Renting Out Your Home

Renting out your home is a great way to earn some money and many people rely on rent money as their sole source of income. It’s a great way to earn because, if you can manage to maintain a comfortable lifestyle on your rental income, then it will give you the flexibility to pursue your dreams and to look after your family and spend more time with them or live the life you have dreamed – with financial security!

Have an agreement

Before renting out your home you may want to meet you family lawyer to draw up a rental agreement.

Your family lawyer will help ensure that you are protected from liabilities and damages incurred by your tenant and will ensure that you are protected from any potential lawsuits in the future. You will want to ensure that the conditions of rent are clearly stated and that the terms of use for your home are also clearly stated. You will also need to decide and include whether or not the rent will cover utility bills or if those will have to be paid by the tenant and what a fair rental price might be. They will also be able to help you with deciding on the conditions of renewing a lease or terminating the agreement.

Prepping your house

The next thing to do is prep your home for tenant. We would strongly advise that you remove all your personal effects from the premises and that you only leave behind basic furniture and if you have stated that utilities like an oven, fridge and washing machine will be provided, then those items. If you are leaving behind anything you won such as art or books specify what these items are and whether or not you want them left in place or to be there when your tenants leave. We would not advise that you do leave anything that matters too much to you. If you have stored items n your attic lock them up and make it clear that you have left them for storage purposes and that they should not be touched.

Have a checklist

Have a short checklist to ensure that everything is in working order. Make sure that the utility items work and that all electrical outlets are in working order. You should also check on things like home insurance being up to date and make copies of all the necessary keys for your tenants. Set up a meeting with them to hand over the keys and receive the signed agreements ahead of them moving in.