Are you thinking about the possibility that your property generates an economic advantage? We understand that renting out your property can seem like a rather complex task, so we want to share some useful tips with you if you want to rent out your home. On the other hand, having an empty house that only causes expenses is also not a good idea.
In this sense, when you rent your home you are recovering an investment and you are giving another person the opportunity to access a rented house. If you take all the necessary precautions and get advice on rates, conditions and other legal aspects, renting your property can bring you great benefits.
Useful tips if you want to rent your home
According to one publication, More than 80% of the Spanish population owns at least one property. Similarly, it was also established in the said report that, currently, there is more demand for houses to rent than for properties to buy. Against this background, it is worth trying to rent your own home.
1. Determine the rental price
The first thing you need to do is put a price on the rent of your property. To do this, you can consult a real estate agency or carry out an inspection of the area to evaluate which rates are managed.
There are many real estate rental portals, so this task will be easier than it seems. Remember that values ​​fluctuate and the rent may have increases that you should consider.
2. Choose a good tenant
If you don’t have an urgency to rent your home, take the time to carefully select your prospective tenant. Ideally, they should take care of your home as if it were their own, pay on time, and be nice to their neighbors.
When you think the right person has applied, check their financial solvency through a contract or payslip to find out their income. Similarly, there are databases where a register of debtors is kept.
It doesn’t matter how well you know the person who will be renting your house, It is always convenient to go through such cases. Another precaution you can take is to verify your references as a tenant with the former owners of the houses you have occupied.
3. Complies with current regulations
Lease agreements are governed by art legislation of urban locations. There you can check the terms of the contract, payment dates, what to do in case of default. As for the terms, it is rented for a minimum of 6 months and a maximum of 3 years.
4. Make a correct contract
At this point we want to underline the importance of entering into a contract through a professional who is dedicated to real estate transactions. This way, a fair document will be drawn up for both parties and that it is framed in what the law dictates.
In the event that you rent out your furnished home, it is essential that you prepare an inventory of everything that is there and what state it is in. On the other hand, you will also get information about what taxes each party faces.
5. Condition the property
In the same way that you will ask the tenant to keep your house in good condition, You must also deliver it in perfect condition. That is, clean, freshly painted, with all services functioning properly. Remove all personal belongings from the property and leave the minimum and essential items.
Here we would also like to add that you try Maintain a good relationship with the person who will be living in your house or apartment. If you think it’s a compliant and creditworthy tenant, then you can give in to some requests or improve services.
Advantages and disadvantages of renting your home
There are many benefits to renting your own property. Among these we can mention a monthly income that you will receive and that you can use to capitalize, save and reinvest.
Another reason is security. When you rent your property, it will no longer be vacant or attract criminals such as squatters. Finally, by having the house lived in, it is possible to detect any structural problems over time.
It is worth clarifying that if you decide to rent your property it is also possible that you will find yourself at a disadvantage. For example, not even the best tenant in the world is going to take the care you might have when you live in the house.
If, on the other hand, the lease agreement is not well drafted, you may be embroiled in collection or eviction issues. It should be added that if you do not update the rental price regularly, you could suffer a loss in value.
These useful tips for renting out your home are the beginning
As we have already mentioned in this article, In the rental agreement you will find your maximum protection. Look for extra guarantees, add clauses on damages, children and pets in the house. In short, everything that gives you peace of mind as an owner.
We believe your home is worth renting, as long as you take all the necessary precautions. These suggestions are the basis for continuing to advise you.
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