What will my home rent for

For one, are you ready to become a landlord? Regardless of how responsible your tenants might initially seem, they could end up destroying your home or bringing down its overall property value. Turning your home into an investment property could be a financially risky move as well. You might have to spend money to fix up the property before you can rent it out.

On the other hand, renting out your home could provide you with enough money to pay off your mortgage. A pattern seen across the country is that the demand for rental property is highest during the spring and summer and tends to plateau during the winter seasons. According to Apartment List , 25 percent of renters who start their search in July will move in the next 30 days, whereas 22 percent more of renters who start in January will take more than 90 days to move.

Keep in mind, if there are fewer prospective renters looking to move during the winter season, then your rental property may stay vacant longer. Landlords might opt to offer a lower rent price during the winter season to avoid facing the risk of a vacant rental property.

The big takeaway is this: listing your property during the winter season could impede your ability to charge your desired rental rate because of renter demand softness. Here are some of the top amenities tenants look for in a rental property :. Pro-tip: Be sure to highlight your most unique and favorable amenities or features within your rental listing. You may even consider highlighting one of them in the listings headline. No matter what, the last thing you want to do is lose a prospective renter simply because you forgot to mention the finest details.

Setting the right rental price is just one part of managing a successful rental business. SmartMove is a quick and reliable tenant screening service that delivers background and criminal reports , eviction , credit , ResidentScore , and Income Insights reports to the landlords inbox in a matter of minutes.

SmartMove reports enables you to make faster and more informed decisions about prospective tenants before signing a lease or rental agreement. The benefits of renting are numerous, such as the ability to deter the vandalism that often plagues an empty home, the ease of tax breaks, and the ability to generate income that covers the bills and possibly even creates a profit.

However, being a landlord is also one more responsibility you'll need to fit into your life, and it's safe to assume that things will sometimes fail to run smoothly. You'll need to stay on top of repairs and maintenance, collect rent, dole out more for your homeowner's insurance policy, and try to avoid wear and tear on your property by keeping an eye on your tenant's housekeeping skills.

It's important to note that the Internal Revenue Service IRS typically requires that landlords report rental income on their tax returns. However, the IRS has a Minimal Rental Use rule, which states that if a dwelling unit is used as a residence, meaning your home, and was rented for fewer than 15 days, the rental income does not need to be reported. However, if rented for fewer than 15 days, the landlord does not get the tax benefits of deducting expenses, such as utilities, which would normally reduce taxable income.

In a down market, you probably won't be able to get away with renting out the home as-is. Tenants are more attentive and choosy at such times, because of the increased availability of rental homes, and their expectations are much higher. Prepare for the new tenant by thoroughly cleaning your home and making sure appliances are working and are in good condition.

If you've decided that you are renting out a room or area within your house, make sure that you can secure that area from the rest of your home. Once the house has been straightened out, develop a list describing what makes it appealing so you can put it on the market.

Take note of those commonly desirable features such as a washer and a dryer, air conditioning, and garage. Use rental terms to help "sell" the property. According to RentalsOnline. Next, post an advertisement for the home on reputable websites and in the local newspapers. In addition, some real estate agents will work with owners to help rent out their homes, although the agent will take a commission if they find you a renter. You can also hire a property management company to handle the legwork of renting out your house, but you will have to pay them.

Turning your home into a residential rental property may seem like a simple task, but it's important to talk with real estate attorneys and accountants to make sure you are abiding by tax laws, zoning ordinances, and local property rules. You may qualify for tax deductions, but it's important to know which exact expenses are deductible. Plus, there are limits on how much you can deduct each year, and the amount you are able to deduct may differ from the rental activity reported on your tax return.

An attorney can also help you navigate the landlord-tenant regulations, which vary from state to state, and help you understand your community's rules governing rental properties. You can also seek help drafting the lease, making sure that it follows local laws.

Finally, talking with an attorney can help you determine suitable house rules and emergency contacts. Managing your Rental. Post a Listing. By providing your email address, you agree to receive promotional and marketing materials from Zillow. Need help pricing your rental? Our landlord tools and resources have you covered.