Renting Your House to Pay the Mortgage

Renting Your House to Pay the Mortgage

Renting Your House to Pay the MortgageIf you’re like many Americans and are struggling to pay your mortgage, there are solutions. While it might be a stressful time, especially after the holidays, you don’t have to lose your home. Instead, there is always the option of temporarily renting out your home. It may not be an overnight success and it does require some planning and effort, but the payoff will be more than worth it and allow you to stay in your beloved home. It’s important to remember that even when renting out your house that you need the right Woodstock Home Insurance to protect your assets. Here’s how to rent your home to supplement your mortgage payments.

Get a great tenant.

Vet applicants to make sure you land a tenant who is going to be reliable with the monthly payments and take care of your home in your absence. Ask friends and family members for references of people who don’t tend to have large parties or keep unruly pets.

Create an ad.

Put an ad in your local paper(s) and Craigslist. Specify what you’re looking for (e.g. no pets, no smoker, no more than three tenants, for example.) Include your monthly rental fee, and list if you’re paying for services like utilities, water and trash removal. Also, let the applicants know you’ll be running a credit check – that should save you the time of dealing with renters with bad credit histories, says Investopedia.

Create a rental application.

Have the applicants include their name, employer, salary, references, landlord history, criminal record, and social security number so that you can run a credit and background check on them.

Indicate lease terms.

Be stern, but reasonable. Identify when rent is due, the security deposit required, who will maintain lawn and damages, an eviction and pet policy and a list of tenants that will be in the home.

These tips can make renting your home feasible and reduce the stress in the process. Be sure to choose an ideal tenant and meet them and run the necessary checks to ensure they are fit to rent your home.

About Byrnes Agency

At Byrnes Agency, we strive to provide the best solutions at affordable rates. We understand that renting your home can be stressful, especially during this busy time of year. Our staff is here to assist you as you transition from one home to another, and our offerings can be customized in order to meet your specific needs. For more information about our products and services, contact us today at one of our three locations.

If you’ve enjoyed what you’ve read here and would like to know when we’ve published a new blog post, please “like” us on our Facebook page, and share this with your Connecticut neighbors. 

Dayville Office

Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

…………………………………………………………………………………………………………

Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

…………………………………………………………………………………………………………

Woodstock Office

Phone: (860) 928-7928
1226 Connecticut 169
Woodstock, CT 06281
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

9 + 7 =