enting a house or a room They generally will offer more
in your home is a great space and they are usually rented
business that millions of by groups such as families,
people take advantage of to make professionals or students as an
some extra cash. While many alternative to buying or renting
people rent houses each year, not smaller spaces.
all of them are successful.
Renting a house can be profitable Another benefit of renting a
and rewarding if you manage it house is to use it as a vacation
properly. home and only rent for part of
the year. Many people buy shore
Benefits of Renting a House homes and rent them except for a
few weeks of the year.
The main reason for renting a
house is you can gain a large Don't forget about the tax
steady income. Many people buy advantages. Any tools, supplies
rental houses in areas that have and services you purchase for the
a constant flow of tenants and house can be a tax deduction.
rent them for much more than the
cost of the mortgage. Or, you Challenges of Renting a House
have decided to sell, but the
property value is lower than you Of course there are many
expected. Over time, a house challenges to renting a house.
rental will increase in value and While rental income may be
you will gain capital bigger, if a property goes
appreciation in addition to a un-rented for a period of time,
steady rental income. you stand to lose more if you
can't find tenants.
Typically, a house will rent for
a lot more than an apartment. Maintenance of a home rental can
also be challenging. Regular amount in the rent.
painting, lawn care, snow removal
can require constant attention or 3. Make the tenant feel at home.
qualified professionals that will When renting a house, you want
cost you money. the tenant to stick around for a
long time. Do something special,
Questions from your tenants on or provide a service that makes
how things work, requests for it hard for your tenants to want
repairs and rent collection can to leave.
also take away from the
experience of house renting. 4. Provide parking or make it
easy of your tenants to park a
House Renting Tips car.
1. Have tenants share some of the 5. Provide laundry. Tenants won't
responsibilities. If you have a want to drag there laundry in and
small yard, require the tenant out of your house rental. This
take care of lawn and snow simple feature will go a long
removal. Provide tenants with way.
tools they need such as a mower,
rake or shovel and assist 6. Pre-wire your house with
whenever possible. Cable/DSL service. Your tenants
will want this anyway so you are
2. Collect utilities in advance. better off having it
Often utilities will be in your professionally installed. It will
name and difficult to recoup from help you rent the house and avoid
tenants, especially after they tenants drilling holes in your
are no longer renting your house. walls.
Determine the average cost of
utilities used and include that Before you Rent a House
may be used for renting or the
Make sure your insurance covers number of non family members that
your house as a rental. Some may live together.
policies may charge extra if you
are renting your house but if you Take time to research rents in
don't let the insurance company the area. Get the most out of
know, you may not be covered. your house rental by getting
facts on other rentals in your
Check with your city or town on area.
regulations. Cities often have
rules on what rooms in a house
About the Author:
Don Romanek has been investing in Real Estate for 15 years. He runs www.offcampusnetwork.com where landlords can advertise Houses for Rent or find articles, and forms to help manage rental property.
Source: www.isnare.com
