Renting Out a Home

renting

6 Major Things to Know Before Renting Out a Home

By Kay Pascale

With the rising rate of short-term and long-term rentals, there’s a lack of knowledge when it comes to what exactly needs to be done. Different scenarios for renting out your home could yield different challenges. Overall, if you’re deciding to rent out a home to others, there are some basics you should know before you market the home to find a tenant.

1. Pay Attention to Your Home’s Exterior

If you don’t think the exterior of your home matters, think again. Houses are instantly judged just by how the outside looks. If a home looks clean and manicured from the outside, potential renters will remember it and have a more positive outlook before seeing the inside. Although keeping up your curb appeal may be demanding for you and your wallet, you can follow some simple tips to manage the toll nature may take on your home and achieve a beautiful look.

2. Understand Indoor Mechanics

The inside of your home goes a bit beyond just looking nice. You need to be prepared for questions about appliances, recent updates, home improvement projects, and how well the working parts are doing within the home. Specifically, air quality can be a huge question among potential renters. Become educated on indoor air quality and other mechanics of your home so that future tenants can feel safe inside.

Before renting out a house, know that there are some legal actions that need to be addressed if you’re becoming a landlord. Things like insurance and the Rental Housing Amendment Act are good places to start. There are also specific taxes that need to be considered and extra taxation claims to your personal account. Seeing a professional may be a good way to make sure your legal odds and ends are covered.

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