How To

How to Rent Out Your Home

How to Rent Out Your Home
Contributor
By eHow Contributing Writer
(44 Ratings)

If a job or family situation takes you away from home, consider renting out your home to offset all or part of the costs of your monthly mortgage payment.

From Quick Guide: Sell My Timeshare!
Difficulty: Moderately Challenging
Instructions

Things You'll Need:

  • Newspaper Ads
  • Leases
  • Property Condition Report
  • Rental Applications
  • Pens
  • Pens
  1. Step 1

    Consult local building and zoning authorities to see if any rental restrictions apply to private residences in your area.

  2. Step 2

    Review mortgage documents for restrictions about renting out your home while the mortgage is in effect.

  3. Step 3

    Determine how much rent you should charge by checking rental rates of similar properties in your area in the classified section of the newspaper.

  4. Step 4

    Advertise your property to attract applicants.

  5. Step 5

    Prepare or obtain a rental lease for the property that spells out specific terms and conditions.

  6. Step 6

    Interview prospective tenants while showing the property. Accept applications and security deposits.

  7. Step 7

    Check credit, personal, and rental references of applicants, then select tenants for the property in a non-discriminatory manner.

  8. Step 8

    Review the terms of the lease with the selected applicants to make sure they understand all conditions before signing.

  9. Step 9

    Conduct a "walk-through" of the property with tenants on the day they move into your home and have them initial a "property-condition report" that verifies the current condition of the property.

Tips & Warnings
  • A property-condition report, available at most office supply stores, will help avoid disputes over property damage and refunds of security deposits.
  • Consult a tax advisor about the tax consequences of renting out your home.
  • Landlord-tenant laws can be confusing and complex. When in doubt, consult a local attorney.

Comments  

writetruth said

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on 3/29/2008 Interesting Article ~~

grouch said

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on 3/28/2008 I looks like you have thought of everything. yes you can check personal finace on your own as long as your request is for business use.

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on 3/28/2008 http://www.ehow.com/how_2134656_good-tenant.html

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on 3/20/2008 How would you check credit cards and personal financial information on your own? Is it possible?

http:www.OutRentHome.com

mikana876 said

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on 9/26/2007 I wish number 1 and 2 were more specific! Who are "local building and zoning authorities" and what would I look for in the mortgage documents?

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