Image by james.thompson via Flickr
?Due to the recent economic downturn and the collapse of the American housing market, many homeowners are considering how best to ride out the crisis. One way of keeping up with the mortgage on an uninhabited home is to rent it out to another person or family. The amount you receive in monthly rent should be enough to cover your mortgage payment with money set aside to pay for taxes, insurance and upkeep.
If you are thinking about renting your home out, you will need to define the type of renter that you are looking for. Some residential areas are best suited for mature couples, and some are more welcoming to families with young children with nearby parks and recreation. Other areas are most appropriate for young people. While there are laws about discrimination in housing, you must be sure to accurately describe the property area to potential renters. This will help make sure that those who choose to apply will be happy and fit into the community.
The most important considerations in choosing a renter are the tenant’s rental and credit history. You don’t want to rent to someone who lacks a verifiable income, nor do you want a renter whose previous landlords had complaints about noise or property damage. Make sure you have applicants sign a release allowing you to check their credit and call their references. Once you have identified the perfect renter, you can look forward to a mutually profitable relationship until you are prepared to sell.
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