Finding the right tenant can sometimes be a challenge. Frequently you are unsure you're making the right decision until a tenant has moved in, and by then it might be too late. Here are 10 questions to ask yourself before renting your home.
What is the perspective tenant like?
When you meet perspective tenants to show them your property, you should try to find out as much as you can about their personality. A person could have great credit but still not be an ideal tenant. Getting prior rental history and personal references when they fill out your rental application allows you to anticipate issues that you might not get from a conversation with the prospective renter.
Will you allow pets?
Pets can be cute and adorable, but they can also be very destructive. Unless you make it very clear that you don't allow pets (if you don't,)then your home could sustain a great deal of damage. Should you choose to offer pet-friendly accomodations, be sure that you specify what kind and the quantity as well as allow for collecting a pet deposit to mitigate damage or repair costs associated with getting the property ready to rent again.
How extensive of a check should you perform?
You should check out any perspective tenant as extensively as possible, which should include a credit, employment, and criminal background checks.
Does the home meet government standards?
Before advertising, you should ensure that your home is up to code and contains all necessities for safety.
Can your tenant pay the rent?
It is important to verify any perspective tenant's income and work history before allowing them to move in.
Do tenants know what their responsibilities are?
It is important to verbally explain as well as have them read and acknowledge in the lease agreement what exactly is expected of your tenants before signing any papers. Doing so protects you if it becomes necessary to keep deposits or evict a renter.
Do you know what your rights are?
Landlords and tenants have certain rights. You should be aware of these rights and fair housing provisions before renting to your first renter.
How long of a lease will you require?
You need to determine how long you want your lease to be. One year? Two years? You can offer a reduction in rent for tenants that sign longer leases.
Are you discriminating?
When choosing the best tenant to rent your home, you need to ensure that you aren't discriminating. If you had a negative experience with someone from a foreign country and you have a perspective tenant from that particular country, then you shouldn't turn him or her down because of this.
How many people are in the family?
If your home is three bedrooms, then you want to ensure you're not renting to a family of ten. Spell out the maximum occupancy of the home in the lease agreement in advance and then find out how many people will live in the home.
Setting clear expectations and rental terms makes all the difference when you want to rent your home out. Asking the right questions and even consulting with a reputable property manager in advance will prepare you for success.