You must have your reasons to relocate, but have you thought about the house you own at your current location. Yes, not many of us relocate to a new place permanently. In fact, surveys conclude that most of the Americans relocate to new places on a temporary basis and after spending the set time period, return to their base. In such cases, taking care of the property at the existing location becomes very tough if you are a homeowner and moving to a new city on a temporary basis.
Moving companies that offer a range of moving services here the list to people moving in and out of America state that most of the time people choose to rent out their properties when the relocation is temporary. However, renting a house may not be as easy as said. There are a range of things that one needs to know about renting a house before you actually indulge in the process.
Here is a complete guide with the key considerations that you must have in your mind before you handover the keys of your home to a new tenant:
1- Be thorough with your research:
It is very important that you research well before you rent out your home. The rental income might come as a great financial aid for you as you are going to invest a lot of money in relocating. Explore the neighborhood rental prices and fix a decent yet profitable rental rate for your home. As you fix the price, make sure you keep a margin for negotiation as well and then calculate your profit. The price must be based on the living area of the house including the number of houses, and bathrooms you have. You must also factor the age of the home as well as any additions made to the property.
2- Make sure you house looks attractive:
The curb appeal of your property is the most critical element for the value assessment. Whether you are renting out your property or listing it in the market, make sure it gives a valuable first impression to the prospective buyers or renters. Irrespective of the age of your property, there must be some damage done by the elements and other factors. Make sure you undertake a home rejuvenation project before you list it as a rental property.
The project should not be necessarily huge. You can paint the walls or repair the fence and get the best appeal. In fact, most of the time a power wash is all you need to make your house look squeaky clean and good as new.
3- Market your home:
Once you know that your house is enticing enough for the renters, it is now time to work on the marketing campaign. You must list out all the key aspects and features of your house. This information will help you market your house correctly and earn a great value by renting it out. It is even better if you are renting your house fully furnished because renters tend to like guys with washers and air conditioning more than those that come empty. If you have a garage, make it a flashy feature because it is another thing in great demand in the renter’s market.
Make sure you use elegant and high-class words to describe various aspects of the house like ‘Granite slabs’, ‘Gourmet Floors’, Hand crafted wooden fittings’, ‘Vaulted roof’ and more. Such terms attract the renters and also make your house appear more luxurious. However, it is suggested that you stick to genuine information, just give it a classy appeal.
Finally, as you are ready with your ad, make sure you post it on the platforms with great traffic and mass appeal. You can even engage an agent and expedite the entire process.
4- Screen the tenants:
As soon as you start getting the applications, make sure you keep a list of potential tenants aside. You must know that you will be dependent on the tenant for the rental income as well as maintenance and safety of your property. Make sure you screen the tenant thoroughly from all aspects. It is always good to get references from the tenant and also run a financial background check to ensure the credibility of the renter. Make sure you take a respectable security deposit from the tenant to avoid any discrepancies later. Besides, fix a payment date to have a smooth process.
Moving to a new city is a big hassle and managing to rent out your house makes it even cumbersome. Follow these tips and find the most reliable tenant as you also manage the moving process. If you are relocating permanently, it is always recommended to sell your property and make some other investments instead of renting it. Renting out a property is only credible when you want to re-occupy the property again and meanwhile want someone to maintain it while you generate a good rental income.