YOU MIGHT HAVE SOME QUESTIONS.
What should I do to prepare my property to be rented?
2. Think Safety Tenants will feel more at ease if they have a safe place to live. If you’re renting out a portion of your home, secure and separate the rental area from the rest of your home. Ensure smoke/carbon monoxide detectors are in good working condition.
3. Clean Up Nothing will turn off a potential renter more than a dirty place. Clean the floors, windows, and blinds. Shampoo the carpets to remove stains. Repaint walls with a neutral color to make the rooms seem cleaner and brighter.
4. Evaluate Your Furnishings and Appliances Cleanliness applies to furnishings and appliances, too. If you have valuable furnishings or fixtures you don’t want stolen or damaged, remove them. If you are providing a furnished home, make sure everything you provide is in working order. If you are providing appliances, ensure they’re clean inside and out. Keep in mind, renting a home with appliances may allow you to boost the rental price, but it can cost you if the appliances require frequent repairs or maintenance.
5. Notify Your Mortgage and Insurance Companies It’s important to contact your mortgage and insurance company to let them know you won’t be living in the home. Your mortgage company has certain rights to the home to protect its security interests. Once you’ve notified your mortgage holder of your intent to rent out your home, you may have to meet specific mortgage-as-landlord requirements. You should switch your homeowner’s insurance policy to a landlord property insurance policy to cover any losses due to tenant’s negligence, natural disasters, fire or water damage.
How do I determine the rent?
Other than local professionals, you’ll also need to consider what landlords are charging for similar rentals in your area. If the rent you want to charge is unreasonable compared to what everyone else around you is charging, you might struggle to find a tenant who’s willing to commit to your terms. A website like Trulia or Craigslist can show you how the rental rate in your head stacks up against the rates your competitors are offering.
If you’re renting out your house so you don’t have to pay for your home loan, the rent you charge has to be at least equal to the cost of your monthly mortgage bill. Don’t forget to factor in an estimate of repair costs, taxes, homeowners association fees and insurance when you’re deciding what to charge.
How long will it take to get my property rented?
What about pets?
What is collectd at the start from the tenant?
What happens if rent is late?
When are monthly funds dispersed?
Who handles emergencies?
How Are Repairs Handled?
What happens if the tenant leaves before the end of the lease?
How is the owner protected if the tenant damages the property?
The owner is protected from damage to the property (on a small scale) by the security deposit charged upon move in. 4 Degrees also requires liability insurance from the resident to cover large scale issues and works with 3rd party vendors to collect on past due amounts owed by residents.
4DEGREES REAL ESTATE
1209 W 1ST AVE, SPOKANE WA
4DEGREES PROPERTY MANAGEMENT
1826 E SPRAGUE, SPOKANE WA
PHONE | 509.413.1956
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