The condition and location of your home will determine the rent you can charge.
Renting your primary residence will help you generate income. If you outgrow your current residence and decide to buy another home, you may want to keep your old residence, converting it into an income generating rental home. Renting your home can be an uncomplicated task that does not have to involve filling out extensive paper work. Instead, you can concentrate on preparing the residence for rental and finding the best tenant.
Instructions
1. Contact your mortgage lender to inform them of your intention to rent out the property. Your mortgage lender must give you approval to rent the residence; without obtaining its consent your lender could cancel your mortgage. Your lender may allow you to rent the house in exchange for an increase in the percentage charged on your loan, usually in the 0.50 percent to 1 percent range.
2. Call you home insurance company to tell explain you will be renting your house. Your insurer will provide you with a landlord's policy and explain other options including protecting yourself agains the loss of rental income.
3. Prepare your home for rental by making whatever repairs and upgrades are necessary for attracting a tenant. Eliminate potential hazards and make your home ready for habitation. A home that is in good condition can allow you to charge more for rent.
4. Find a rental agent and list your property with them. Provide your agent with information about your house including the number of rooms, bedrooms and bathrooms, landscaping and patio, the overall property size and other features. Supply copies of utility bills to help the tenant gauge expenses. Your agent may want to stop by your house to take pictures and to write up a report. Review and sign the rental contract when you are ready to rent out your home.
Tags: your home, your house, mortgage lender
