Kathy Hyatt

Today I am seeing more and more Folks that are renting their Homes so as to have an additional source of income. If you also are battling a similar situation, renting your House may be a brilliant option for you. Let’s shed some light on a few tips that may assist in making the process of renting easier for you.

One of the most important things to do prior to renting out your home is to determine a perfect rental price tag.

Begin by looking for rental prices of properties which are similar to yours. This will help you get an idea of the sort of rent you could demand for your home. Once you have a basic figure in mind, you can compare it with the target income you wish to earn.

Consider factors like the rental commission that you might have to pay to the real estate agent. Also, bear in mind the repair and maintenance costs which you would have to bear every now and then. You ought to evaluate these costs well so that you are able to fix a rental price that covers all of these costs.

Another important thing which you must do before you rent out your home is to get it properly insured. When renting your property, you will need to contact your Insurance agent and let them know that this property will now become Investment Property and your Liability Coverage and Premium will increase. If you are renting out a totally furnished house, make sure that the contents of the house are also insured.

It is also wise to notify your County Property Appraiser Office of the change so they may make a record of this and change your tax status.  Some people neglect to notify the County and incur some hefty penalties and fines.  

Renting your home could add to your earnings and make you financially independent. Abide by the above mentioned ideas and rent your home wisely and you’ll manage to settle your finances well. 

             Have a Real Estate Question; give Kathy a call at 954-347-0244 or visit: www.KathyHyatt.com

                          Kathy Hyatt Sells South Florida