Having a house is one of the biggest financial achievements as it provides you comfort and can also use your house for income-generating purposes. Giving your house for rental is one of the best uses for a house no longer in use. This way, you will keep getting income in the form of rent, and the tenant will also keep maintaining your house. If you are planning to use your house for renting purposes, this article will help you to find an ideal tenant:
Set a Monthly Rent for Your House
Depending upon the size and style of your house, you should set a monthly rent for your house. For this, you should do a little research about the current rent rates of such houses. The real estate rules vary from country to country; therefore, you should know the tenancy regulations when planning to use your house for renting purposes.
Note Down the Conditions for the Tenant
You are the landlord; therefore, you can make some conditions before approaching any tenant. Usually, landlords show concern about the house’s condition, utility bills, and water and sanitation-related conditions. Being a landlord, you should take a security amount from the tenant that will be refundable to the tenant when leaving the house. If you notice that your house is not in the same condition and has some expensive repairs, you can deduct the repairs from the security. The tenure of the tenancy agreement is usually 11 months, and after every 11 months landlord raises the rent.
Determine the Type of Tenant You Want
Many people don’t like to rent their houses to extended families. You have to determine what type of tenant you want for your house. You can give your house to a bachelor, a couple only, or a neutral family. Depending upon your concern, you have to find the tenant accordingly. Always know about the background of the tenant.
Contact a Real Estate Agent
After deciding everything, you should consult a real estate agent who can find a suitable tenant for your house. The agent will charge a commission once you find the right tenant. The agent will shortlist some tenants, and you will choose the right one for your house. Let the tenant visit your house along with the agent. Meeting your tenant in person is a good idea to get a sense of satisfaction. You can also consult property management Greenville, SC, to ensure the maintenance and to find the right tenant. The agent will draft the tenancy agreement considering the conditions you have made and the regulations of the tenancy law.
Make a Video of Your House Before Handing Over the Keys
A house is one of the most expensive assets; therefore, you must ensure its excellent condition before handing the keys to the tenant. The best way is to make a small video to work as evidence if you find any structural damage in your house by the tenant.
Remember, you should maintain good relations with your tenant as your kind behavior will let the tenant rent your house for a longer time.