5 useful tips if you want to rent your house

Renting your house can bring you important benefits. Before offering it, let’s run through some tips to keep in mind.

Last update: 06 October, 2021

Are you thinking about the possibility that your property generates an economic benefit? We understand that renting your property can seem like a somewhat complex task, so we want to share with you some useful tips if you want to rent your house. Secondly, having an empty house that only causes expenses is not a good idea either.

In this sense, when you rent your house you are recovering an investment and you are giving another person the opportunity to access a rented home. 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 house

According to a post, More than 80% of the Spanish population owns at least one property. Likewise, it was also determined in said report that, at present, there is more demand for houses to rent than for properties to buy. In this context, it is worth trying to rent your house.

1. Determine the rental price

The first thing you have to do is put a price on the rental of your property. For this you can consult with a real estate agency or do a survey in the area to evaluate what rates are being handled.

There are many portals for the rental of real estate, so this task will be simpler than it seems. Remember that values ​​fluctuate and that rent may have increases that you should consider.

Setting the price can be done by appraisal or through comparisons with other properties in the same area.

2. Choose a good tenant

If you have no urgency to rent your house, take the time to carefully select your future tenant. Ideally, take care of your home as if it were your own, pay on time and have a good behavior with the neighbors.

When you think the right person has shown up, check their financial solvency through a contract or payroll to know their income. Likewise, there are data banks in which a record of debtors is kept.

As much as you know the person who will rent you your house, it is always convenient to go through these instances. Another precaution you can take is to consult your references as a tenant with the former owners of the houses you have occupied.

3. Complies with current regulations

Rental contracts are governed by the laws of urban leases. There you can check contract terms, payment dates, what to do in case of non-compliance. Regarding the terms, it is rented for a minimum of 6 months and a maximum of 3 years.

To avoid any kind of problems, make sure that everything is reflected in the contract.

4. Make a correct contract

At this point we want to highlight the importance of making a contract through a professional who is dedicated to real estate transactions. In 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 your house furnished, it is essential that you make an inventory of everything there is and in what state it is. On the other hand, you will also receive information on what taxes each of the parties has to face.

5. Condition the property

In the same way that you will demand that the tenant keep your house in good condition, you must also deliver it in perfect condition. That is to say, clean, freshly painted, with all the services working properly. Remove all personal items from the property and leave the bare minimum.

Here we would also like to add that you try maintain a good relationship with the person who will live in your house or flat. If you consider that this is a tenant who is compliant and solvent, then you can give in to some requests or improve services.

Advantages and disadvantages of renting your house

There are many benefits of renting your property. Among them, we can mention a monthly income that you will receive and that can be used to capitalize, save and reinvest.

Another reason is security. When you rent your property, it will no longer be vacant or attract criminals as squatters. Finally, having the house inhabited it is possible to detect possible structural problems in time.

It is worth clarifying that if you decide to rent your property it is also possible that you will find yourself with some disadvantages. For example, not even the best tenant in the world will be as careful as you could when living in the house.

On the other hand, if the rental contract is not well prepared, you could be involved in collection or eviction problems. It should be added that if you do not regularly update the rental price, you could experience a loss in its value.

The care of the house will never be the same whether it is inhabited by an owner or a tenant; that’s something to consider.

These useful tips to put your house up for rent are the beginning

As we have already mentioned throughout this article, in the rental contract you will find your greatest safeguard. 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 that it is worth renting your house, as long as you have all the pertinent precautions. These tips are the basis for you to continue advising yourself.

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