Are you considering renting out your home for extra income while you’re away? It can be a tempting option for homeowners with unused space, but it also comes with significant liabilities. Before diving into this venture, take a moment to consider these essential guidelines to minimize potential risks and ensure a smooth rental experience.
- Screen Potential Renters: Request references from prospective renters, especially if they plan to stay for an extended period. This helps you gauge their reliability and suitability for your property.
- Establish a Clear Rental Agreement: Define the terms of the rental comprehensively in a written agreement. Include details about restrictions, liabilities, occupancy guidelines, and any other important conditions.
- Security Deposit: Protect yourself against damages by asking for a security deposit. This deposit should only be refunded if your home is returned in the same condition as when it was rented.
- Consider a Property Manager: If you’re renting out your property for an extended period, consider hiring a property manager. They can oversee the property, handle maintenance issues, and ensure everything runs smoothly in your absence.
- Secure Personal Items: Designate a secure area in your home to store personal belongings, such as clothing and valuables, to prevent any mishaps during the rental period.
- Document Everything: Take detailed photographs of every part of your home before the rental begins. This serves as documented evidence in case of any damage disputes later on.
- Manage Mail: Arrange for your mail to be forwarded or held while you’re away. This prevents guests from handling your mail and ensures it’s secure until your return.
- Emergency Contact Information: Provide your contact details to both the renters and your neighbors. This way, everyone knows who to reach in case of emergencies or unforeseen situations.
Posted in Home Security