imageHow to rent out your home

How to rent out your home

08May 2012

Renting out rooms or your entire home can be done in a few steps. If you are planning to buy a new home in order to rent it, you need to be sure that the property is worth the investment and will be rented successfully. Choosing the proper location is essential. First, decide whether you want to rent out the whole place to one family or separate rooms to tenants. If you buy a home in an area close to a college or university, this will ensure you tenants. Don't look for the most expensive area in town - this can be a risky move. Choose a safe, quiet area, which has good transport system and is close to the town or business centre. Hiring a good real estate agent can spare you some stress. He should be able to understand your needs and what you want from the place. Once you have chosen the area, look for a flat or house which is in good condition and looks appealing on the outside as well. This place will eventually become someone's home and even if they don't own the place they would want to be pleased and proud of it. After you purchase the place do some renovation if it's needed and buy appliances if there aren't any. This raises the rent and attracts more tenants, especially students. Take the time to determine the requirements for the tenants - you can't just let anyone rent the place. The best way is to meet and talk to the potential renters. Discuss the terms of your contract and point out the good things about the place. If you like the renters, make them want to rent the place. Everyone appreciates a nice, understanding landlord, so be nice to potential renters. If you can't or don't want to take care of the property and the management, you can hire a management company to handle the renting process, any issues with tenants and repairs. A letting agent can also find tenants for your property, draw the contract and collect the rent. This is very convenient, especially if you own a few properties for renting which need to be taken care of. You have several responsibilities as a landlord: any repairs to the property - interior and exterior, securing hot water and water installations in full working condition, repairs to the sanitary installations, safety of the electrical appliances which you offer and gas safety. In return, your tenants agree to take good care of the premises and pay the agreed rent in timely manner. Including all of the household bills in the rent amount is very convenient to tenants. This means that they will always have electricity, water, internet and gas. Define the rent amount by talking to other landlords and be realistic - if your home is in a newly built building, with new furniture and has never been used before then the rent can be higher than usual. It also depends on how many people are going to live in your house. If your tenants are a family with small children, you can be more considerate, as long as they do not damage the place. However, if the tenants are a bunch of students you can be sure that the place won't be in immaculate condition and there will be regular parties, which means a lot of other people entering your property. Base your rent on what you believe is right and how much your property's value is. Make sure there are regular inspections by the management company or by yourself, especially if you are renting out to students.

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