Owning a rental unit has a variety of benefits such as cash flow from rental income. In order to rent out your house for the first time, you should educate yourself on some important aspects of the process. It is necessary to be aware of housing laws in your area, tenant screening process, lease agreement terms and knowledge of other important requirements.
Listed below are some useful tips for renting out your house for the first time:
- Know The Law: Educate yourself on the laws pertaining to rental properties in your area. For example, every state has laws on preventing discrimination of tenants (on the basis of race, color, sex, etc.), property safety, tenant eviction, etc. For information on legal aspects of owning a rental property, it is advisable to hire a property manager.
- Work On Presentation: Present your property in a way that makes it appealing to prospective tenants. Highlight its best features, clean it thoroughly, repaint it, boost its curb appeal with landscaping, etc.
- Screen Tenants: To select quality and reliable tenants, ask your property manager to conduct tenant screening. When questioning them, there should be a focus on details such as employment status, criminal history, credit report, eviction history, etc. A proper screening procedure will minimize evictions, reduce property damage and save your time.
- Formulate A Lease Agreement: Every term, condition, rule, and agreement that you agree with your tenant should be written in the lease agreement. This agreement plays a vital role in offering legal protection in case of disputes related to the rights and responsibilities of the parties involved.
- Price It Right: The price of a rental is one of the most important factors for attracting tenants. When setting the right price for your rental, assess your total expenses and mortgage payments to derive the value of your property. Thereafter, compare it with the value of other rentals in and around your area.
- Maintain A Bookkeeping System: First-time property owners should be disciplined about maintaining financial records and paperwork of the property.
- Take Inventory: Prior to handing over the rental’s keys to a tenant, a property owner should conduct a walkthrough and record the condition of the property at that time. A record of the same should be signed by both parties.
- Protect Yourself: Get yourself insured as a property owner to enjoy protection from missed payments, legal expenses, vacancies, accidental damages and the like. Also, ask your tenants to get renters insurance for protection against unforeseen events.
The agents at Lone Star Realty & Property Management, Inc. assist property owners in renting out their property. The agents are well-versed and have years of experience in the real estate market. For further details on renting out a house for the first time, visit 1020 West Jasper Drive, Killeen, TX – 76542. You can also contact: (254) 699 – 7003.
An affordable housing option is the one that suits your budget as per your income and monthly expenses without compromising on the quality of your life. Choosing an affordable rental housing option requires thorough knowledge and research.
Let us take a look at some of the efficient ways to find affordable rental housing:
- Consultation: Get access to online listings from your rental agent. Based on the information provided by you, he will help you look for housing within your price range, in a neighborhood of your choice and with amenities you desire.
- Important Considerations: Determine what your rental requirements are and look for a housing option based on that. Examples of factors that most people take into account are commute time, pet policies, noise levels and more.
- Budgeting: Create a detailed budget by subtracting monthly expenses such as food, utilities, transportation, loan payments, etc. from your monthly income. It is recommended to add your monthly savings goal to your monthly expenses.
- Explore: Don’t be limited to a specific area when looking for a housing option. Consult your rental agent to know about other neighborhoods that may offer an affordable housing option while meeting your rental needs.
- Roommates: If you can find a trustworthy roommate, you can enjoy quality housing on a budget. Roommates are a great way of significantly cutting down living expenses. However, make it a point to seek permission from your rental agency and suffice any documentation requirements.
- Expectations: In order to get an affordable housing option, be practical and set realistic expectations before starting your search for the rental. Make a list of essential amenities or facilities such as number of rooms, security features, centralized air cooling or heating, etc. Additionally, you can make another list of desirable facilities such as swimming pool or other luxurious amenities that can be compromised. This will help you in streamlining your rental search.
Lone Star Realty & Property Management, Inc. offers affordable housing options to its customers. The team assists the customers in finding an ideal rental property within the budget. For more details on tips to find affordable housing, visit 1020 West Jasper Drive, Killeen, TX – 76542. You can also call at: (254) 699 – 7003.
Filling out a rental application is the first step towards starting your journey in a new rental home. A rental application provides information that helps the homeowner in determining if you are fit to be considered as a tenant.
Here is a quick guide on important points to be included in a rental application to make you stand out from other tenants:
- Basic Information: Your rental application should consist of basic information about you such as your full name, phone number, current address, email address, etc.
- Employment Information: Some property owners may require proof of employment to verify that the applicant is financially secure and will be able to pay rent. For this you may have to show recent pay stubs, an offer letter, a W-2 form, mention the monthly wage amount, and more.
- Rental History: This is an important constituent of rental applications as it enables property owners to know their prospective tenants. Letters of reference from previous property owners, an esteemed colleague, a previous property manager, a credible professor, etc. may also be very helpful to prove your credibility as a tenant.
- A Personal Touch: To make your rental application stand out from the rest, add a personal touch to it by writing a cover letter. The cover letter should mention reasons for which you feel you should be considered as a suitable tenant. Not only will the home owner get to know you better, but also you get to provide additional details that have not been covered in the application. However, remember to keep the cover letter short and professional.
- Renters Insurance: Letting the property owner know that you are interested in purchasing renters insurance in the application letter is beneficial in many ways. First, it will protect your possessions from home-related emergencies and accidents. Secondly it shows the home owner that you are interested in taking care of the property.
- Credit And Background Check: Even though these are not compulsory, some homeowners may ask you to provide information about your past credit history and any loans that you have accumulated for gauging how financially responsible you are. The application may also contain a section about criminal history as a background check.
Create a template that you can use each time you want to apply for a rental house. It will save you a lot of time and help you in replying to potential ads quickly.
Lone Star Realty & Property Management, Inc. provides numerous services to their clients in Killeen, TX. For further queries about rental properties, visit 1020 W Jasper Dr. Killeen, TX-76542. You can also call at (254) 699-7003.