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Wednesday, August 15, 2018

    AS you know, I’m just about finished with my new rental property. Whether you’re renting out a home, an apartment in your own home or even an empty room, you should do your due diligence before letting a perfect stranger into your property. I figured now would be a good time to share this infographic with tips to follow before renting out property.

    Be sure to click to enlarge.


    Tips for Renting Property - Before You Rent Your House Infographic
    Via: YouCheckCredit

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    Personal finance bloggers the world over are always welcomed to share their ideas on this blog. This article was written by one of my blogging friends. I hope that you enjoy the article and consider subscribing to automatically get updates delivered straight to your inbox.

    6 Comments

    Canadianbudgetbinder July 3, 2012 at 1:03 pm

    All important information that any new homebuyer should take into consideration. Setting the budget is imperative as is using your NET income when making a budget. Too many people get in over their heads and are mortgaged to the top and have no cash for home maintenance etc. Then you see their house falling apart all around them and the neighbours thinking wow, you think they notice the hole in their roof lol… Cheers Mr.CBB

    krantcents July 7, 2012 at 9:47 am

    When you buy real estate, it is location, location and location! When you rent out a house or apartment, it is screen, screen and screen. The more you put in the front end to make sure you have a good tenant, the better off you are. Credit check, employment check, references etc. is just a start. You want to make sure there was no criminal record or unlawful detainers (evictions)too. If this person did something in the past to be evicted, he/she will do it again.You can not bat 1,000, but it can catch most of it. I like to give the approval in person at theri current rental to see how they take care of their apartment/home.

    Lance @ Money Life and More July 7, 2012 at 12:36 pm

    Definite prepare for the worst and hope for the best. The more time you spend screening the better renters I would imagine you would get. It doesn’t always pay to take the first person who applies to get it rented if they never pay and trash your house.

    Insurance Hunter September 12, 2012 at 8:18 pm

    There is a lot more to renting your house then just finding a good tenant. So, it is a good idea to make sure that you do things correctly to ensure you are covered from a liability and legal perspective. Don’t make assumptions.

    Pipera September 20, 2015 at 5:00 am

    We are a real estate company helping clients to rent houses and i can tell you these;
    – it definitely worth waiting a little bit and not accept the first potential tenant entering in the house. You can politely tell them “Look, i have a 2 weeks time frame for finding a tenant and i want to wait till i make a decision” or “I have some more meeting for viewing already arranged for this week and i can’t give you an answer now ”
    – ask for a proper guarantee deposit (at least equal with one monthly rent) analysing the value of the goods you have inside and expensive things that can be broken
    – i don’t advice accepting pets unless you take a bigger guarantee deposit
    – a quality tenant worth more then the rent, meaning you should negotiate more it the tenant is what you are looking for.
    – offer a clean and painted house and accept it back as you offer it (put this in the contract)
    – don’t sing contracts on short term unless the rent is really attractive. And make sure the tenant stays for the term stipulated in contract, and if not, there should be penalties.

    Good luck

    Bradley December 15, 2016 at 4:42 am

    Tenants screening shouldn’t be limited only by credit and background checks. There are much more homework that landlords need to do on their applicants. Run an interview with them, inquire why they decide to move, what lifestyle they have, whether they paid rent on time. Actually, property owner can ask whatever he/she wants. Throughout landlords shouldn’t forget that it is illegal to discriminate against tenants based on such criteria as color of the skin or national origin, race, religion, family status or a possible disability.
    Property owners need to contact previous landlords as well. Often, when a current landlord calls a former landlord, he only asks if the tenant has paid all rent and if the landlord was aware the tenant was moving. However, there are much more issues they would like to know about. Some of them are presented here https://rentberry.com/blog/screening-prospective-tenants

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