Before You Rent Your House

The renter population has been rising quite robustly over the past four years because of the housing market crash," says Lawrence Yun, chief economist at the National Association of Realtors. "The demand [for rental property] has been rising, yet the supply has not." - U.S. News & World Report Home prices have decreased significantly since 2005 while rent has increased. It may be smarter than ever to keep and rent you house. S&P/Case-Shiller 20-city Composit home-price index Median asking rent on single - family homes 0% 40% Dec. - 32% 40 +20% -10 30 -20 20 -30 10 -40 '2006' '2008' '2010' 2006' 2008' '2010 Sources: Standard & Poor's (index); Census Bureau (rent) The Wall Street Journal Before YOU RENT Your House Consullt Your Attorney Find out what it'll take to remove the tenant if they damage the property or don't pay the rent. Set Rules and Bounderies Decide if you want to allow your renters to modify your property or if you'll alow pets. How many people will you allow to share the home? (Do you want ten college kids in your house!?) Do Your Homework on Potential Renters Use a service to check your renters' background and credit. Prepare a Realistic Budget Yes, you'll be getting the rent, but you'll also need to consider all the expenses. Mortgage Payments Property Taxes Maintenance & Repair Insurance Vacancy Late Rent Lawn, Landscaping & Snow Removal Consider outsourcing these tasks to professionals and charging enough rent to cover the expenses. Even if your renter agrees to these chores, most won't put the effort into yard work to meet your standards. Infographic brought to you by YouCheckCredit.com You Check Credit.com Online Tenant Screening & Background Check Rent Now - Rent Right!