Determine if you are the right person for this type of adventure. This is not a decision that you should take lightly. I know the allure of the extra cash coming in is a big plus, however, you need to remember that when things go wrong in your rental property, it is your responsibility to fix them in a timely manner. Before making this decision you should check with your CENTURY 21 Alliance Realty agents. They can help you decide if you would do better with selling than renting.

Find out how much your property is worth. Calculate the total cost of keeping your rental operable. These costs include mortgage, taxes, insurance, maintenance, repairs and professional services. This will help you determine what to charge for rent. Other factors in that decision would include a comparative price range for similar homes in your neighorhood.

When it comes down to maintaining your rental, establish a relationship with a plumber, an electrician and a carpenter that you can trust to help you. If there is an issue with the rental that you feel you can fix, you should. But for things that are beyond your scope of knowledge these people can be very handy.

Keep your rental records separate from your personal accounts. Create a savings and checking account for your rental property only. This will help you determine if you are indeed benefitting from renting out your home. If at anytime you feel like renting is not for you, sell your home. Again, your real estate agents will be there to help you through your decision.

Approach your rental search like you would a job search. Be organized and professional. Make certain that any references that you plan to give to your agent is current and that you have permission to have your agent contact them. Double check to make sure that what you put on your rental application is consistant with what your rental agent will see on your credit report. Be prepared to make a decision and make sure you are able to leave a deposit and an application fee on the spot.

Determine what price range you can afford in a rental. Make a budget. Write down every expense that you have and include an extra $200.00 at the end to be certain that you can afford your monthly expenses as well as those unforeseen emergencies. Be sure to include the deposits on your utilities and hook up fees.

While you are looking at places with your rental agent, check for storage space, be sure that each person in your family has enough personal space. Check all the appliances and heating/cooling units and make sure are all working properly. Check to see if there is a washer and dryer, sometimes those are not provided for you.

Check out the neighborhood, see if it has a neighborhood watch. If you have school age children ask about the school locations and parks.

If you have pets, ask if they are allowed. Sometimes you will have to pay an extra security deposit.

Once you find the perfect place for you, make sure that you inspect the property carefully with your rental agent. Any damage that you spot ask if it can be fixed and make it aware to the rental agent so that you will not be held responsible for it later. Be certain that any problem areas are marked down on the lease.

Make certain that the terms of the lease meet your needs. Note the security deposit, the length of the lease and which costs are provided by the landlord and which costs are provided by you.

Happy Rental Hunting!!

Why do I need Renter’s Insurance?
The landlord’s homeowner’s or commercial property insurance policy that covers the physical house that you live in does not cover your belonging’s inside of the building. A renter’s insurance policy (also known as a tenant’s policy) will provide protection for your personal property, such as furniture or electronic equipment, in case of incidents such as fire, theft or wind damage from a hurricane/tornado.

Renter’s insurance will also provide liability protection.
Unintentional bodily injury or property damage that you cause to others could also be financially damaging to you as in the example of a fire in your apartment. Liability protection against accidental occurrences (such as a visitor slipping on your wet bathroom floor and injuring themselves) also comes with renter’s insurance policies.

Renter’s insurance is reletively inexpensive.
Compared to the amount of property you could stand to lose in the event of a loss at your residence, renter’s insurance is cheap.

What does Renter’s Insurance cover?
Below are just a few:

Fire or Lightning
Windstorm
Smoke
Vandalism or Malicious Mischief
Theft
Accidental Discharge of Water

It’s never a bad idea to cover yourself in unforeseen circumstances.