tenants carefully. We mentioned it above, but it’s such an important tip that it needs its own section. Be sure to do a thorough investigation of all applicants. You want to find someone who will pay the rent on time each month and who will keep your house clean and in good condition. You also might want to look into their background by seeking references if you are renting a room in your home and will be living with them.

Learn the Eviction Laws

It might be a good idea to learn the eviction laws in your area prior to renting out your home. In some areas, it might take a matter of two months to have a non-paying tenant evicted, while in others it could take up to one year. Understanding these laws will help prepare you for a worst case scenario, should it come along.

Pick a Property Manager

It takes quite a bit of time to work as a landlord, even with just one property on the books. You should look into picking a property manager. This is someone who is experienced with managing properties of all different sizes. Look into their background, how much they cost, and what it is in their job description that they can do for your tenants. Make sure they are available around the clock, via a phone call, and if they are comfortable collecting monthly rent.

Sign on the Dotted Line

Don’t forget to have the tenant sign on the dotted line. Even though many people agree to things verbally, it can be very beneficial to have it in writing. Have a contract drafted by your attorney or your realtor that the tenant and you can both sign. It will protect you in the long run.

Are you thinking about renting out your home in New Jersey? Whether you want to rent out your primary residence or your vacation home, the experienced team at Brightstar Realty & Rentals can help you list your home for rent throughout the state.