I am often asked about the idea of renting out homes to tenants to make some additional income over a short space of time. With many contracts available on the short term let market, it is indeed possible to arrange a succession of 12 months or even six months lets these days, which are favored by most people only looking for a short-term housing solution.
However, if you are looking to take this route and do not want the headaches that usually accompany renting, here are a few quick suggestions to help you begin the process.
Always Screen Tenants Before Renting to them!
If you are going the route on your own, get a contract drafted up and make your new tenant sign it before moving in. However, before you get to this stage, find out the answers to those essential of questions.
Look here at former renting history, employment details past and present, credit scores, pets and occupant numbers, possible police reports and personal references.
If possible, could you take a quick sneak peek at your prospective tenant’s current dwelling, just to get an idea of how they treat their living space before they move into yours?
Also, think beforehand about how you intend to advertise your property. If you are looking for a particular clientele to respond to your advertisement, where you place this ad will make all the difference in the type of tenant you are likely to attract.
Alternatively, Hire A Property Management Company to Do the Job!
A route that many will bypass due to initial fees, property management companies know what they are doing and can take the pressure and time off you with this role. Not only that, more importantly, they will be more able, due to experience and training, to screen correctly and negotiate those all-important leases and contracts beforehand, dealing with any such problems if they arise.