How to Rent Your Home
Because of the state of the real estate market, many homeowners are becoming landlords. Renting your home can bring a lot of benefits, such as tax breaks and extra income. Our Raleigh movers are no stranger to moving people in and out of rentals, so naturally, it would make sense that we also know a thing or two about renting homes out. If you are planning to take advantage of the real estate market, we can share some information on how to rent out your home.
Steps to Renting Your House
Spruce it Up
Before renting your home, it’s a good idea to start or finish any renovation projects. It's the responsibility of the homeowner to provide a safe and healthful home to the tenants. Depending on the state, the city may require an inspection of the property before it can be rented out. This means you have to make sure that the house is up to code.
Here are some things our Raleigh residential movers recommend you do to prepare:
- Clean the house
- Paint the rooms
- Remove valuables
- Make sure the home is fireproof with detectors
- Take care of the plumbing and leaks if there are any
- Installing low-flow shower heads is a good way to cut down on water usage
Update the Status of Your Home
The next step in renting your home is to call your mortgage company to tell them that you're planning on no longer living in the home. The mortgage company will have to permit you to rent out your house, and there might be a small fee involved as well. Also, don't forget to change your home's status with your municipality.
Secure the Proper Insurances
Now comes the insurance part. Before your new tenants can move in, you must have landlord property insurance. This insurance is specifically for renting your home, and it's not the same as your current insurance policy – this landlord policy is going to cost you more.
Decide Who Will Care For the Property
You also have a big decision to make when renting your home: will you be the property manager or hire a company to do it? By doing it yourself, you're going to save some money, but you'll pay for it with stress and time. Property-management firms usually charge approximately 10 percent of the monthly rent for their services. They handle everything for you, from finding the right tenants to collecting the rent. Some people find it's worth it to pay these property-management firms simply for the convenience and having the responsibilities off their plates.
Whether you're renting your home or buying a new one, make sure to call our local Raleigh movers to help you move. Our expert movers will provide packing and unpacking, and they'll quilt-pad wrap your belongings so they'll never get damaged. All My Sons Moving & Storage has been supplying the Raleigh area with award-winning services for over 30 years! Call our certified moving consultants today and experience the best move of your life.