Renting out your home is a big decision that can be a blessing or a disaster. It may be wonderful if you get good renters but if you get renters that are the opposite it can be a real nightmare. Your rental may also need to be inspected and have everything up to code depending on where you live. Renting out a home to someone is a big responsibility for the home owner.
My parents needed to rent out their home after my dad became ill with cancer. They needed to do it for financial reasons so they found some renters. These renters turned out to be a nightmare since they didn’t pay their rent. They did not pay it for two months yet still had the nerve to live there. If you have renters that don’t pay their rent it may be harder then you think to get them out of the house depending on the laws where you live. In my parents case they lost the house because these people did not pay their rent to my parents for months.
We have a renter at our house now that pays his rent but complains about everything all the time. The guy is never happy and if something is done to make him happy you never hear about the good things. This is depressing but if you rent you need to be prepared to hear just the bad and never the good. When people are happy they don’t tend to tell you that.
It is very important to have a contract with your renters telling what you allow and don’t allow at your place. You must think carefully about what you will allow. For example my son rented a room to a fellow who decided to put in Plug Ins air fresheners. It turned out that my son is allergic to them but couldn’t get the renter to stop using them because it was not in the contract. You can see a sample rental contract here.
It is not as easy as it may seem to rent out your home. Renters really don’t care about your place and they will not treat it well. If you rent don’t expect everything to be cared for. You also need to be sure that everything like the furnace, plumbing and electric work well. You should look at the rental codes for your area since they are different in areas.
Check out your potential renter so see if they have any records. Good people tend to be good renters and visa versa.