Renting out your home in Saskatoon might seem like a daunting task. Still, with the right knowledge and preparation, it can be a great way to bring in some extra income. Here are the 5 steps you need to take when renting out your home so that you can do so as smoothly and successfully as possible.
Step 1: Do Your Research - Investigate the local rental market including typical rates, types of tenants and competitors in the area. Consult with a real estate expert to help you establish a rental rate for your home.
Step 2: Prepare Your Home - Make sure that you spruce up the property with necessary repairs and improvements before listing it for rent. This includes thoroughly cleaning, staging furniture, painting walls and taking care of any items that will need repair or replacement before tenants move in.
Step 3: Listing – Create a detailed listing that outlines all aspects of the rental including monthly rent price, deposit amount, amenities and lifestyle provisions such as pet policies or neighbourhood restrictions. Advertise the listing on online channels like Marketplace, Kijiji or Zillow to maximize exposure and attract potential tenants.
Step 4: Interview Candidates – Conduct interviews with interested applicants to get an idea of who they are and what their past renting experiences have been like so as to make an informed decision on who would be best suited for your property.
Step 5: Finalize Paperwork – Sign off on leasing contracts with the applicant(s) of your choice after going over all terms included in the agreement such as rental duration, income verification requirements, security deposits etc. Make sure both parties sign off on all documentation before moving forward with any sort of payment arrangement.
After following these five steps, you now have the knowledge and confidence to prepare your home for a successful rental experience. With proper preparation and planning, you can enjoy the benefits of renting out your home without worry. Make sure to take time to evaluate all of your options before making a decision that best suits your needs.
Posted by Kent Braaten on
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