It’s been almost 9 months since my last post. 2013 was a roller coaster year because we were considering selling our home and moving on. We had to renovate portions of our house and repaint it to prepare it for a new buyer.
A 1950s bathroom was transformed into….
Colored walls were toned down to give a more neutral feel.
In less then 2 months we found an interested buyer. At first my husband and I were thrilled about selling, but as the paperwork was drawn out we realized that we would not be able to sell the house for the price that we initially agreed upon. This gave us a moment to think about the next step that would change our lives. We decided to keep our home and make it an income making property instead.
We used a realtor to help us with the paperwork, but my husband and I were the ones who found the tenant in the end. We used the following free websites to post our rental property. I have listed them by the order of which sites garnered the most leads.
Zillow.com by far gave us the most leads, but ultimately our tenant found us from our Craigslist advertisement. I know many people who have been successful finding tenants on their own, versus using a realtor, but we do not regret using our realtor as she helped guide us in our first venture of being a landlord.
Our realtor could not provide us with a standard lease so we procured one from our attorney. You can also find some standard leases online, but I would suggest to use an attorney so you can make sure it covers your city and state.
For homeowners who want to have a home as a rental property, but do not want the hassles of being a landlord, you can refer to a property management company in your area. These companies have many roles like home maintenance to even finding you a tenant.
Some people include landscaping and water for their home rentals, but other landlords do not include it. Some landlords allow pets, but others do not. All leases and expectations from landlords and tenants are varied so there is not one set rule. In other words, if one rental provides landscaping you do not have to automatically include this in your lease for a single family home (this could be different by State or if your home is a condo or multifamily, so check it out with a lawyer).
It’s been less than a year since we rented our home out. So far there have been only a few solvable hiccups playing the landlord role, but as long as you have an open communication with your tenant things should run smoothly.
If you have a home that you are considering selling you may consider renting it out instead. A rental home is a good investment and often gives you a better return than what banks are giving in interest rates.
Have a great day and good luck!