There are many reasons that a Connecticut homeowner might decide to rent out their home. Perhaps the market is not allowing you to sell your home at the moment, or maybe you would like extra income in order to fund a vacation home.
Renting out your home can be a very good decision, as long as you are prepared for the financial obligations that go along with being a landlord. Here are some practical and helpful tips for renting out your Connecticut home.
Start updating. It is your responsibility to provide a clean and safe home for your tenants. Some updating features you’ll want to think about include:
- Making sure all rooms are freshly painted.
- Removing any valuable fixtures that you would not want to see replaced or damaged.
- Fixing any plumbing leaks and toilet problems. If you’re keeping the water bill in your name, install low-flow showerheads to cut down on water use.
- Fireproof your home.
Change your home’s status. You’ll need to contact your mortgage company, as well as your local municipality, to let them know that you’re no longer living in the home.
Advise your tenants to purchase Connecticut Renters Insurance. Your Homeowners Insurance policy covers damage to the building, but will not cover your tenant’s belongings, nor does it take care of their Personal Liability.
Decide who will manage the property. You’ll save money managing the property yourself, but many homeowners choose to hire a property-management firm in order to shift the responsibility to someone else.
Determine the rent. This might be hard to define. If you charge too little, you will lose money. If you charge too much, you won’t get renters. Know the competition. Check out what your neighbors are getting for their rental, and set the price accordingly, taking into account the size of the home and any updates you may have given it.
Package your property. Whether you are selling or renting out your home, there is a lot to be said about curb appeal. Renters want to live in a pleasant space just as much as buyers do. Be sure that your landscaping is maintained, your construction and painting is updated, and there are no unfinished renovation projects inside or outside.
The Byrnes Agency works with some of the most respected carriers in the country, and can provide you with comprehensive Homeowners insurance at competitive pricing. Contact us today for a Connecticut homeowners insurance quote by calling the Byrnes Agency location nearest to you.