Things To Consider Before Renting Out Your Home

There are a number of circumstances in which you may find yourself owning a house which you no longer wish to dwell in. Perhaps you've moved in with a partner. Perhaps you've inherited a property. Perhaps your work has taken you to a new part of the country and you're not ready to sell or the market is slow and you don't want your house to sit empty. However, it is not as simple as putting an ad in the newspaper and watching the rent roll in every week.

Firstly, you must determine if you are prepared for the reality of seeing renting out your home as a business. If you are nervous about strangers moving into your home or ill-prepared for the financial realities of being a landlord it can be an expensive and stressful exercise.

You need to consider the cost of any repairs or tasks that will need doing before the house is fit to rent. If a window takes a firm shove to open, you can guarantee one shove too many will leave you with a repair bill. No one is going to be as concerned about the maintenance of your home as you are, so it is in your best interests to ensure there are not any little problems which could grow into big ones. It is a good idea to work out a budget (best case and worst case) so you know exactly what you are getting yourself into.

You will also need to check out insurance, tenancy agreements, procedures for lodging bonds and establish a separate account for rent to be paid into. It is important to talk to your bank as the terms of mortgages are different for rental properties than for private dwellings.

A major decision will be whether you intend to manage the property yourself, or employ the services of a professional property manager. Although there are costs associated with hiring someone to manage your property for you, it goes a long way to ensuring all your legal obligations are met and that issues like urgent repairs and rent arrears are dealt with promptly. A major consideration is screening prospective tenants: gut feelings and likeable personalities are no substitute for credit checks and references. It does cost to have your tenants screened, but is generally worthwhile in the long run. If things do go wrong, a property manager is able to be a professional third party to deal with eviction procedures and bond disputes.

If your house has a good level of equity, is in good condition and is low maintenance and is also in an area where there is reasonable demand for rental properties, renting out your home can make great financial sense.

Article Source: http://EzineArticles.com/7524755

Homes In Transition for Property Owners (Part 4)

Homes In Transition really is the solution to help you sell your vacant house.
 

Still not convinced?

• Did you know. . .The vast majority of homeowner insurance policies become void or greatly reduce coverage if your house is vacant for more than 14 days in most cases. in fact, the vast majority of Insurance Underwriting Guidelines DO NOT permit agents to submit applications for coverage on vacant, unoccupied property, or for property that is up for sale

• Did you know. . . In 2011 HIT Caretaker Occupied Houses averaged a 49% faster sale with 23% more money at closing? These are not numbers we created on one or two houses. This was based on the sale of over 65 houses from our program year to date.

• Did you know. . . Because the average property is losing 1% of its value per month in addition to the cost to maintain utilities, upkeep and provide the same level of security, marketability and insurability HIT can provide, there is no better time to sell your house than TODAY!

• Did you know. . .That after the average maintenance and repair costs, the net return on a rental house in our current market, declining on average 1% per month, is nearly break even or worse while putting your biggest investment at risk.

• Did you know . . . HIT has an A+ BBB rating which continues to exceed any property management company in the area.

• Did you know. . . your broker is more interested in selling your house for which they earn a commission than managing the many issues your vacant property creates for which they earn NO COMMISION. You hired the best to sell your house, not manage it while it sits vacant. Placing your vacant house in the HIT program is the only way to be sure it will receive a breath of life while on the market for sale.

• Did you know there is a big difference between renting, staging and having your vacant house HIT Caretaker Occupied. We'll be happy to show you the difference and let you be the judge. Simply call our office and ask for the HIT Caretaker Comparison.

Click the video below to see what we can do for you

www.HomesInTransition.com

Homes In Transition for Property Owners (Part 3)

Brokers like to show Caretaker Occupied houses

It's no secret, Brokers appreciate showing houses that are safe, comfortable and those that create the least amount of issues for their buyers. Showing Caretaker Occupied houses is easy since they remain on lockbox and our Caretakers accommodate the marketing and selling processes. Brokers don't like showing rentals because tenants are there for the long haul and don't accommodate showings. 

Brokers would much rather show an occupied house or maybe even a staged house before they showed a vacant house because a buyer can see more clearly what they are buying and how it will fit their needs. Buyers appreciate knowing the heating, cooling, plumbing, and electrical systems are fully functional - you can't tell in a vacant house! Think about it, there are many popular programs that demonstrate "How To Get Your House Sold". These programs are successful because they help. 

Unfortunately not everyone can do it themselves. That's what Homes In Transition is all about, we can do it for you at little or no cost! Homes In Transition breathes life into vacant houses and we can do the same for yours!

NOW is the best time to act! 

To place your house in the HIT program requires a completed Property enrollment package. While we work to make this requirement an easy online process, the fastest way to get your Property Enrollment Package is to come by your local office or Contact Us. 

You can request a Property Enrollment Package by sending us an email request to Info@HomesInTransition.com. Please include your phone number, and property address.

Homes In Transition really is the solution to help you sell your vacant house. 

www.HomesInTransition.com