Things you should do before renting out your home
Renting out your house can sometimes leave you at a dilemma. It is a good investment to have a property that you can rent out. However, you have to be wary of the person you are renting out the house to. In some cases, the person can barely afford the rent, his total property does not worth 10 percent of your property and yet, you have to allow them to move into your house. The implication is that if anything happens to your house due to their mistake or carelessness, you can hardly hold them responsible for it. This is why it is important to do some things before you let a tenant into your home. These things are discussed subsequently and to make sure you are up to date with premises liability.
Ensure everything is in order
The first thing you want to do when you want to give out your property is to confirm that everything is in order. This could be the first time you are giving out your property or it might be that a tenant just moved out. Check to make sure that the house is in good condition, there is no leaking roof and all the sockets are properly fixed among others. Also, make sure to keep an eye out for any signs of damp. This can often be caused by a leaking roof, so make sure to properly look around your home for any dampness. If you see any damp, contact a Kansas City North Water Damage Restoration company if you’re from that area as they can help to restore the home and make it safe for rentals. Once you are sure everything is in order, then you can move to the next step.
Get house insurance
The next thing to do is to get an insurance company to insure your house. You should ensure that the insurance policy you are opting for is elaborate and that it would cover the house itself and the other installments that you have placed in it. You should also discuss with your tenant about the need to get an insurance policy and if possible, let it be part of the agreement. Some insurance companies like Lemonade house insurance company offers both homeowners and tenants insurance policies. You can read about Lemonade homeowner’s insurance before patronizing them.
Find a tenant
The next thing to do is to find a tenant that would occupy the property. This could be by placing a sign on the building, at strategic places or online about the vacancy. You can also contact a real estate agent or real estate company to help you find a tenant. Chances are that more than one person would come to take a look at the house and discuss terms until you finally find the one that both of you can agree to take the house.
Once you find a tenant that is willing to settle into your property, the next thing you want to do is to take stock alongside the tenant. The tenant should be able to return your house in a similar condition as it was when you gave it to him.
Sign agreements with the tenant
After taking stock and both of you have reached a verbal agreement, the verbal agreement must be put into writing and signed by both parties and witnesses of both parties. In some cases, a lawyer might have to be involved in the signing as well to make it legal.