Rent Out Your Home Research Paper
Renting out your home can be beneficial for many reasons. Long-term investment, temporary relocation or life changes just are some of the reasons to rent out your home instead of selling it.
This is a good time to consider employing a licensed Real Estate Agent or Property Management company to review all points of the lease. A well written lease agreement can eliminate many problems. A standard lease form purchased at an office supply store may not cover all the points you need clarified
For example, timing can be an issue for the landlord paying two mortgages. If your tenant is late with the rent payment, you are forced to carry the burden of an extra payment to avoid late penalties. Stipulate in the lease exactly when the rent payment is due and when it becomes late. In the …show more content…
Always know beforehand what the law stipulates with regards to how much security deposit you can collect on an unfurnished or furnished rental unit.
Another point to be very clear on is changes to or decorating the rental unit. Consider adding a clause to the lease that prohibits any changes without prior written consent.
With regards to landscaping, make specific arrangements about retaining its care. Most tenants will not demonstrate the attention that you showed to the home. It is usually a good idea to have a gardener included in the rent to visit the property a couple times a month. It is better not to jeopardize the time and care invested by making suitable arrangements for the exterior maintenance of your property.
If you plan on offering your property for sale during the lease term, be sure your tenant understands how the process will work so there are no misunderstandings or bad feelings. For best results, have your real estate agent utilize an addendum to the lease agreement that stipulates when and how you will start marketing the property for
This is a good time to consider employing a licensed Real Estate Agent or Property Management company to review all points of the lease. A well written lease agreement can eliminate many problems. A standard lease form purchased at an office supply store may not cover all the points you need clarified
For example, timing can be an issue for the landlord paying two mortgages. If your tenant is late with the rent payment, you are forced to carry the burden of an extra payment to avoid late penalties. Stipulate in the lease exactly when the rent payment is due and when it becomes late. In the …show more content…
Always know beforehand what the law stipulates with regards to how much security deposit you can collect on an unfurnished or furnished rental unit.
Another point to be very clear on is changes to or decorating the rental unit. Consider adding a clause to the lease that prohibits any changes without prior written consent.
With regards to landscaping, make specific arrangements about retaining its care. Most tenants will not demonstrate the attention that you showed to the home. It is usually a good idea to have a gardener included in the rent to visit the property a couple times a month. It is better not to jeopardize the time and care invested by making suitable arrangements for the exterior maintenance of your property.
If you plan on offering your property for sale during the lease term, be sure your tenant understands how the process will work so there are no misunderstandings or bad feelings. For best results, have your real estate agent utilize an addendum to the lease agreement that stipulates when and how you will start marketing the property for