If you own a home in Palm Beach and don’t live there full time, you may be considering renting out your home — particularly in this slower economy. There are several benefits to renting out your home, but the most commonly stated and obvious is the extra stream of income that comes from collecting rent on your home. You can use the extra funds to pay bills, save for a vacation, or just to set aside for emergencies. Many Palm Beach property owners even use the seasonal rental income to pay their mortgage throughout the year.
Although there are plenty of reasons to consider renting your home, be wary that you can run into some serious troubles if you are not careful and do not enter into the rental agreement prepared and informed. For this reason, it is always imperative to work with a professional property management company and Realtor.
If you are considering renting your Palm Beach home and have found our site, then you are in luck. Our team at Jupiter Lighthouse Realty has put together a list of what to know about renting your Palm Beach home.
Renting Your Home in Palm Beach
If you are wondering what to know about renting your Palm Beach home, then our team is here to help. See below for our list of what to know about renting your Palm Beach home:
- Understand what responsibilities are involved in the process. One of the first things to decide is whether being a landlord is even a responsibility that you can or are willing to take on. Renting out your home is a bigger responsibility than most people realize, so it important that you go into the experience knowing that you are up to the task. When renting out your home, it pays to expect the unexpected — realize that the road will not always be smooth. You will need to stay on top of all necessary maintenance and repairs to your home, collect rent, and also try to keep an eye on how your tenants are treating and respecting your home. Understandably, this can be a lot of work. Working with a professional real estate management company can help alleviate some of this stress for you.
- Prepare your home. You will need to prepare your home prior to renting it out. It may seem counter intuitive, but renters are actually more choosy and selective in a down economy, due largely in part to the wider selection of available rentals on the market. Be sure that your home is up to par before you list it for rent, in order to attract the best tenants and ensure a quick rental.
- Price your rental properly. The same principles apply to renting your home as selling your home, when it comes to pricing. Be sure to price your home competitively and fairly. This, too, will ensure that you attract quality, serious tenants. If you are unsure of the fair market value of your rental, consult a professional and ask for his or her help to determine the price point for your house’s rent.
- Work with professionals. While renting your home may seem like a simple task, it is actually anything but. Working with industry professionals helps ensure that you are abiding by all local rules and laws. An experienced real estate attorney can also help you navigate tenant landlord laws, which can vary from state to state, so it is important to work with a professional.
Palm Beach Gardens Homes
If you are considering renting your home, these are just some of the things to keep in mind and consider. Fortunately, our team at Jupiter Lighthouse Realty are professionals in renting real estate in Jupiter Florida and the surround areas, and we are here to help in any way that we can. Feel free to reach out to a member of our team directly to ask any questions you may have. We would love the opportunity to earn your business and help you rent your home.
Spend some time looking through our website, which will give you plenty of information on the area and the homes available for sale here. Read through our blog, which is full of pertinent and relevant information. Be sure not to miss our latest blog on what to expect during your Palm Beach home inspection. Give us a call or connect online to get started today!