If you're thinking about renting your home and becoming a landlord, we have a few ideas to help your process and preparation.

Complete property repairs and upgrades

When you rent your home, your access will become more limited. Consider completing repairs and maintenance prior to any change in occupancy. Ensure that all of your major systems are up to date including your electrical, plumbing and heating. Tenants are typically not responsible for the upkeep or maintenance of a home so you’ll want to have your home in great shape prior to new occupants moving in. 

Tip: Talk to us about insurance guidelines such as heating sources for a rental home; for instance, some carriers will not offer a rental package to a rental home with a woodstove. We can help in reviewing your best options as you prepare your home to rent. 

Research local laws

Before you look for tenants, make sure you understand housing and leasing regulations and laws. Laws may limit short term rentals in your area, or require you to register your property and pay an additional tax. Laws also exist to prohibit discrimination and honor human rights. Laws change constantly and dictate certain landlord responsibilities.

Advertise and select a tenant

After you have researched local laws, you can begin advertising your space within the regulated guidelines. Ask for references, and obtain a credit check report, to ensure you select the right tenant. Whatever your screening process, make sure you apply it to all tenants to avoid discrimination.

Prepare a lease agreement contract

Lease agreements provide clear responsibilities for both a landlord and a tenant. You may be able to find standard templates online, however we suggest you review any contract with a lawyer to ensure your interests are protected. Tenants should always be required to have tenant's insurance to provide liability coverage for inadvertent damage they may cause to the property.

Notify your mortgage lender and insurance company

When the occupancy of your home changes, you are required to notify your lender as well as your insurance company.  If you are living in the home that you are planning to rent, your insurance policy will change from owner-occupied to tenant-occupied, and coverage will change. If you do not report an occupancy change to your insurance company, you may jeopardize your insurance coverage.

Talk to Us about renting your home, and the coverage options for a rental - we'll be happy to help! And, if you're planning to rent your home on a short-term vacation rental platform, checkout our blog on How to make the most money on your AirBnB.