General Information - Tips for Renting Out Your Home When You're Not Ready to Sell



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Tips for Renting Out Your Home When You're Not Ready to Sell

Many homeowners may be hesitant to list their homes for sale until the housing market recovers, but there are other ways you can still move into a new house in the meantime. By using these tips, you can successfully rent out your home until you're ready to put it up for sale.


Many homeowners may be hesitant to list their homes for sale, but there are other ways you can still move into a new house in the meantime. By using these tips, you can successfully rent out your home until you're ready to put it up for sale.

If you have never been a landlord, you might want to research what responsibilities you will take on when renting out your home. If moving close by, you may be able to complete needed maintenance on your own quickly, but if you're moving farther away you should find a local handyman that you trust who can complete work in a timely manner and for a reasonable price. Other responsibilities include collecting rent and staying on top of necessary repairs for happy tenants and a home that won't need much work once you do choose to list it for sale.

When preparing your home for tenants to view, you should complete the same tasks you would if it were being put on the market for sale. This includes thoroughly cleaning it, repainting the walls if necessary and making small improvements to make it more appealing. Since you will hopefully be able to charge your future tenants the cost of your mortgage, you should make sure it is in great shape to serve as their home.

Many homeowners opt to rent their homes out to friends or family and even their acquaintances. Allowing others to live in your home can seem like a risk, which is why it is important to have a strong selection process. Be sure to set rules that will keep your home in good shape while being rented out, such as not allowing pets, limiting allowed alterations and scheduling regular check-ins to make sure tenants are complying.

It is also crucial to ask for a security deposit, which will help cover the costs of any damages or changes done to your home while being occupied by tenants. The standard deposit is generally one month's rent, while additional deposits aren't unusual if they plan on having pets in your home.

For consumers interested in new homes for sale in Florida, it's important they know how to move through the process. GL Homes can help consumers know what the latest trends are for homes in Florida so they know exactly what they want in their new home.