In today’s market place homeowners are not able to sell their homes, so renting out their home is the best alternative; However, becoming a landlord overnight might not be as easy as you think. The following are some of the most common mistakes homeowners make when renting out their homes.
Proper Screening
Make sure to get the tenant to fill out a rental application and get their permission to obtain reports such as credit history and criminal record. Job verification is also key.
Right Lease Form
You might be tempted to go and get a simple lease from your local office supply store, but if the lease does not provide state-specific provisions they may very well be able to get out of the lease.
Hire a professional to draw up the paperwork.
Discrimination
The last thing you want to do is break the law, but that can easily happen if you don’t know the rules. Be careful not to ask questions about race, age, sexual preference or disabilities. Also, understand that you cannot refuse to rent your home based on these issues.
Upkeep and Repairs
As a landlord you should always be in charge of any major repairs, letting the tenant do it for themselves will always come back to haunt you later. Always use licensed and insured vendors and always make sure you see the finished work. If you are out of town the best thing is to hire a competent Property Manager to manage the property.
