What are some things I need to consider before I rent out my house?

Answer

Before renting out your house, research the rental rates in your area to make sure renting your house is worth the effort. You’ll need to purchase rental insurance, and require that tenants also buy their own rental insurance.

Get the lease in order

Screen tenants carefully, either by using a professional agency or by running a background check and obtaining credit reports. Have a lawyer write up the lease agreement. The lease is not a do-it-yourself document, especially for the inexperienced.

Compare mortgage rates in your city

Is your house in order?

If you can’t take on the repairs required of a landlord, you’ll need to find a property manager to complete those tasks. Your house must be in good condition before you try to rent it. Check out the local codes for rental properties in your municipality.

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