Renting a house offers financial rewards. It also offers a unique set of challenges.
Demand for rental homes has increased in parts of the United States,making renting out a portion of your house or, better yet, your entire home a good option to bring in more income. Rising mortgage rates and a shortage of affordable, quality rental properties is helping to drive the demand. So too is the demand for temporary housing to attend one-time events like weddings, graduations and business meetings that last for three days or longer.
The latter rental demand may generally be associated with luxury rental properties. But, it isn’t only the wealthy who are renting out their houses. Success of businesses like Airbnb prove that there’s a large number of people who are open to renting out their house for a limited or extended period.
Cover the bases before you start house renting
Companies that operate house rentals that you can reserve online may be new. However, the concept of house renting is not new. People rented out rooms in their house during the Second World War. During the 1940s, house renting served as a source of income for women whose husbands and sons fought or died in the war.
Then and now, there are challenges that come with house renting. When house renting, you generally have less regulation. Although you are required to adhere to local and federal housing laws, because you’re renting out a single home, you’ll likely experience less hands on review and enforcement from local housing authorities.
Alone, this could present problems. Lack of oversight could tempt you to drop your guard which, over time, could cause your property to become non-compliant. It could also cause renting out your house to cost more than it’s worth. Some ways that this could occur are:
Both you and the tenants who rent out your house should win. Your house should meet housing codes and allow renters to experience a safe, comfortable stay. If you keep tenants a priority, you will perform regular inspections,maintenance and repairs on your house. This positions you for another advantage.Not only could your house become increasingly attractive to renters, your house should pass inspections without you needing to pay for more repairs should you decide to sell your house.
1. Staging Your Home - This can be done by professional stagers or your Realtor® might have the designation.
a. Do a clean-up and clear out - now is a great time for you to clear out things before you move. Ask yourself - Can I use this in my new home? Should it be donated? Should it be thrown away?
b. A fresh coat of paint can improve the look of interiors. Any repairs that need to be done that could affect pictures?
c. Remove all personal photos and memorabilia.
d. Create pleasant scenes using props displayed decoratively - a candle, a vase of dried flowers, seasonal items, a bowl of candy, etc. Keep it understated, neutral, and tasteful (less is more)
e. Remove all animal bedding, food dishes and pet toys for pictures (and later for open houses and viewings). It is imporant that the home be seen as a neutral pet-free canvas.
f. Can you pre-pack anything for your move and store it?
3. At what time of day does the sun shine on the front or most appealing facade of your home?
4. The time of day for photographing the outside of your home is not always the best time of day to photograph the interior. A revisit might be necessary.
5. A Closed Set - On a photo shoot where privacy and focus is important, it is vital that you step away from the house to allow the Realtor® and photographer to do this important work without your immediate presence.
Once you've done these things, the professionals can do their job, which is to serve you and show your home in the best possible light and angle.
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