Thinking of renting your home out? There are a lot of benefits when it comes to renting your home, but there is also a lot that goes into preparing your home to be ready for rentals. There are a lot of reasons why someone may choose to rent out their home. They could have a vacation home that is empty the majority of the year, or, renting could become the only option if you are trying to sell your home and aren’t getting any buyers. Either way, renting your home can immensely help cover your mortgage, or just give you some extra money!
If you are sold on the idea of renting out your home, here are a few things to help you get started on the process of preparing your home.
- Insurance/Permits. The first step to preparing your home to be rented is to get all of your home insurance and permits settled. It is important to make sure that your home is insured, because any time someone is on your property, any severe damages or injuries are ultimately your responsibility. When it comes to permits, these can vary based off of where you are living, but permits are primarily for safety – they will ensure that your home is safe, including electrical, heating, and other concerns.
- Spruce it up! If you were renting a home, you would want it to be in great condition. Spruce up your home, including fixing any small damages, repainting the walls, and ultimately – making it look nice! You may even want to take it a step further and upgrade some of the interior of your home, such as your kitchen or bathrooms. People will be more likely to actually want to rent your home if it is up-to-date and aesthetically pleasing.
- Find a good tenant. When it comes time to find a tenant, find one that you truly trust, and one that you think will be a good fit for your home. The entire renting process will be much smoother if you get along with your tenant!