If your house was for sale for months and you could not find a buyer, one option you have is to rent your house out. People will often choose this option when they really need to move but cannot sell their homes. If you are planning on doing this, there are several really important things you will need to know and do, and here are some of those.
Understand that You Will Be a Landlord
When keeping your home as a rental property, you should realize that you will instantly become a landlord when you rent it out to someone. Taking on the role of landlord for just one property is not overly difficult, but it will require some work. If you do not have the time for this or are moving far away, you could hire a company to manage the property for you, as this is the easiest way to own a rental property.
Learn More About Landlord-Tenant Law
If you plan on managing the property on your own, it is absolutely vital for you to brush up on landlord-tenant laws in your state, as you will have to follow these. Failure to do so could result in a lawsuit against you by the tenant, and a tenant can do this simply by you violating any type of landlord-tenant law that you are required to follow.
Create a Good Lease
Another vital step with renting out your house is creating a good lease, and the best way to do this is by hiring a real estate lawyer. A real estate lawyer will have lease options on file and can help you choose the right one and customize it to fit your property and your needs. The lease you have must not violate any state laws, yet it must protect you in as many ways as possible.
Find the Right Tenant
One of the hardest tasks you might face with your new rental property is finding the right tenant. The tenant you select will make or break the deal, and that is why this is one of the most important, yet one of the hardest, tasks to accomplish.
One of the best things you could do when renting out your house is hiring a real estate attorney for help. A real estate attorney can help you with all these steps and will show you ways to protect yourself in the deal. To learn more, talk to a local real estate lawyer today.